“Our life is frittered away by detail. Simplify, simplify, simplify! I say, let your affairs be as two or three, and not a hundred or a thousand; instead of a million count half a dozen, and keep your accounts on your thumb-nail.” – Henry David Thoreau
Making and managing money is a deeply personal and often contentious topic. Equally, the approaches, strategies and methodologies are diverse and often intimidating for most who are not professionals in the arena. Fintech has always played a key role in helping make sense of what to invest in, how much to allocate and when to time entry and exit. The fintech of wealth management or “WealthTech” has evolved from ticker-tape to Robo-Advisory. Asset classes have expanded. Sustainable Investments and Crypto-related assets are no longer the realm of innovators and early adopters.
Typically, Consumer Banking and Private Bank heads are pushed towards “get some fintech”. At Bridge DFS we’ve seen this process play-out, often to the detriment of customers. Hard-nosed and well-experienced wealth management leaders know one truism – the backflow from customer dissatisfaction with WealthTech can have serious impact on the consumer confidence in the bank. Wealth is a skittish entity, moving very quickly away from even the smallest scent of danger. This leads to “analysis paralysis”, especially among larger and more established banks. Which is why smaller and nimbler wealth-focussed consumer fintechs are rapidly gaining traction.
At Bridge DFS, we’ve seen first hand the value of Thoreau’s words – “Simplify, simplify, simplify!” The best solutions for your customers come from simply listening to them. Each financial institution has it’s own “personality” and it attracts it’s own group of customers. There is no “best” solution for every type of customer. However, there is usually a B2B WealthTech solution out there – Robo-Advisory, stock-trading app, client management platform that meets the specific requirements of your institution and customer base. There are hundreds of pretty impressive B2B platforms and at least one of them will meet the needs of your institution in terms of scope, geography and availability. To discover the right fintech solution, the traditional technology-team led, procurement-heavy RFP process is usually inadequate. The dice are biased by legacy tech and the related internal and external service providers.
Instead, we suggest listening and empathising with your customers. Bridge DFS (www.bridgeto.us) can facilitate this via Design Thinking workshops that include your customers’ participation. With your customers, you can rapidly conceptualize and build solution prototypes that meet their needs. This process can augment or even replace expensive, usually inconclusive and time-consuming focus-groups and cost-heavy consumer research.
When you’ve identified a solution or product prototype, Bridge DFS can help you as the business-driver to discover and test the right fintech in a matter of days instead of the several months or even years that it usually takes. This can be achieved through our extensive network of industry partners or via our partner, APIX (www.apixplatform.com), a cost-efficient fintech aggregation platform developed by the International Financial Corporation and the Monetary Authority of Singapore.
With Bridge DFS, you as a decision-maker in the business domain or the innovation domain can control the entire product development process end-to-end. Cost-effectively and highly time-efficiently.
If you are a decision-maker or a key-influencer and would like to know more about how to time-efficiently and cost-effectively onboard WealthTech to your insitution, we’d like to hear from you. sanjiv@bridgeto.us or rajiv@bridgeto.us.
Or visit us at http://www.bridgeto.us.
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