Thomas Dolan is Co-Founder and President, 28Stone.
What were the key theme(s) for your business in 2024?
In 2024, we saw companies moving towards greater efficiency to help in cost reduction and performance optimization. There was a big focus on modernizing early web UI legacy trading applications developed in the late 2000s, which propelled companies into a position where they could focus on automating workflows. Moving forward with these modernization initiatives have positioned companies to pivot toward more strategic endeavors, freeing up the front, middle, and back offices.
Another central focus was investing in data rationalization efforts, creating a robust foundation to unlock the potential of AI and machine learning. These initiatives have positioned us to leverage advanced analytics and intelligent automation, which is clearly opening new horizons of innovation and creating a competitive edge in an advanced data market.
What are your expectations for 2025?
Looking ahead to 2025, we expect to see continued momentum in Capital Markets platform modernization and automation, with a sharper investment focus on addressing critical questions shaping the industry. A key priority will be determining how to invest in next-generation technologies like AI in ways that deliver measurable value, rather than speculative returns, and meet compliance mandates. However, the rapid emergence of AI is introducing a layer of complexity, as its role remains somewhat ambiguous. A key expectation in the wider use of AI is the broader adoption of centralized frameworks, like removing decision-making silos, enabling firms to uniformly prioritize initiatives, mitigate risks, and measure effectiveness across the organization. By establishing consistent methodologies for evaluating both traditional and AI-enabled projects, these frameworks help firms allocate resources wisely and drive more cohesion.
On the digital asset front, and as cryptocurrency valuations rebound, renewed attention to blockchain and DeFi technologies will likely spark exploration of their transformative potential in reshaping financial ecosystems. Additionally, the emergence of new business and technology
regulations to govern these advancements will pose both challenges and opportunities. Finding the right balance between adhering to new regulatory mandates and driving forward transformational technologies will create profound dynamics. We can anticipate that adapting to these regulatory frameworks while staying at the forefront will be a defining theme for the year.
What are your clients’ pain points and how have they changed from 1 year ago?
We’ve seen a consistency in our clients’ pain points throughout the last year. Their concerns remain centered around navigating the dual challenge of technology modernization and maximizing the value of their data. Clients are looking to make data more accessible and monetizable, recognizing its pivotal role in competitive differentiation. These efforts reflect an ongoing need to streamline operations while positioning their organizations to leverage modern, efficient, and scalable technology solutions. Continuing to address these challenges will ultimately lead clients to remain agile in a very competitive marketplace.
We’re also seeing our clients increasingly seeking self-contained, multi-disciplinary and globally distributed teams capable of delivering end-to-end solutions cost-effectively. This shift reflects a growing desire to streamline operations and reduce inefficiencies by outsourcing execution to trusted external partners. This creates the ability to offer cohesive teams that combine diverse skill sets—spanning technology, operations, and strategy—which has become a critical differentiator.
What trends are getting underway that people may not know about but will be important?
There are a few trends we’re watching out for but one that is gaining traction is the rapid growth of private credit investments, which we believe will drive significant technology innovation across this asset class. As private credit continues to attract substantial investment, there is a growing need for specialized tools and platforms to support trading, leaving less leeway for traditional methods and the continued use of outdated technology infrastructure. These early-stage developments are poised to shape the operational landscape for private credit, offering continued opportunities for technology providers to deliver solutions that improve efficiency, transparency, and scalability in a market that will always consist of evolving expectations.
