More than eight out of ten asset managers, mutual funds and capital market firms cite increasing efficiency and accuracy as their main objective, according to a new poll.

The survey, conducted at a US user conference arranged by software company Bonaire Software Solutions, also found that tackling fee leakage is a pressing need for the industry. Half of respondents said that "minimising fee leakage and improving accuracy” was their top priority.

More than a third of respondents said that consolidating data from various systems is their greatest challenge.

Meanwhile, some 56 per cent said that they believe technology has made a tangible impact on their profitability.

“The survey results show us that there is still a tremendous need in the industry for automation and efficiency,” said Christopher John, chief executive of Bonaire. “What’s clear is that the investment management industry needs to continue adopting the processes and technology required to truly address the fee leakage challenge, and ensure revenue and expense management is accurate, particularly in light of current and proposed regulations.”