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Asset servicers sit at the end of the financial services industry and feel the full effect of this position. Faced with pressure to lower fees so that asset managers are able to reduce costs – and create value – for end clients, they often experience margin compression. Further, as asset managers offer clients more variety, asset servicers too must adjust their offering – e.g., number and diversity of funds served – to mirror their clients. The high pace of regulatory change in wealth and asset management also results in a constant need to scale up.
It was in this context that EY Luxembourg’s study on digitalization in asset servicing was launched. In the analysis of the results, what became clear is that asset servicers all share the belief that the future of asset servicing will be enabled through technology, data and value-added services.
- In our first edition of the research, in 2022, most industry players were early in their digitalization journey. Although technology and data were seen as crucial, adoption of advanced technologies was fragmented, causing "digital frictions."
- By 2024, asset servicers had progressed but had yet to fully secure cost and service advantages.
- In the third edition in 2025, digitalization is advanced, but aligning efforts with enterprise goals and securing funding remain challenges.
To help asset servicers in their digitalization efforts, we propose a model to help asset servicers assess their digital maturity, and a framework to take their transformation to the next level.
How EY can help
EY Luxembourg has a dedicated sector focus which offers a broad selection of services delivered by agile, forward-looking and insightful EY professionals, to support the priorities of asset servicers, PSFs, third-party management companies and alternative investment fund managers.
Leveraging our multidisciplinary approach and specialized teams, we aim to add long-term value to our clients’ businesses by unlocking innovative pathways towards a more digitalized operating model in an agile business environment. Some of the services we offer include:
- Digital maturity: We support clients in ensuring their digital maturity aligns with their strategic objectives.
- Digital client experience: We support all aspects of transforming the client experience, including sales, onboarding, and other interactions.
- Digital operations: We help clients digitalize manual processes and connect siloed systems, so as to better manage client experiences, from onboarding, operationalizing, and invoicing, to customer servicing.
- Application modernization: We help asset servicers modernize their on-premise legacy systems which require high maintenance, and which prevent technical scalability.
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