2017年-_XV7AL~H

Deloitte Beyond Fintech: Investment Management Trends Summary

Core Content

The Deloitte and World Economic Forum report "Beyond Fintech: A pragmatic assessment of disruptive potential in financial services" explores the transformative forces reshaping the financial services industry. It identifies eight key forces that are driving change across the sector, including cost commoditization, experience ownership, data monetization, profit redistribution, platforms rising, bionic workforce, financial regionalization, and systemically important techs. These forces collectively signal a shift toward more disruptive innovation, digital transformation, and reconfiguration of traditional business models.

Main Trends in Investment Management

The report highlights several investment management trends that are currently shaping the industry:

• Robo-distribution: As individuals take more control of their investments, robo-distribution has emerged as a compelling way to interact with clients. It provides a cost-effective and scalable model for delivering investment services.
• Automation and Outsourcing: Middle and back office functions are increasingly automated or outsourced, allowing firms to deliver more investment advice with fewer resources.
• Low-cost Products and Consolidation: The rise of low-cost investment products has made scale a critical factor in product manufacturing, increasing pressure for industry consolidation.

Areas Where Disruption Has Occurred

• Robo-distribution: It has become a dominant model for engaging with individual investors, offering convenience and accessibility.
• Cost Efficiency: Automation and outsourcing have significantly reduced the cost of delivering investment advice, making it more accessible.
• Scale-Driven Product Manufacturing: Low-cost products have intensified competition, forcing firms to focus on achieving scale to remain competitive.

Areas Where Disruption Has Not Occurred

• New Entrants Struggling: Despite the rise of digital platforms, new entrants in investment management have found it difficult to gain market share. Customers tend to remain loyal to existing providers, and the cost of acquiring new clients is high.

Possible Futures in Investment Management

The report outlines three possible future scenarios for the investment management industry:

1. Certainty-Based Offerings

   • Growing profit pools in retail wealth are leading to a renaissance of products that guarantee outcomes.
   • Customers will increasingly favor these products, but managing the associated risks will require strong partnerships.

2. Advice as a Differentiator

   • As robo-advice improves, investment advice will become the primary factor influencing client choice.
   • Investment services will become more convenient but less transparent, increasing the importance of wealth managers.

3. Quality Externalization

   • Rising costs will push firms to either rely on external service providers or invest in differentiated technology at scale.
   • This trend may lead to increased standardization and industry bifurcation, creating both opportunities and threats.

Key Takeaways

• Differentiation of Offerings: With investment advice becoming a commodity due to automation and robo-advisors, firms must seek alternative ways to differentiate, particularly through personalized customer experiences.
• Advice-Driven Customer Guidance: Investment management companies are transitioning from being robo-investors to true robo-advisors, using data to provide comprehensive financial advice.
• Role of Human Advisers: Human advisers will remain essential, especially for high-net-worth individuals. Their role will shift from product selection to customer engagement, emotional intelligence, and decision support.

Conclusion

The report emphasizes that the investment management industry is undergoing significant transformation driven by technological advancements and changing customer expectations. While some areas are experiencing disruption, others remain resistant to change. Firms must adapt by leveraging automation, data, and partnerships to offer more personalized and differentiated services, while also redefining the role of human advisers in a more tech-integrated environment.