Now that Fundix has become a working transfer agency solution for a number of investment management, custodial and asset servicing groups, we have turned our attention more fully to how this kind of technology can be accepted in the market.
Boy, have we learned a lot.
First of all, we are starting to really understand that there has not been a lot of technology innovation in the back office world of financial services for quite a long time. People are really not used to seeing a new way of doing things. I'm finding that people don't really believe that a new technology will not only work, but that it can in fact make their business work better.
We met with one executive summarized the problem quite succinctly. Even though he and the people around him saw the significant business advantages he could not move forward. By the introduction of Fundix, he could eliminate 4 legacy technologies that are burdening his company. The business case was very powerful!
The money quote from our meeting?
"If I introduce another technology, my boss is going to kill me!"
OK, so it's going to take a while for people to get used to the idea of introducing one new technology that can obsolete multiple more expensive and inflexible ones.
So, we need to help these people get across the gap. Even though we are introducing new solutions that can simplify these peoples lives, we need to start with smaller steps.
