Nine Market Drivers Compelling Legal Tech Adoption in the Financial Services Sector – New Report
Together with our strategic partner Apperio, the OneMorae team recently contributed to this insightful new report, announced in September 2021, which looks at the drivers for tech adoption in the Finance Services sector. In it you will find many of the usual suspects (including time & cost pressures, market trends and compliance) which at a high level are arguably sector agnostic. This report looks at some of the factors particularly relevant to banks and private equity firms.
From a wider perspective, there are two areas worth keeping an eye on in this context:
The first relates to the challenge of data itself. Underpinning the successful adoption of new technology is good data governance and management practices. As Electronically Stored Information (ESI) continues to proliferate and evolve, these practices which we have been familiar with for decades, are becoming increasingly important and challenging. Technology is both the issue and the solution. Getting a handle of your data will reduce risk, accelerate your ROI and enhance efficiency gains.
On a very different note, technology is initiating behavioural change in the way we interact with service providers, clients and colleagues. A prominent and current example of this is (dare I say it?) technology-enabled collaboration which is achieving breakneck speed of adoption. But we are also seeing technology introduce a gradual and more subtle shift towards increased transparency and trust. Both have been talked about for some time and are now coming (more often than not, intimately intertwined) to life through new technology, yielding powerful results.
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