The disruption of wealth management globally opens up new earning possibilities for the financial institutes. With robo advisory you can capture these new business opportunities. Tieto has the tools and the know-how you need in order to succeed.
To stay competitive and relevant to a new generation of investors you need to catchup and do more than automate, and identify new earning streams. By addressing the duality in a disruptive market and combining new and existing business models, quantum leaps can be made without sacrificing existing customers. However, innovations do not necessarily prosper within old structures – especially if new business is in contradiction with the old.
Provide robo guides and benefit from consumer’s self service
The services of a robo guide are not free of charge, and just by providing the tools there is an earning stream. In addition, there will be the traditional instruments and products, however, the earnings per transaction will be lower.
The traditional financial institutes will need to adopt into new types of companies, incorporating crowd funding projects, community thinking and services. Automation and self-service by the investor is a must, otherwise the earnings will be too low, and sharing the utilities in the eco system is another key enabler for the providers of today to survive in the future. New values have to be added, but in order to understand the value needed, the institutes must be prepared to open up for sharing and change.
To start building for the future, or speed up if you have already started:
Consider new ideas subject to digital start up, which allows you a more open frame as potential new business is tried out, while opening the door to connect and embrace as well as transform the current business.
By engaging the individual in the information sharing process, more data can be used and more interactions can be achieved. At Tieto, we are working on a solution for Customer empowerment in data mandate management, allowing the individual to decide who to share data with based on demand.
Data is an asset, but it is necessary to refine it to get the full value from it. By combining data sets from various sources, you get even greater value when applying analytics and tools onto artificial intelligence. You might not share the view of this is with your customers, so it is crucial to give them control and engage them in the process. Tieto works constantly on managing data sets. Read more in our recent report by research institute HUI: “Cool or Creepy”.
Cognitive Automation – for efficiency that combines the automation and restructuring of business processes with robotic automatic processing.
You don’t have to start big – even though analysis of data need to be a continuous activity – significant gains can be done by starting small. For example, by securing the quality in the data used for financial classifications, you can increase savings and customer satisfaction. Use predictive models to detect possible data quality problems.
Get control over your channels. Your interaction with the customers should not and are not limited to the branch office, internet bank or mobile bank app. Use holistic thinking and your omni channel platforms.
This article originally appeared on perspectives.tieto.com