EVENTS
Closing his speech, Zink added that by 2020, top tier banks will start working towards a new model of “connected” core banking – essentially bolting lots of APIs onto a legacy system to help it communicate with newer systems. That solution, he said, will probably have to suffice until a new generation of core banking systems become the norm.
Careless (wealthtech) whispers
Peter Schramme, Objectway’s business development chief, took to the stage to simultaneously harangue and inspire those in the room. “Wealth management is one of the least developed banking sectors when it comes to digitisation,” he said. “None of the most innovative companies in the finance industry are wealth managers.”
Guests and journalists were treated to a tour of the Vatican museums
When asked whether this was due to the acquisition of UK firm Rhyme Systems, bought from disinterested owner 3i Infotech in 2015, Schramme gave a shrug. “We were already well established in the UK [from the acquisition of the Eximius system from Thomson Reuters in 2012] but certainly, the Rhyme deal helped,” he admitted.
Yet there is some hope. Mass personalisation of services is a conclusion just around the corner. Companies will begin to create “a factory-style service for an audience of one”. Technology, Schramme added, should be like a good butler – present when needed and invisible when not. At the same time, he argued, there is no “one size fits all” solution – firms need to pick what’s right for them, and not what’s right for their competitors.
Alberto Cuccu, chief product officer at Objectway, picked up from there. The firm, he said, aims to serve both traditional players and new challengers. It’s not just enough to go by the numbers anymore – companies need to understand that a new paradigm is here to stay: aiming to make a positive impact on their client’s lives.
Almost before anyone could say “but isn’t that a given?”, James Brown, head of client services at Compeer, conducted a stats attack to keep people awake prior to lunch. Some 67% of wealth managers in the UK target a growth in assets of 15% per year, while 90% believe they can achieve this growth without affecting profits in any way. Compeer believes that only about 40% of them actually have a sustainable model in place.
When it comes to that aforementioned “new paradigm” they’re falling behind as well; 30% of those contacted by Compeer didn’t measure their client centricity in any meaningful way. Half ran surveys, arguably the most basic of feedback vectors, and only conducted them once every one or two years. Despite that, 100% said that delivering an end-to-end customer service was crucial. It’s enough to make you use the shrug emoji.
Rhyme and reason
The UK contingent in Rome was significant, and Schramme, in an interview with IBS Intelligence, confirmed that about 40% of the company’s business now comes from the Brexit-bound country.
Rhyme Systems, which had been a fairly dormant company at the time of the buyout, was ready to launch its new Illumas wealth management system. Objectway absorbed the new product along with the business, and busily began shifting Rhyme clients across to the new software. Users of Rhymesight and Quasar, systems more than a little outdated, were offered an immediate migration path.
Rhyme’s existing client list, at about 30 firms, included the likes of Rathbone Brothers and Nedbank Private Wealth. Schramme confirmed that all have now been migrated to Illumas in a process that was completed in the summer of 2017. As for the future, Luigi Marciano, also in conversation with IBS Intelligence, revealed that clients would be offered the opportunity of shifting onto the firm’s “comprehensive” suite of wealth options in the near future.
An ecumenical matter
Away from the conference proper, guests and journalists were treated to a guided tour of the Vatican museums, which left many (uncharacteristically) speechless. Not even the most prevalent of industry chat rent the silent air of passages and galleries filled with religious artefacts, artistry and history. The tour concluded with a gathering within the Sistine Chapel itself – an experience not many will ever forget, even after being brusquely told by wandering security guards that no pictures were allowed within Michelangelo’s famous sanctuary.
The Villa Miani, traditionally a wedding venue, offered exceptional views of the Rome cityscape below, and was well placed to give attendees a chance to reflect on the lessons learned during demo sessions and from presentations. Despite intermittent weather, one event-goer remarked that the show had been an excellent learning experience and added that they would be looking forward to next year’s showcase, wherever that may be.
IBS Journal April 2018
19
www.ibsintelligence.com
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