The Wealth Mosaic Middle East WealthTech Landscape Report 2023
The path to the family office of the future. Bryan Henning, SVP, Head of International, Eton Solutions International says that a robust platform combined with solid data management and next-generation technologies can future proof the family office. Professionals working in family offices are experiencing significant and increasing complexity. Manual, high-risk work processes such as spreadsheets and point systems erroneously rely on human reconciliation – leading to incomplete, delayed, and inaccurate reporting and the inefficient use of high-value human resources. Moreover, manual calculations inherently lack cybersecurity, disaster recovery, and business continuity processes and skills. But providing accurate information is the first job of any office, and it directly impacts every other job the office does.
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Other Research Reports
Simple's Family Office Software & Technology Report 2024
The Family Office Software & Technology Report 2024 highlights a significant shift toward digital transformation in family offices, with growing adoption of AI, ESG integration, and alternative investment tools to streamline operations and prepare for generational wealth transfer. Despite increased innovation from service providers, most family offices still face challenges with system integration, data security, and onboarding, signaling ongoing opportunities for professionalisation and tech adoption in the sector.
"We have built out an extensive capability leveraging Al in a closed loop across client documents, transactions, and holdings, while also allowing inquiry to outside data for analysis. All client information is stored in their own secured database assuring that none of their private information is leaked to outside sources through Al tools."
Bryan Henning, Senior Vice President, Head of International, Eton Solutions
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KPMG and The Table Club Family Office Report – The Role of Technology
Australian family offices are rapidly embracing technology to enhance value creation, as highlighted in a recent KPMG report. Eton Solutions, a co-sponsor of this KPMG and The Table Club family office technology report, is committed to supporting the education of the family office community and advancing the understanding of how generative AI can enhance operations and reporting globally.
Eighty-four percent of family offices now rely heavily on technology, marking a five-fold increase in adoption since 2021. The use of Excel has dropped significantly, with only 13% of family offices still using it compared to 43% in 2021. While cloud-based data storage is widely adopted, generative AI usage remains low, with only 8% of family offices leveraging it. Additionally, 56% of family offices cite key person risk as the primary driver for outsourcing technology solutions.
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