The risk of standing still
NZ Funds used a privately developed financial advisor system for many years, and it did the job expected of it. But when the time came to draw up NZ Funds’ strategic three-year IT plan, it was clear that the system had reached the end of its lifespan.
“The system had become an operational risk,” said Damon Murfitt, Head of Information Technology for NZ Funds. “It wasn’t particularly scalable. It used a language that made it difficult to integrate with other solutions. And although it was hosted, we accessed it through Citrix. So, basically, it was a desktop solution. It wasn't going to meet our future needs, especially when you look at our business digitisation strategy.”
The system had been built to meet the specific needs of financial advisors which was a positive. However, it didn’t provide NZ Funds with the future enterprise capabilities it required. For example, it didn’t provide a complete picture of its investing clients and this limited the company’s ability to deliver more personalised communications and marketing.