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18


EVENTS


Breaking the wealth management digital deadlock


Rome wasn’t built in a day, and it seems it will take much longer for wealth managers to grasp the ins and outs of the digital revolution. Alex Hamilton traipsed the seven hills to discover the latest from Italian vendor Objectway and how it’s here to help


Senior Fintech Reporter Alex Hamilton


F


ollowing a trip to Amsterdam in November 2016, Objectway chose somewhere closer to home for its latest customer conference, OWIN18. Rome, la città eterna, played host to about 150 delegates (and a small gathering of press) as they discovered what the Milan-based wealthtech firm had to offer.


A show of hands early in the proceedings revealed that a good proportion of those in the room were from UK-based companies. That’s not too surprising, as Objectway has been steadily ramping up its customer base in London for the past few years, especially following the 2015 acquisition of Rhyme Systems (more on that later).


Luigi Marciano, CEO of Objectway, opened proceedings by channelling the spirit of the great artists Rome has had the fortune to host. Objectway, he said, aims to be the new Michelangelo of financial services. Today’s wealth market is offering firms a sink or swim option, he added: “We are moving towards an age of digital destruction or digital renaissance.”


Marcia più alta


How can the wealth management industry, which has a (some would argue) well-earned reputation of innovation-averse strategy, kick itself into gear? Thomas Zink, associate research director at IDC, presented the audience with some facts and figures.


According to IDC research, 55% of banks and firms are in the middle of the digital transformation scale. This, said Zink, was not necessarily a good thing. Many are stuck in the middle of a “digital deadlock” in which they have no idea how to escape. Outdated KPIs, poor tactical plans and limited expertise – among other things – are holding back firms from properly embracing the digital age.


A few years ago, Zink revealed, IDC predicted that every wealth manager would be using the much-touted “hybrid model”, combining suites of machine learning and robotic process automation with a human touch to create value. He admitted that perhaps IDC was being a bit too conservative, as there has been a surprising level of adoption.


Still, though wealth managers have been keen to embrace the change, it seems that not many of them actually know how well they are doing it. A Capgemini study from 2017 found that although 53% of firms in their survey reported utilising a hybrid model, most didn’t rate their abilities. When asked to rank their progress out of seven (a strange scale, admittedly), they only gave themselves a three or four on average.


Artificial Intelligence, Zink stated, is certainly the way forward, but is best implemented alongside tried and tested traditional systems. Firms shouldn’t go out looking to reinvent the wheel when the tools they have at their disposal are already a great base to build from.


Besides, people are still slightly reluctant when it comes to being told what to do by a machine. More IDC stats showed that though between 50% and 60% of users would be happy to chat to a machine or chatbot, that same demographic would also not be happy being given tailored advice generated by algorithms and machine learning.


Peter Schramme: Objectway’s business development chief took aim at wealth managers in his address


www.ibsintelligence.com | © IBS Intelligence 2018


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