The impact of the MiFID on active customer support

The second stage of the MiFID is a further “milestone” for financial service providers. Especially in terms of active customer support. This was the reason for us to discuss the consequences and requirements in a group of experts. 14 compliance and MiFID responsible project managers from banks, business consultancies and law firms participated.

Topics of the discussion were, among others, cost reporting, suitability, grants and target market. Almost simultaneously to our discussion meeting, the Federal Ministry of Finance presented the draft report for a second Financial Market Reform Law. This draft is to lead to the implementation of MiFID II. As expected, the Ministry has essentially transferred the delegated legal act into the German law and thereby amends the Securities Trading Act and the relevant byelaws. Due to this, the draft does not contain much new information.

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Investify API Banking

execfintech – investify was there

Exefintech took place in Frankfurt on 03.08.2016. The German counterpart of Finovate in London offered 40 FinTechs from across Europe a platform for interesting panel discussions and networking. Fintech could not miss the almost obligatory pitch for “Best in Show”. The pitch was held in the form of a maximum of three minute presentation. During this time a jury had to be convinced by the (great) core idea – quite challenging!logo-execfintech API Banking

The substantive focus was broad. From the option to put money without loss (Scalable Capital), real-time streaming of financial data (streamdata.io) to individual credit release on the Internet based on 200 factors (Twisto), everything was represented.
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Digital Banking Solutions at Finovate 2016

Visiting and showing investify – our digital wealth manager on Finovate Europe 2016 was an impressive experience. In my previous blog post you heard a lot about the conference, the concept and the audience. Meanwhile the video of our presentation is online:

Today I want to celebrate the presenters who all earned my respect. I still do find it extremely challenging to present in front of over 1.000 people. Especially that you have to make it informative and entertaining as well in the very short presenting time. So congratulations from me to all of them. Read more

Event – Fintech kidnapped branch

Online registration.*

Digitalization continuously changes business and society. More than one third of all communication in Germany takes place through digital channels. Citizens obtain 41% of all their purchase-related information from digital sources. The wave of digitalization has long ago transformed banking as well. It continues to challenge the top management—more strongly than ever during the past decades.

Traditional branches seem less and less relevant.

Could customers be carrying the branch of the future in their pockets? Will there only be “financial services to go” left at the end of this road?Digitalization - PresentersWe discuss the present situation in our lecture series “FinTech kidnapped branch?” from several perspectives.

  1. From the perspective of FinTech: How does the entire digital process work?
  2. From the perspective of a seemingly unrelated industry: How does the automotive industry combine digitalization with car dealerships?
  3. From the perspective of the wealth of data generated in each of the channels: Are these used productively at all for any of the channels?
  4. And from the perspective of the good “old” branch: Why is the branch vilified at every turn, but no one is doing anything apart from closing it?!

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Digitale Vermögensverwaltung

aixigo founded digital asset management company

As part of our technological and business development, we are proud to present our latest innovation: Investify.

As a joint venture with Rhein Asset Management (Luxembourg and Düsseldorf) we have founded investify. investify is a digital asset manager based in Luxembourg. investify offers individual asset management for almost everyone and a complete digital customer experience, from opening an account to performance reporting.

Our motivation

In our view, the market for digital financial investment is growing and is now developing towards broader customer acceptance after various services have been introduced. Digital investing will have an appropriate share of the whole investment market. Due to its long-standing expertise in digitalization of investment processes, aixigo is in the right position for independently developing such services and bringing them to market. investify will break the mold in design and advising methodology.

We did not want to approach this innovation from an „suppliers“ point of view. In order to achieve our goal it was important to us to make our ideas happen and to solely concentrate on the investing customer.

Therefore, we decided to independently develop a marketsolution which we believe will be successful. We are convinced that having the full innovative strength of a “competitor” on board would also create new benefits for our existing customers.

Our journey to investify

digital asset management company - investifyWe have been an innovative and reliable partner of the financial service industry for years. In this position we developed the first system for risk profiling of private customers, an incredibly fast portfolio management system for multi-channel use and investment advice systems which are distinguished by being well designed, success-orientated and high regulatory security.

In Rhein Asset Management we found a renowned and competent partner for asset management. In our joint venture we have combined our resources to establish, develop and operate a digital asset management company successfully.

From processes to compliance, to user experience and security, we have considered all factors required for success. This knowledge will also be available for aixigo customers in the future. The deep understanding of the regulatory and procedural technical requirements of asset management were just as important in this initiative as the design or the digital customer experience.

We have converted these insights fully into solutions for all processes of the digital asset manager and have implemented these in and with our platform aixigo:one. In order to implement the complete consulting service as a digital asset manager in the whole of Europe, investify will have a CSSF licence in Luxembourg.

investify – What are the next steps?

investify will be debuting at the Finovate in London, where it will be presented to the press and an expert audience. Once the license has been awarded investify will go live for customers.

aixigo will make both the knowledge gained and the technologies developed available to its customers. Please feel welcome to talk to us about this. In addition we are interested in collaborations for investify.

More information on investify’s specific innovations will follow shortly here on our blog.

Erich Borsch

Bankkunde

Investment Consulting – 8 Banks Tested

On behalf of Handelsblatt, S.W.I. FINANCE has analyzed investment consulting services at several branch banks between February and October of 2015. The six largest active national branch banks, the largest of the Volksbanks and Raiffeisenbanks (Berliner Volksbank) and the largest saving bank (Hamburger Sparkasse) were examined. The evaluation in the quality of consulting was made by means of five covert test visits each, for which specially trained service testers rated the consultation meetings using a standardized questionnaire. Securities were emphasized at three consultations, at the other two visits savings accounts were recommended. Two of the top top thee banks use consulting software from aixigo.

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Test of Suitability Instead of Protocols

Why griping here is the wrong approach!

To speak clearly, the changes in the Financial Market Regulation Amendment Law give no cause for complaint where consultation records are concerned. The current discussions, in our opinion, misjudge the opportunities which accompany the Amendment.

 Financial Market Regulation Amendment LawAs background: the draft bill for the implementation of MiFID 2 was for many a surprise, because now, instead of complex protocols, there should be declarations of suitability for the customer. “No Consultation Protocols” was the way the headlines of on-line media had it at first. The next day it became clear to many that it will not be so simple. Now what’s taking the place of the protocol are demanding tests of the suitability of individual products and the preparation of a declaration explaining in what way the products are suitable. Of the Federal Financial Supervisory Authority (BaFIN), in some publications, it was said that this was by no means something easier, because higher standards would now be applied to the test of suitability. In our opinion, this was to be expected.

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