Iress has formed a strategic partnership with technology consultancy Thoughtworks to accelerate platform modernisation and expand the use of AI across its wealth businesses.
The partnership is intended to help modernise Iress’ core platforms, simplify its technology architecture and build new growth capabilities.
It will focus on four key areas: changes to Iress’ technology operating model to increase quality, improve delivery speed and reduce complexity; product innovation for wealth providers; a staged, modular approach to application modernisation rather than large scale replacement of existing systems; and broader use of AI across the business.
Iress said the transition to an AI-enabled, modular architecture will enable the business to deliver more value to clients at pace within a disciplined R&D capital envelope of 5-7% of revenue.
Andrew Russell, group CEO and managing director at Iress, said: “Our clients operate in increasingly complex and regulated environments where speed, insight and efficiency matter more than ever.
“By working with a partner that brings world-leading thinking in software design and AI-enabled capabilities, we are accelerating how we evolve our core platforms, beginning with Xplan, while staying focused on what clients value most about our software: reliability, usability and the depth and flexibility needed to support complex advice.”
Alistair Morgan, UK CEO of Iress, added: “In the UK, we’re seeing a clear shift from firms ‘simply’ acquiring businesses to focusing on how they integrate and scale those businesses effectively and at pace. This investment in platform modernisation strengthens our role as the engine behind that consolidation, giving firms the infrastructure they need to simplify operating models and deliver consistent client outcomes at scale.”
Main image: daniele-levis-pelusi-6yoNu1-2bHI-unsplash
