Conclusion: The 2026 agenda
The asset servicing industry has reached a definitive tipping point. In 2025, it scaled physically but stalled operationally. The manual model has been pushed to its limit, and the cracks - declining automation and rising data-driven errors - are now structural.
To move forward, the industry must shift from downstream repair to upstream resolution. The goal is not to perfect manual work, but to redesign how the ecosystem operates. Three priorities stand out:
1. Stop fixing data. Start sourcing truth.
The industry has spent too long cleaning, reconciling, and validating fragmented issuer information at enormous cost. This reactive approach must give way to direct, digital connectivity between issuers and agents, and the wider industry. Data should be born digital, not retrofitted after the fact. A golden source, providing one, undisputed version of the truth, can only come from the issuers themselves or their agents.
2. Redefine the business case. It’s not just about cost.
Automation can no longer be justified solely by cost reduction. Its true business value lies in risk reduction, resilience, faster and more accurate communications between issuers and investors to achieve greater efficiency and confidence.
When a single error can cost millions, and reputational damage is instantaneous, automation is not a discretionary upgrade. Boards and COOs must view automation as a core control and insurance policy against rising volume, volatility, and liability, with every initiative tied to measurable improvements in accuracy, responsiveness, and client experience.
3. Break the liability deadlock.
The golden record cannot remain a theoretical discussion point; it is an operational necessity. But it will never happen until there is widespread acceptance that automating announcements will inherently reduce liability.
Achieving it requires shared governance, clear accountability, and a collective framework that enables trusted data to flow from issuer to investor without creating new risks. The technology and standards already exist; what’s missing is alignment.
Industry associations and infrastructure providers must therefore lead the charge to build a liability framework that allows CSDs and agents to share the truth without fearing the regulatory consequences which will surely (and should) come if progress is not made.
The standards and technology to solve this exist today. The volumes that justify change is increasingly present. The industry must stop automating errors and start re-engineering its foundations, building an ecosystem that is not just bigger, but better grounded in data accuracy, trust and accountability to better serve investors.
