Big Bang vs Modular System Implementation Approach in Wealth Management

Contemi’s Director- UK & Europe, William Rouse had the opportunity to join the Goodacre Systems in the City Online Fintech conference 2020.

William shared his thoughts and insights about the big bang vs modular technology infrastructure, its benefits and shortfalls and what the common options are to the wealth management firms to determine which route is right for them.

He also talked about the recurring themes that we see when wealth managers are selecting the best approach for them.

Watch the full video to understand:

• The Benefits and Shortfalls of Big Bang and Modular Approach
• What should you be looking for when assessing both the approaches

https://www.youtube.com/watch?time_continue=900&v=9t8BhNtJkYQ&feature=emb_logo

0:00:02 — Welcome

0:00:30 — Introduction — William Rouse, Contemi

0:02:46 — What options wealth managers have in order to achieve true technological nirvana or as close to that goal?

0:05:01 — What is big bang and modular approach for wealth management firms?

0:06:53 — Key business benefits of Big Bang and Modular approaches

0:09:41 — Three Shortfalls of Big Bang and Modular Implementation

0:13:04 — Modular Lite Methodology: The key benefits

0:15:57 — What Should Wealth Management firms be doing? Which approach should they adopt?

0:16:35 — Key takeaways

0:20:25 —Q&A

“The beauty and the beast of the modern day wealth management market is that you have a vast array of options available to you sometimes almost too many. For now, we have two different system strategies to discuss fortunately, and that’s big bang vs modular.”

“Big bang can certainly be interpreted in a host of different ways. So for clarity and consistency, I’ll be describing big bang as a singular vendor relationship. Whereby, what a wealth management firm does is utilizes the full technology stack across the front, middle and back office functions with just one provider, the more traditional approach.”

“Modular in this respect simply means best of breed so, what you’re doing is utilizing a variety of service providers to meet specific needs across one, or perhaps a few specific functions. An example of this would be using a certain technology provider for client engagement purposes and then utilizing another organization for a model investment management functionality.”

Write us at info@contemi.com for any questions.