The fund management industry is dragging down the financial services sector when it comes to e-commerce, according to two financial consultancy reports.
Financial and IT consultancy CWB interviewed 103 fund managers in the UK, Europe and the US and found nearly half of financial houses do not operate e-commerce.
And a PricewaterhouseCoopers report revealed although fund managers viewed e-commerce as an “important strategic initiative” they rarely defined clear online business aims.
CWB managing consultant Alan Knights says: “Many fund managers have not worked out how e-commerce is going to affect them, while most investment banks are moving ahead with their strategies. Investment bankers are risk-takers who know they have to keep re-inventing their business.”