Chart of the Day: Worryingly, almost 8 in 10 fund managers still use fax
The report showed that 10% of fund managers’ businesses are fully manual.
Over 79% of Singapore fund managers and asset servicers said they still use a fax machine at work whilst the market encourages digitisation in businesses.
A Calastone report showed that amongst Asian markets, fax use is most prevalent in Malaysia (87%) followed by Indonesia (84%).
Calastone said fax use is highest amongst investment managers that insource operations. It suggested that firms should tap external partners to help drive digital transformation.
“For managers and servicers operating in those fax-heavy markets, shifting towards a more modern means of communication presents a quick automation win and provides a clear opportunity to carve out a competitive advantage,” said Calastone.
About 600 fund managers and asset servicers in international markets were interviewed for this report.