Alembeeks and Digital Transformation in Luxembourg

Alembeeks Group was among the leaders of the Digital Transformation in Financial Services at the ALFI’s Leading Edge Conference in Luxemburg that took place on 28 March 2018 in Luxembourg.

The Conference was a great occasion to exchange the views about the opportunity that technology is providing to transform the economics of the Asset Management Industry and the Financial Sector in general.

The main focus of the agenda was on Data Management, the new ways to keep up the Control Functions, the approach to KYC/AML/KYD and of course the uses of blockchain within the industry. This last point was one of the highlights of the conference and it led to an interesting discussion about the potential functioning of shared multilateral controls on AML/KYC and the current reality, sometimes more constrained by conflicts of interest than by the technology itself.

The panel of experts provided by the organization was pretty interesting. There were representatives of the main players in the Luxemburgish asset servicing sector: State Street Bank, BNP Paribas Securities Services, RBC Investor & Securities Services, Carne Group, and Temenos among others and of course, the presence of panelist of the big four.

In Alembeeks Group, we know how to help those financial institutions which suffer from fragmented data. Departments often operate with different tools creating non-related datasets. Our Alembeeks Native team supports asset managers in client-driven projects to transform this data into knowledge.

 

On the cons side of the conference, the management of operational data was not fully discussed during the agenda as the main attention was on KYC/AMK and the immediate application of GDPR and its legal implications. Nevertheless, in our opinion, asset managers in Luxembourg are not using the full potential of the data they are dealing with on a daily basis. The industry players tend to be too guided by the next regulation challenges, forgetting sometimes about improving the core of their activity. There is where Alembeeks Natives makes the difference.

 

Alembeeks Natives is our division of experts on the financial industry, pure natives of the sector. Business consultants with strong expertise in operations leveraged by an I.T. team capable of providing clients with the perfect ad-hoc solutions.