A need for back office efficiencies will increasingly drive wealth firms’ technology projects in future, a VP at a major custody and trading services provider has predicted.

Matt Lonsdale, VP for sales and relationship management at BNY Mellon’s Pershing, pointed out that firms are being squeezed from both directions – the cost of doing business is increasing with the regulatory burden, while enhanced transparency means clients are questioning fees.

Consolidation within the wealth sector was part of the answer, he said, though this dual pressure complicated this picture.

“If you make an acquisition, an...