In the context of the project “Digital David” of the Consorsbank and BNP with aixigo, Mr. Friedrich, CEO Consorsbank and DAB, gave detailed information about the development of the market and told Christian Neuenhaus, Head of Marketing and Communications at aixigo, how the Consorsbank and BNP react to this development.
Neuenhaus: Mr Friedrich, you have once in an interview to the question “How digitalisation changes the relationship with the customer?” responded that customers today are taking a much more active role than before and are, simultaneously, cooperation partners. What is the role of the digital consulting project in this context?
Kai Friedrich, CEO Consorsbank
and DAB, BNP Paribas Group
Kai Friedrich: In our project, we already involve future users of the system during the specification phase. Here, various user tests are carried out with customers in order to be able to react to the customer’s wishes as early as possible.
Digital financial investment and wealth management are currently central underlying themes in the financial market. aixigo has developed a suitable solution for both of these — our high performance portfolio management software via APIs.
To precisely and simply explain this software in just a few seconds, we have produced two short films during recent months. The first part covers the connection between our technology and Amazon Echo; since with the digital portfolio management solution by aixigo, you can not only perform mass calculations for millions of portfolios within a few minutes but can also provide high speed responses for human speech interaction. See here: aixigos digital solution with the amazon Echo!
aixigo participated as a presenter in the Finovate Europe this February. Already during the event days there were some interviews with our colleagues. Included was a video interview with Fintech Finance – a magazine for the financial sector which is available in print and can be viewed on TV. Afterwards, there was a special edition in the Fintech Finance magazine on the Finovate event and aixigo was asked anew to for an interview.
Read the Interview.
Christian Neuenhaus: Yesterday, after a long and hard journey, investify went online. How does it feel?
Christian Friedlich: It is a ‘we’ve done it’ kind of feeling. The road for us was full of surprises, how difficult it is as a digital asset management service to get a licence for example, or how many processes and things there are to do that require asset management. In the end we are happy of course to have brought this very complex process under our control and to be able to offer a comprehensive service. It was a lot of work and we have learnt a great deal. We are convinced that we can now offer an excellent service to the customer.
Christian Neuenhaus: In the meantime, Robo Advisor has imposed itself en masse on the market. Why will investify have greater success than the existing services? What is different about investify?
Christian Friedrich: investify has a few clear, distinctive features. investify is one of the few digital asset management services that is operating with a licence. Only a quite small group in the market has this privilege. What really differentiates investify, is the emotionalisation and personalisation of the investment that we offer. We don’t offer a standard investment, rather for the first time worldwide the client is in the position to receive a personalised digital asset management service. This is completely new to the market. Read more
During the FinTech wave two years ago, we began an intensive and continuous evaluation of all emerging and existing robo-advisors.
Our study is based on more than 80 robo-advisors. The creators of these robos are FinTechs and banks. The aim of this study was and still is to put the market of online advisory offers under the microscope; and at the same time identify successful companies and understand the reasons for their success. Our focus is globally oriented. Most of the robos under observation come from Europe, the USA, Canada and Australia.
What data was collected?
We conducted initial extensive research into the provided tools and associated websites. We were also concerned with the construction of the tools.
Are questions being asked about risk-bearing capacity, risk-bearing settings, experience and knowledge? If so, to what extent? What is the minimum investment amount? Can I maintain one or even several investment objectives? Read more
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.
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!
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.
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
This is the final registration for the event.
* The participation is free of charge.
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?We discuss the present situation in our lecture series “FinTech kidnapped branch?” from several perspectives.
- From the perspective of FinTech: How does the entire digital process work?
- From the perspective of a seemingly unrelated industry: How does the automotive industry combine digitalization with car dealerships?
- 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?
- 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?!