15th Taskize Operations Forum, 2nd May 2019

Taskize CEO, FinOps, Operations, Technology

On Thursday 2nd May, we hosted our 15th Taskize Operations Forum (TOF) in Clothworkers’ Hall in London. This was our largest TOF with strong attendance from both the buy side and sell side.

Our CEO, John O’Hara, kicked off the morning session with the latest updates on product development, the latest news, and roadmap ahead. The main headline was the announcement that another global clearing venue and a leading global investment bank have gone live with Taskize.

“At last, a vendor looking after the interests of the buy-side”

When the floor was opened for discussions, one of the global banks that had gone live earlier in the month shared their initial experience of using Taskize to resolve issues with Euroclear. Feedback had been unanimously positive from users across three different business areas, even in the first week of use, and initial results from Corporate Actions, Settlements, Collateral and Tax issues were very compelling in terms of speed of response. Consequently, they plan to accelerate the roll out to all users.

The global clearinghouse, which had already been using Taskize for 6 months with Euroclear, announced they had become a direct member of the network and planned to deploy Taskize to all their members.  Taskize will help them gain control of their client queries and eliminate the difficulties arising from managing the customer support business via email. To be able to service their clients better Taskize will eventually become mandatory.  This had been made clear in a member’s circular that they had recently sent out and will leverage the enrolment process that has been successfully used by Euroclear for the last 2 years.

“Feedback had been unanimously positive …starting in the first week of use”

An interesting benefit that was highlighted was that Taskize will help reduce phishing risk which remains high while email continues to be used to resolve issues.

Euroclear was next and they stated that they continue to be big fans of Taskize. They have been using the solution for two years now and it is at the centre of their digital strategy. Euroclear are moving all clients from the legacy Euclid system and onto Easyway which is integrated with Taskize allowing single-click issue resolution. They stated their intention to get rid of phone and email by next year and mandate Taskize to their clients.

The buy-side clients were also very vocal.  A global hedge fund spoke bluntly, saying that they are backing the Taskize solution and are already speaking with one key broker to get on-board. They have a very lean model and are looking forward to seeing how Taskize will help with their quest for operational efficiency.

“Taskize has clear traction, it has reached a tipping point”

Another leading global index fund, which is in its final procurement stage, said that they intend on pushing Taskize and will leverage the integration Taskize has with DTCC Exception Manager before exploring a use case internally, and with their custodians.

Other buy-side attendees chimed in as well, with one reminding the audience how futile it is to manage hundreds of operations employees while relying on email. “At last, a vendor looking after the interests of the buy-side” captured the positive sentiment and an attendee of previous TOFs said that he was buoyed by the clear traction, adding “Taskize had reached the tipping point”.

Collectively, the attendees discussed openly the areas where they see Taskize helping them, here are some examples mentioned:

  • The ability to oversee third-party custody work and resolve any issues
  • The ability to manage collateral management issues with brokers
  • Taskize will help us cut down on the use of email to resolve operational issues. We find using email in operations very inefficient.
  • Taskize will help our managers manage the workload within our team in real time and with full visibility
  • Taskize reporting will give a clearer picture on overall broker performance comparisons. The metrics we will extract will not be tainted or skewed by the odd error
“Taskize will eliminate the risk from phishing”

The community is growing and so is Taskize: in the past 6 months we have doubled the size of our Customer Success team in order to make sure that our clients receive the highest level of service especially during the implementation and onboarding phase.

More are joining the network to Make Work Flow with Taskize.

Fadi Maalouf
Head of Sales, Taskize

Share this Post