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Matthew GriffinFounder, President and Futurist, 311 Institute
G7 · G20governments advised
850+keynotes
102countries
17codexes
Finance and banking sessions forAfricaONEShawbrook BankStandard Chartered BankThe Institute of Internal AuditorsWolters KluwerCrown Prince Court
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Alyona from Euromoney invited Matthew to chair and keynote the Euromoney Asset Management 2.0 summit in London, attended by firms including BlackRock, UBS, Standard Life and State Street, alongside Innovate Finance and its latest cohort of fintech disruptors. The summit gave C-level executives a forum to debate how innovation and digitisation would shape the industry in the short, medium and long term.
Asset management remains lucrative, but it faces mounting pressure from demographic change, regulation and technology, on top of the need to cut costs, comply with new rules and engage an increasingly savvy, digital first customer in a dynamic and complex market.
"Technology and social change are accelerating the pace of transformation within the asset management industry."Matthew Griffin, London, December 2016
In his keynote Matthew showed how technology and social change are accelerating transformation in the industry, opening up new market opportunities and new asset classes, and how an ageing and skewed population will affect everything from savings and investments to pensions and behaviours.
The rest of the day debated man versus machine and whether AI can truly outperform skill, experience and gut instinct, the impact of blockchain and other distributed ledgers, using big data to build better portfolios, and the rise of robo-advisers. The panels also felt that public attitudes to pensions and savings were out of step with expectations of returns, and that digital ID systems were still lagging behind.
The day closed with an hour of pitches from fintechs, including Quantopian, which is using AI to find alpha.
311 Intelligence
What this means for your leadership team
Pressure now comes from three sides.
Demographic change, regulation and technology are squeezing a lucrative industry together. Firms must also cut costs and comply with new rules. A plan that tackles only one of these will leave gaps.
The customer has already gone digital.
The summit pointed to an increasingly savvy, digital first customer in a dynamic and complex market. Digitisation is no longer a project for the back office. Weak digital ID systems, which panels said still lag, show how much basic infrastructure remains to be built.
Ageing changes the product itself.
An ageing and skewed population will affect savings, investments, pensions and behaviours. Panels also felt public attitudes to pensions and savings were out of step with expectations of returns. Leaders need to plan for that gap in expectations, not just for the demographics.
Three questions for your next leadership meeting
Which of our products depend most on how people save and retire?
Where could distributed ledgers cut cost or friction in our operations?
How ready are we to serve a digital first customer?
The trends and technologies behind this session
From the 311 Starburst, the 311 Strategic Intelligence Unit’s map of the technologies and trends shaping the next 50 years.
What does this session mean for asset management organisations?
It means cost, compliance and customer engagement must be tackled together. Technology and social change are speeding up transformation and opening new asset classes. Firms that wait for the pressure to ease are likely to find it grows.
How does the ageing population trend relate to asset management?
The session said an ageing and skewed population will affect savings, investments, pensions and behaviours. The trend adds that over-80s are set to outnumber babies by the mid-2030s. That shapes who the clients are and what they need.
How does blockchain relate to asset management?
Panels at the summit debated the impact of blockchain and other distributed ledgers on the industry. Blockchain is a shared online record book. Leaders should explore where a shared record could reduce cost or friction.
How can 311 brief our leadership team on this?
Through a private executive briefing or leadership workshop, tailored to your sector, in person first.
Bring this to your leadership teamA private executive briefing or leadership workshop, tailored to your sector. In person first, anywhere in the world.
Analysis by the 311 Strategic Intelligence Unit, from Matthew Griffin’s session and 311 data.
If Matthew gave this session today
Turn scenarios into strategy with strategic foresight.
Strategic Foresight for Leaders sets out the latest foresight methods and how to turn scenarios into strategy, the discipline asset managers need as demographics, regulation and technology reshape their market.
