We look at changes that need to happen in 2019, if Financial Service providers can actually “provide” what you and I want.
The upcoming Future of Finance conference at Hurlingham London in a few weeks, is a landmark – a pointer in the sand if you will, a meeting place where key decision makers in the financial industry can meet to discuss well, where is their market going, and by implication, where are they themselves going?
There is a suspicion that actually, they are not going anywhere. This is reasonable or understandable. It is far easier to paper over the cracks, and this is seen in the way such organisations create “transformation teams”, but still retain the same people and attitudes; change people’s job titles, play musical chairs with executives, or focus on costs savings – but still carrying the same methodology and still looking at costs instead of looking at efficiency. The two are not the same.
Yet there are two areas that can make a difference, and they simply require a cool look at how you and I behave. In particular; how do we prefer to access our financial info; and what sort of info do we want to have.
Key vertical market in this, is the rise of the self-service private client – the guy who has savings but where the return on investment is nothing when compared to actual portfolio investment. Surely there are now sophisticated tools that can algorithm all this stuff for the man in the street? Indeed there are. The Tetralog company in Munich (as an example) focus on this sort of Robo Advisory that still retains the use of the face to face Advisor – but gives the client the info in a way he can understand and monitor, automatically. There is nothing worse than seeing graphically how your savings otherwise are gradually deteriorating over time.
Equally important, is the tangential thinking that wakes up to the fact that, with mobile technology, we are all different now. The irony is that this is not a tech discussion, but a business discussion, by people who may not necessarily be financial – but who can spot how people want to work in the future. Richard Copland, formerly CGI Logica and now Partner at The Futureshapers told me; “ executives no longer have time to take a pause or have the courage to throw out legacy solutions, or legacy ideas”.
But throw things out, they must. And this includes being very open to new ways of doing things.
We expect the winners in 2019 to be those organisations who are prepared to back their hunches, and the losers? Well, they will be the ones who carry on as before.