Schroders revamps global services with ‘unique’ digital structure upgrade
Capriza’s Zapp capabilities will be deployed across the global asset management company’s systems as it responds to what it has called the “waves of change” in the financial services sector.
Announcing the changes in a statement, Schroders said that wanted the ability to link and re-configure “core processes” from funds administration to sales, marketing to investment strategies using easy-to-use front-end technologies. The company said that its deal with Capriza achieves this without extensive IT intervention and requiring virtually no re-training of “app-savvy” modern users.
Graham Kellen, chief digital officer at Schroders, said: “We cannot restrict ourselves to outdated technology. This investment in Capriza sends the clear signal that we are taking this challenge seriously and we see clear value for our clients globally.”
While Capriza is already in use by the automotive, healthcare and education sectors, Schroders will be one of the first in the financial sector to use it, despite the sector traditionally being more conservative with the uptake of technology platforms.
Russell Acton, vice president and general manager, International at Capriza, said: “Blue chip organisations like Schroders, where success is measured in decades and centuries, quite rightly think hard before embracing technologies. There is no ‘rip and replace’ option for complex core systems.”
Schroders had £375bn (€433.5bn) (US$487.1bn) in assets under management, according to company statistics, as at 30 September 2016.
Palo Alto, California-based Capriza works with packaged applications such as SAP, Oracle, Salesforce as well as custom-built set-ups. According to company literature, Capriza disrupts the speed and economics of the “enterprise mobility journey” by extending the capability of existing applications, in what the company says is a simple and usable way, onto smartphones, tablets and other devices.
The company was founded in 2011 by former executives of Mercury Interactive, and is funded by Andreessen Horowitz, CRV, Tenaya Capital, Harmony Partners and Allen & Co.