Thomas Dolan is co-founder of 28Stone Consulting.
What were the key theme(s) for your business in 2023?
2023 was a year that companies were really under cost pressure. When that happens, it’s important for those companies to match their technology with their workforce so the customers get the highest level of service where it’s necessary. We want to make sure our clients are equipped with the right tools to not only maintain their business, but find new opportunities. One of the effective methods many of our clients embrace is a “rightshoring” approach, whereby we combine the skills of capital markets experts in financial centers with top-tier offshore technologists. This cost-effective model enables the business to keep subject matter expertise close to their clients while empowering innovation from nearshore or offshore teams.
The next step is nurturing that workforce to keep them operationally resilient and flexible to meet their challenges. Staff movements will always be an ongoing challenge, so if companies enact the right processes, they’ll be better equipped no matter the budget.
What are your expectations for 2024?
As the calendar shifts to 2024, we expect to see more optimism. The economy is looking better and the industry as a whole has become more immune to geopolitical issues. We expect to see companies start to open the spigots and invest in some of the growth initiatives that were deferred from their 2023 plans.
The year 2024 holds promising expectations for many companies in the technology and fintech industries. From fortifying cybersecurity measures to leveraging AI and ML, the focus is on innovation and adaptation to meet the evolving demands of a digitally-driven financial landscape. As fintech continues to reshape the industry, interoperability, cloudification, and automation are anticipated to be key themes, paving the way for a more interconnected and technologically advanced financial future.
What trends are getting underway that people may not know about but will be important?
The generational wealth transfer is going to be so important over the coming years. With trillions of dollars poised for transfer from baby boomers to the next generation, the financial landscape is on the brink of a seismic shift. However, a significant hurdle lies in the outdated technology infrastructure of many financial advisors who are ill-equipped to cater to millennials and Gen Z recipients. Sustaining the same offerings that worked for baby boomers may lead to missed opportunities, as the younger generations demand a more digitally native and tech-savvy approach. To navigate this wealth transfer effectively, financial advisors need to embrace and invest in advanced digital platforms, ensuring they remain relevant and competitive in a landscape where traditional methods may fall short of meeting the evolving expectations of the inheritors.
