Innovation has become key in asset management, to cope up with new regulations and stand out from the competition with the best user experience. More than 900 participants and 100 experts and speakers gathered around this strategic topic on Wednesday the 17th of October, during Paris’ wealth and asset management-focused event, AM Tech Day.
As a partner and participant, the UpSlide team had the occasion to discuss the impacts and opportunities of technological innovations on the asset management industry with finance professional such as Amundi, Natixis, AXA IM, Caceis… We reviewed for you the highlights of this exciting day.
The Finance sector: a new technology pioneer?
“The finance industry has often been a technology pioneer”, begins Cédric Villani, mathematician and politician working primarily on artificial intelligence, in an introduction interview by French finance media AGEFI. Indeed, the discussions and initiatives showed during the event proved the increasing interest of the finance industry in new technologies that are already rewriting the sector’s traditional codes.
The AM industry is undergoing a shift away from a product-centric view to a focus on the client: “Our clients want more services and more innovation”, states Guillaume Lesage, COO of Amundi. An improved client experience is seen by many asset managers to be key in winning new mandates and engaging distribution partners as well as retaining customers.
To do so, asset managers rely on several technological innovations such as robo-advisors automating investment management operations to address a wider market of investors, while providing personalized client assistance.
“We developed a robo-advisor to professionalize our customer interactions in an interactive way; both the client and banker benefit from this co-construction process”, shares Patricia Silvy-Leligois, Director at Natixis Wealth Management.
Tackle the regulation challenge in Asset Management
Regulation is another explanation for the keen interest of asset managers for technology. Regulatory changes such as MiFID II, PRIIPs and GDPR are putting pressure on asset managers and intermediaries to be more transparent and more efficient. One way to do this is through technological innovation.
“Asset managers will have to find a way to pool resources and costs necessary to be compliant with regulation”, explains Ronan Grossiat, Partner at EY. Technology is an opportunity to overcome the regulatory constraints to develop better client experience.
“We chose to get around the burden through gamification: we turned the heavy MiFID questionnaire into a serious game that our clients can access on their smartphone”, says Patricia Silvy-Leligois.
An inspirational journey through innovation
AM Tech Day was also the occasion to get inspired by many tech leaders and ground-breaking subjects: how will artificial intelligence transform the future of work over the next 10 years? What will the reporting of tomorrow look like? What can asset managers learn from Netflix? Here are just a few of the thrilling themes that have been addressed.
• We have found that some of Netflix’s strategic decisions – moving to the Cloud early, developing a subscription-based model and building for scale and efficiency – could be of use to asset managers.
• We also took with us some great inspirational books about technology recommended by the speakers of the opening conference: “The Fuzzy and the Techie”, by Scott Hartley, on why liberal arts are still relevant in our techie world; “Homo Deus”, by Yuval Noah Harari, on fundamental questions, from overcoming death to creating artificial life; and some great TV shows such as “Black Mirror” or “Silicon Valley” exploring the threats and opportunities that technology holds.
The UpSlide team also contributed its fair share to the disruptive atmosphere of the day: we donned our capes and became Time Saviors ready to help asset managers work better!
Antoine Vettes, our CEO, had also the opportunity to be interviewed on the event’s TV set to explain the benefits of automating low value-added tasks for asset managers, and share some use-cases:
In fact, some of our customers were rewarded during the Award Ceremony, amongst which Amundi for their leading position in the asset management sector. We hope we helped them achieve their goals and we are very proud to count them as customers.
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