2017年-德勤全球_Beyond_Fintech__Disruptive_innovation_in_investment_management_2页_293kb

Deloitte Beyond Fintech: Disruptive Innovation in Investment Management

Core Content

The document presents a 2017 report by Deloitte and the World Economic Forum titled "Beyond Fintech: A pragmatic assessment of disruptive potential in financial services." It explores the transformative impact of disruptive innovation on the financial services industry, with a specific focus on the investment management segment. The report highlights eight key forces shaping the future of financial services, and outlines trends, open questions, and possible future scenarios for investment management.

Key Forces Impacting Financial Services

1. Cost Commoditization
   Financial institutions are accelerating the commoditization of their cost bases, removing them as competitive differentiators and focusing on other areas to stand out.

2. Experience Ownership
   Customer experience will become a central point of competition. Financial institutions must either scale significantly or focus hyper-narrowly to retain control over customer interactions.

3. Data Monetization
   Data is becoming a key asset for differentiation. Financial institutions are integrating real-time data flows from multiple sources to enrich static datasets and create more value.

4. Profit Redistribution
   New technologies and partnerships allow financial institutions to bypass traditional value chains, leading to a shift in profit distribution.

5. Platforms Rising
   Financial services platforms that enable interaction with multiple institutions through a single channel are becoming the dominant model.

6. Bionic Workforce
   The advancement of machine capabilities to mimic human behaviors means that financial institutions must treat labor and capital as integrated capabilities.

7. Financial Regionalization
   Divergent regulatory and customer needs across regions are leading to distinct development paths for financial services.

8. Systemically Important Techs
   Financial institutions are increasingly dependent on large technology firms for critical infrastructure and differentiating technologies.

Investment Management Trends

• Disruption in Distribution
  Robo-distribution has become a key way to engage with individual investors as they take more responsibility for their investments.

• Efficiency in Advice Delivery
  Middle and back-office functions are being automated or outsourced, allowing for more investment advice with fewer resources.

• Scale and Cost Pressures
  The rise of low-cost products is driving consolidation in the investment management industry, as scale becomes a critical factor for product manufacturing.

• Limited Disruption from New Entrants
  New entrants to investment management have struggled to gain market share, as customers remain loyal to existing providers and switching costs are high.

Open Questions

• Upstream Disruption
  The report raises the question of how much product manufacturers will move upstream and disrupt traditional distributors.

Possible Futures

1. Certainty-Based Offerings

   • Growing profit pools in retail wealth may lead to a resurgence of products that guarantee outcomes.
   • Customers are likely to favor such products, but managing the associated risks will require strong partnerships.

2. Advice as a Differentiator

   • As robo-advice becomes more sophisticated, investment advice will become the main factor in customer 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 outsource quality functions 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
  Investment advice is becoming a commodity due to automation and robo-advisors. Leading firms must differentiate through personalized customer offerings.

• Advice-Driven Customer Guidance
  Investment management companies will increasingly use data to offer comprehensive financial advice, evolving from robo-investors to true robo-advisors.

• Role of Human Advisers
  Human advisers will remain essential, particularly for high-net-worth clients. Their role will shift from product selection to customer engagement, emotional intelligence, and decision support.

Conclusion

The report underscores the need for investment management firms to adapt to a rapidly evolving landscape driven by technology, data, and changing customer expectations. While automation and digital platforms are reshaping the industry, human expertise will still play a vital role in providing personalized and emotionally intelligent guidance. The future of investment management is likely to be characterized by a blend of technology and human insight, with firms that can effectively balance both poised for success.