Stuck with old technology? Why modernisation is a must: Insights from Quantifi’s CEO

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Stuck with old technology? Why modernisation is a must: Insights from Quantifi's CEO

Modern technology opens a world of possibilities for financial institutions. Rohan Douglas, CEO of Quantifi, shares his insights into modern risk management.

8 Aug, 2024

In a world where the capital markets are undergoing seismic shifts and technology is rapidly evolving, Rohan Douglas, CEO of Quantifi, shares his insights into how these changes are reshaping the industry. He delves into the challenges and opportunities facing financial institutions as they strive to adapt to a new technological landscape, and how Quantifi is uniquely positioned to support them.

"Keeping up with these market and technology changes is a challenge with many institutions grappling with disparate legacy systems and complex data integrations."

Rohan Douglas, CEO, Quantifi

What challenges do institutions face transitioning to a new tech stack?

We are at a moment of tremendous change both in the capital markets and in technology.

Capital markets face pressure on traditional business models with competition from new disruptive players, cost pressure, regulatory changes, geopolitical uncertainty, and increased investor demands for timely and accurate risk management.

Technology is undergoing a fundamental shift in how software is being written, delivered, and supported. Changes in consumer software reset user expectations about what is possible, with legacy systems increasingly not fit for purpose. Keeping up with these market and technology changes is a challenge with many institutions grappling with disparate legacy systems and complex data integrations.

Often firms understandably postpone expensive, costly and risky transformation projects. The timing of these complex projects is a balance. The longer they are delayed, the more unfit for purpose the legacy systems are and the larger and more costly the project is.

Picking the right partner for a transformation project is critical for success. The partner needs modern technology, flexibility to adapt to changing requirements, and a strong track record of successful delivery.

As an employee-owned software company, Quantifi re-invests continuously in advancing and updating our solutions to stay abreast of the latest market trends and technology. We partner with our clients to adapt to their needs. Quantifi has a long and enviable track record of leveraging modern technology to successfully deliver on complex transformational projects for our clients.

What benefits does modern technology offer to financial firms?

Outside of finance, technologies like cloud computing, artificial intelligence (AI), and data science have driven innovation and efficiency. Financial institutions, however, often struggle to adopt these technologies due to their reliance on decades-old legacy systems. These systems are complex and costly to upgrade, creating significant barriers to change.

Despite these challenges, the benefits of modern technology in finance are transformative. Modern technology including the cloud, AI/ML, and data science provide automation, cost reduction, simplified operations, increased flexibility and significant functionality not previously available.

"In the past, user interfaces limited what could be done and who could do it. Today, people expect APIs that allow anyone to perform ad hoc analysis."

Rohan Douglas, CEO, Quantifi

How does automation enhance the effectiveness of risk management?

The next generation of risk management solutions reduces costs by automating processes and dramatically simplifying data management. For many institutions, these tasks have historically been significant challenges. This adaptability is crucial in a rapidly changing marketplace, allowing firms to pivot strategies quickly and effectively.

If you're an investment firm looking to try a new strategy or a bank wanting to explore a new asset class, you need to move quickly. The ability to adapt and generate revenue swiftly can significantly impact a company's bottom line, making agility a crucial component of success in the financial sector.

What role do APIs play in Quantifi's technology stack?

Quantifi has invested heavily in developing a modern technology stack that maximises client value. We've worked closely with our clients to create a transparent platform that delivers significant benefits. At the core of this offering is an open platform with APIs that empower users in ways that were previously impossible.

In the past, user interfaces limited what could be done and who could do it. Today, people expect APIs that allow anyone-from risk managers to quantitative analysts-to perform ad hoc analysis using tools like Python and Jupyter notebooks.

"We take the time and effort to understand our client's business and to work as a partner to ensure their success."

Rohan Douglas, CEO, Quantifi

How does Quantifi ensure clients get the most out of its software?

Quantifi's approach goes beyond technology - it focuses on understanding and meeting the unique needs of each client. We take the time and effort to understand our client's business and to work as a partner to ensure their success.

From the first meeting as a prospect, through implementation and ongoing support, the same staff at Quantifi work with each client to ensure we understand their business and get the most out of our software.

How has Quantifi earned the trust of top banks and investment firms?

Quantifi is known for sophisticated, flexible, and easy to use software. We partner with our clients and succeed based on their success. Much of Quantifi's business growth is driven by referrals, highlighting the company's strong reputation and client satisfaction. Clients appreciate what we do and recommend us to others.

Clients also appreciate our track record of delivery on even the most complex projects. We have successfully completed hundreds of implementations globally, serving a diverse range of clients, including banks, investment managers, sovereign wealth funds, pension funds, and insurance companies.

In an era defined by rapid change and technological innovation, Quantifi stands out as a leader in helping financial institutions navigate these challenges. Rohan's vision for the future underscores the importance of embracing modern technology to drive efficiency, transparency, and growth. As the industry continues to evolve, Quantifi's approach will play a crucial role in shaping its future.

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