Tech Review: What powers your platform?

This week Mark Loosmore of AT8 Group looks at the different technology offerings which underpin various platform solutions.

The choice of underlying technology is important when selecting a platform as it will help determine the scope and reliability of the solution together with being a factor in the time it takes to get a solution to market.

The functionality, product and fund availability, as well as configurability, reliability and security are major factors to be considered. In addition, it is important to look at the management team and development resources of the technology provider and the financial security of the company, too.

If financial problems occur with the supplier then service levels are likely to fall and short-cuts in development will take place– with the inevitable impact on quality and the product roadmap. If really serious, the company may be so vulnerable that it jeopardises the ongoing operation of platforms that it has helped to create.

GBST

With these issues in mind we first spoke to GBST. The platform business we now know as GBST originally started life as InfoComp in Australia back in 1988. Australia led the way in the creation of wraps in the ’80s and ’90s and InfoComp was in at the start of the wrap revolution. Its core solution is known as Composer and now is responsible for administering over A$300bn.

GBST powered the Novia system we reviewed in February. The development of the Novia system was fast and effective. It was well designed and has a reputation for reliability. In short, it was one of the more impressive platforms we reviewed.
GBST hasn’t always had the best of luck with the clients it has won in the UK. Two of its major clients James Hay and Macquarie struggled in the market with the latter withdrawing after a relatively short period of time, but we are assured that this is more unfortunate circumstances rather than any reflection on the software provider itself.

GBST is proud of the configurability of its technology and believes this to be a real differentiator, allowing solutions to be deployed quickly and then self-maintained. When I met with Kirsty Worgan, GBST’s head of sales and marketing, she was keen to point out that Novia went live after nine months, compared to the industry norm of nearer two years.

The self-maintenance of the solution is another interesting differentiator. Most solutions in this space are sold in conjunction with outsourced administration capability and a substantial number of development days. A configurable solution that can be largely self-maintained would stand out from the crowd.

Bravura

A second Australian company that has had success in supporting the UK market is Bravura Solutions.

Bravura doesn’t just supply platform solutions; indeed, its biggest line of business is the provision of applications for the support of retail and institutional transfer agency administration.

The Bravura Platform Solution in the UK is typically sold in partnership with Scottish Friendly Assurance, which administers the solution on behalf of the platform. The partnership has been successful in securing solutions both at Aviva and Nucleus. We spoke with the CEO, EMEA, Tony Klim and while he was clear that Bravura also sold its solution direct to platform operators, he felt the key demand in the market today was for the administered service. The Scottish Friendly relationship is clearly a strategic one for Bravura that enables them to deliver solutions to market quickly and support them effectively.