Mon, 16/06/2014 - 14:09
Firms who are able to make the best use of big data will be the ultimate victors in the increasingly competitive D2C platform marketplace, according to Altus Consulting.
The firm has also suggested that new entrants with an established online presence could enter and transform the sector.
During a panel discussion at the Altus Consulting’s recent event, ‘Bringing in the Harvest: The future of D2C Platforms’, it was claimed that many financial services institutions are failing to make best use of the wealth of data at their disposal and risk alienating clients with generic communication and onerous data capture approaches.
Altus claimed that the ‘advice gap’ created by RDR could be narrowed by applying technology which already exists to automate many aspects of fact find, risk profiling, goal setting and even personal recommendations at a much lower cost than traditional channels.
Adam Jones, senior consultant at Altus, says: “While many traditional platform providers are ignoring the benefits of big data, a handful of firms such as Charles Stanley, Money on Toast and Wealth Wizards are embracing it to develop rich customer propositions. We have already warned those firms reluctant to embrace the use of big data that a new entrant from outside of financial services could easily come in with a new offering which would wipe out many of the traditional offerings. There are already a number of big brands well positioned to do this who have built their businesses on cross selling from a one stop shop and could easily come in with an innovative proposition to dominate this marketplace.
“For years, financial services organisations have been sitting on a wealth of customer data, but have been hard pushed to do anything meaningful with it. With the proliferation of the internet and our move into a new age of data availability, this approach is no longer acceptable. Looking outside the financial services industry, we see many organisations thriving by collecting and making use of large volumes of data to improve their offering. These are the same firms that would be very well poised to emerge and launch a compelling D2C proposition in the investment space.
“It is important for the industry not to be afraid of the use of big data and remember that customers are generally happy for their data to be used, as long as it results in clear and tangible benefits for them. That might be ease of use, perks and bonuses or simply reduced cost.”
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Fri, 24 Apr 2015 00:00:00 GMTSenior Project Manager – Data Governance
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