The ValueExchange Foreword

"We've run out of road".

In 2019 we began to map out the case for market transformation in asset servicing - with our Asset Servicing Innovation report highlighting the huge cost of errors that are an unfortunate constant in the world of corporate actions. In 2020, we explored the potential impact of "golden copy" data sources in specific markets - triggering a 36% reduction in processing costs for participants. And in 2021 we began to explore the real-life value of solutions such as new, ISO 20022 corporate action data feeds in markets such as Australia - delivering automation improvements of over 80%.

This year these statistics are turning into outcomes. Faced with record volumes in their holdings, market participants across the spectrum are beginning to face existential challenges in their back offices: either they automate in an effort to drive scale or they face a cost spiral that will outrun their business growth. The heavily manual processes that we have relied on for decades simply are not scalable in today's environment of product and business complexity and the 'war for talent' - meaning that new choices have to be found.

This report not only highlights the gravity of the current situation but it also explains the benefits of new solutions that are increasingly accessible - notably ISO 20022 data feeds and corporate action event outsourcing.

We are privileged to have worked with S&P Global Market Intelligence and ISSA (the International Securities Services Association) in compiling this research - leveraging as it does the views of 114 leading organisations around the world - so that we can help to make a new business case for transformation across the industry.

We hope that the statistics and insights in this report can help you to quickly forge a path towards scale in your back offices - and we look forward to discussing this research with you whenever we can help.