Is Frankenstein Hiding in Your Fintech Closet?
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Everyone has a problem they're afraid to confront. Whether it’s a tech skeleton from an expensive back-end platform, the ghosts of disparate data, scalability goblins, or a full-on fintech Frankenstein of “swivel chair” solutions – every firm is haunted by outdated or ill-fitted operational systems.
You may have even fallen prey to a dangerous spell known as the “sunk costs fallacy,” coaxing you to continue buying additional pieces of fintech as a means of justifying past-invested resources – regardless of the logic in doing so.
You’ve created a monster.
This is something all wealth management firms understand. But I know that when you have a problem – even if you do know how to solve it – the last thing you are be inclined to do is to face the demons directly. It can also be overwhelming to determine where to begin such a daunting task. That is where our hero comes in: wealth management technology specialists.
You have a problem that needs solving, but you are not alone. There is no shame in having a problem, no matter how scary, with your tech solutions. This is the first thing a good wealth management technology specialist team will tell the executive team of a firm – especially a firm growing rapidly through recruiting and/or acquisition – facing a mass-scale issue with its tech stack. Just like an advisor would say to their clients who come to them with their own financial ghouls, goblins, and swamp monsters. A technology specialist can serve as the advisor’s advisor – and as we know from every scary movie ever made, there is power in numbers when it comes to facing the bad guys.