How to Perform a Technology Audit

Driving Growth Through Technology Strategy

In the financial services industry, technology plays a crucial role in driving growth, efficiency, and client satisfaction. However, many firms struggle with outdated or inefficient systems that may be slowing them down. A technology audit is the first step to identifying these issues and creating a roadmap for improvement.

Here’s a high-level approach to conducting a technology audit that can help identify inefficiencies and opportunities for growth.

Step 1: Review Your Technology Inventory

The first step in a technology audit is to take stock of your current systems. This involves cataloging all the software, tools, and platforms your firm uses. Key areas to focus on include:

• Ensuring licenses are current and being used efficiently
• Identifying outdated systems
• Assessing security features and compliance
• Reviewing user access and permissions

This provides a clear view of where your firm stands and sets the foundation for identifying areas for improvement.

Step 2: Evaluate the Client Experience

Next, it’s essential to assess your technology from the perspective of both clients and staff. This involves mapping out the client’s digital experience and identifying any friction points, inefficiencies, or gaps. Consider how well your systems support client onboarding, communication, and reporting processes.

A well-designed technology stack should improve the client experience while streamlining internal workflows for advisors and staff.

Step 3: Assess System Integration

Your systems should work seamlessly together. A lack of integration between platforms can create inefficiencies, increase the risk of errors, and slow down operations. Evaluate how well your current systems integrate and identify areas where additional integrations or updates are needed.

Step 4: Align Technology with Business Goals

After assessing your current technology, align it with your firm’s strategic objectives. Ask yourself whether your technology supports growth, client acquisition, and regulatory compliance. This is a critical step in ensuring your technology investments are working toward your long-term goals.

Step 5: Create an Action Plan

Finally, turn your findings into a concrete action plan. Prioritize improvements based on their impact on efficiency, security, and alignment with business goals. Whether it’s implementing new tools, eliminating redundancies, or optimizing existing systems, having a roadmap is essential for long-term success.

Additional Resources

Hidden Costs, Smart Choices: Mastering Your Technology Stack

Communication – The Secret to a Successful Technology Initiative

AI in Wealth Management Podcast Series Part 2

Optimize Your Technology with Expert Guidance

Conducting a technology audit in-house can be overwhelming, especially for firms without the necessary expertise or resources. At Oyster Consulting, we offer more than just an audit. We provide an in-depth evaluation of your technology infrastructure, helping you identify inefficiencies, risks, and opportunities for improvement.

At Oyster Consulting, we work with Broker-Dealers, RIAs, and other financial institutions to help them optimize their technology to align with business goals and regulatory requirements. We go beyond the assessment and develop a tailored action plan. We then work alongside your team to execute the plan, ensuring your firm’s technology is optimized for efficiency, security, and alignment with your long-term goals.