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“WHEN
DIGITAL SOLUTIONS ENTER A MARKET,
COMMODITISATION STARTS. IT’S ALREADY STARTED, BUT
HOW DOES AN ORGANISATION DIFFERENTIATE THEMSELVES?”
is one that digitally empowered clients want. Approach your client the same way a plane would approach an airport i.e. aligned with his ‘landing strip’” Firms should think about where they want to position themselves over time in the digital arena and what incremental steps they want to implement to get there. On top of that they need to do that in a fashion that won’t be a binary system change.”
Back to the Future
By 2018 Objectway hopes to be “over” the MiFID bubble. “I think in the coming four or five years the digital aspect will still be the main topic for all of us.” The landscape, though, will be much more open. Schramme believes that the wealth industry will be opened up in the same way that PSD2 is opening up payments. “Any kind of engagement with the investor will be able to use your engines – and that will be something dramatically different.” Having a real holistic view of the client “across his pension plan, across his insurances, across his investments” and based on an open architecture “could well be the reality in five years from now.”
Incumbents will be dragged into the future, predicts Schramme, much in the same way that some payments providers and banks are being dragged into PSD2. “When digital technology enters a market it opens up.
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Lots of organisations say they have a holistic view of the client. You can’t really have a fully holistic view if you don’t know what the client has besides what he has with one firm.” Firms would become able to ‘really’ aggregate cross-firm client data, based on client’s consent. “FinTech players are changing how banks operate in the market and the same can happen in securities. Small FinTechs use their openness to create very nice views for the client on all their interactions. They can do some very cool things.” But investment organisation can also use that same paradigm to provide a differentiated offering towards an individual.
The drive towards ultimate personalisation will be an important driver for change in the wealth and investment management market, adds Schramme. Lots of firms say “we know our client; we are the ultimate relationship managers” but that isn’t completely true. “They have so much internal information about the client which they don’t use. It’s like having a fine vintage wine in their cellar without even knowing it” Understanding the client better, framing the client optimally and making sure that you know when you need to talk to them is key, and are things already happening in other industries. The wealth management industry has woken up to the opportunities that digitisation can bring, it just has to reach out and grab them.
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