A Framework for the Evaluation of Technologies during the Implementation of Digitalisation Strategies in the Asset Management Industry : A study on new technology adoption within the asset management industry

Sammanfattning: The financial industry is currently undergoing radical change as a result of the increased implementation of digitalisation strategies. Due to pressure from a number of sources, finance firms, including asset managers, are looking to adopt technology solutions in their business processes. Through the introduction of new technologies and digitalisation strategies, the asset managers are hoping to secure their market segments in the future. Choosing which technology to implement is considered one of the most difficult decisions a manager has to make. Hence, this thesis proposes a framework to be used by asset managers in order to efficiently and swiftly evaluate a number of technologies when looking to digitalize manual processes. The largest bank in the Nordic region is Nordea, who have just recently announced that they will be looking to implement more digital solutions. This thesis was conducted in collaboration with Nordea Asset Management. The thesis explores three core areas: the future of the asset management industry, digitalisation strategies, and new technology adoption in order to produce the analytical framework. The framework is constructed using previously explored methods described in literature along with the key information gathered from experts at Nordea Asset Management. The result is a framework which combines expert knowledge of the asset management industry, successful methods regarding conceptual frameworks, technology life cycle and new technology adoption theory and digitalisation strategy concepts. In order for traditional asset managers to maintain their market position they will need to adapt new technologies. This is not only needed for efficiency and cost reasons but also because customers are starting to demand it. The sales channels, operations, personnel requirements and the business model as a whole are areas identified by this research project that will adapt through the introduction of digitalisation strategies being introduced. The framework constructed in this thesis provides the asset management firms with a method of successfully applying digitalisation strategies through new technology adoption.