The Fight for Dominance & The Technology Battlefield in Asset Management
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Asset and Wealth Management 2018 Conference PwC - Dublin The managers of 80% of the worlds managed capital, was gathered in Dublin in 2018. This presentation was given around the Pre-Text of of the Incumbents in Asset Management, the New players and the technology firms. How they fight for dominance and how industries converge in the ultimate fight for dominance in an industry where technology have changed very little but the promise is big. Now change is happening primarily distribution models are changing fast. The need for change and optimization have never been bigger than now.
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The Fight for Dominance & The Technology Battlefield in Asset Management
- 1. Technology Battlefield «Fight for Dominance» Frederik Gregaard PwC Digital Services Switzerland Head of Digital Financial Services Tel: +41 78 913 0935 frederik.gregaard@ch.pwc.com
- 2. #Customers # Intelligent Digital Offerings TraditionalCoreBanking(CBS) SystemLimitations Startups & Digital Challengers Incumbents ? Non FS Digital Players
- 5. encourages innovation and competitiveness in the Swiss financial marketplace.
- 6. UCITS Regulation & Access
- 7. 2500 Client a DAY – 1 mio in 5 years
- 8. >50.000 Clients in Switzerland
- 9. #Customers # Intelligent Digital Offerings TraditionalCoreBanking(CBS) SystemLimitations Startups & Digital Challengers Incumbents ? Non FS Digital Players
- 11. WE are the last generation that knew the life before the internet
- 12. Industries Converge Alibaba & Ford
- 13. „Yu’E Bao.“~ $ 210 Billion – 4 Years
- 15. ANT Financial $150 Bln 50% more than Goldman Sachs
- 16. >$8 trillion of transactions 2017 2X Germany’s GDP
- 17. #Customers # Intelligent Digital Offerings TraditionalCoreBanking(CBS) SystemLimitations Startups & Digital Challengers Incumbents ? Non FS Digital Players
- 18. Will Blockchain chain everything? PwC’s Digital Services 18
- 19. 19 No new technology developed for BTC, just a smart way of assembling existing ones
- 20. PwC Digital Services Confidential information for the sole benefit and use of PwC’s client. 20 1.000.000 Users = 1 Day
- 21. #Customers # Intelligent Digital Offerings TraditionalCoreBanking(CBS) SystemLimitations Startups & Digital Challengers Incumbents ? Non FS Digital Players
- 22. JP Morgan launches Free Stock Trading
- 23. Scalable Capital Euro 1 bln AUM – 30.000 clients
- 24. PwC Digital Services What if we used Technology to expand the product Universe
- 25. Fractional Ownership & Access to “New” Asset Classes
- 26. PwC’s Digital Services Correlation of weekly returns 5y J.P. Morgan research
- 27. #Customers # Intelligent Digital Offerings TraditionalCoreBanking(CBS) SystemLimitations Startups & Digital Challengers Incumbents ? Non FS Digital Players
- 28. Earth observation $ 3.5 Bln by 2024
- 29. Orbital Insight Tracks 250.000 parking lots
- 31. Can you explain your Investment Allocation or Stock picking Can you explain your Trade? or Recommendation?
- 32. “It may not be enough for us that machines make right or even ideal judgments. We want those judgements to be made as a result of the same psychological processes that cause us to make them”
- 33. 33 How VR/AR will merge it all together?
- 36. PwC Strategy& Confidential information for the sole benefit and use of PwC's client. 36 Technology will be our Co-Pilot
- 37. 3 Where are they?
- 39. While we are waiting…
- 40. What is a bank anyway???
- 42. #Customers # Intelligent Digital Offerings TraditionalCoreBanking(CBS) SystemLimitations Startups & Digital Challengers Incumbents ? Non FS Digital Players
- 43. Alternative Funding Mechanisms $ 1.7 Bln
- 44. #Customers # Intelligent Digital Offerings TraditionalCoreBanking(CBS) SystemLimitations Startups & Digital Challengers Incumbents ? Non FS Digital Players
- 45. While we are waiting…
- 46. 1 bln in 8 months
- 47. #Customers # Intelligent Digital Offerings TraditionalCoreBanking(CBS) SystemLimitations Startups & Digital Challengers Incumbents ? Non FS Digital Players
- 49. PwC Digital Services BFR 7 Mio $ Cost per Launch:
- 50. PwC’s Digital Services Cost per Launch: 500 Mio $185 Mio $ Saturn V SLS Block 1/2 Cost per Launch:
- 51. PwC’s Digital Services Rocket was made to fit on a Train Wagon
- 52. PwC’s Digital Services The width of the railway was designed to fit 2 Horses
- 53. PwC Digital Services 53 This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers AG, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. © 2018 PwC. All rights reserved. Not for further distribution without the permission of PwC. “PwC” refers to the network of member firms of PricewaterhouseCoopers International Limited (PwCIL), or, as the context requires, individual member firms of the PwC network. Each member firm is a separate legal entity and does not act as agent of PwCIL or any other member firm. PwCIL does not provide any services to clients. PwCIL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professional judgment or bind them in any way. No member firm is responsible or liable for the acts or omissions of any other member firm nor can it control the exercise of another member firm’s professional judgment or bind another member firm or PwC in any way. The Experience Center Thank you for your attention…. …. and now let’s go do amazing things!
Editor's Notes
- Regulation, Technology, changing customer behaviour
- Anyone can open a N26 Bank account, as long as they are resident in the EU or EEA. June 2018 1 million clients
- The first generation to grow up completely in the Internet connected society is learning and adapting to a very different life that we grew up in
- Alibaba’s car vending machine in China gives free test drives to people with good credit scores 7 Cat-themed with free three-day test drives for people with scores of 700 or better By a car with your FACE? https://www.theverge.com/2018/3/26/17163478/ford-alibaba-cat-car-vending-machine-china
- Yu’E Bao – Alibaba; Setup in May 2013 Money Market fund. It offers users higher rate than deposit rate of about 3.3% in the bank and the convenience of instant withdrawals. Yu’E Bao has 1.4 trillion yuan ($210 billion) of assets under management, accounting for about 28 percent of China’s money-market funds. It has beaten the average returns for money-market funds in the nation for much of this year, further boosting its allure, according to Fitch analyst Huang Li. Singles Day https://www.bloomberg.com/news/articles/2017-05-15/world-s-biggest-money-fund-said-to-face-pressure-to-slow-inflows https://www.ft.com/content/28d4e100-2a6d-11e7-bc4b-5528796fe35c
- Bloomberg 11th of April; Ant Financial’s latest round of funding, reported to involve Singapore’s Temasek Holdings Pte, is said to value the Chinese provider of mobile payments at about $150 billion -- 50 percent more than Goldman Sachs Group Inc.’s market capitalization.
- https://www.businessinsider.com/jpmorgan-launching-free-stock-trading-app-2018-8 / Which by the way Saxo Bank also tried 10 years ago……. So what is the difference
- http://www.spiegel.de/wirtschaft/unternehmen/scalable-capital-verwaltet-milliardensumme-a-1210154.html courtesy of spiegel. 30.000 clients and 1.000.000.000 Euro under mananagement. Only ETFS, founded in 2014
- 1 year realised vol compared to SP500 is still 10x
- Orbital Insight, a venture capital-funded satellite intelligence startup based in Palo Alto, tracks 250,000 parking lots for 96 retail chains across the U.S. https://theoutline.com/post/1169/jc-penney-satellite-imaging?zd=1&zi=3fr6a5jo
- Alibaba Group 2014 – 21.77 Bln IPO NTT Mobile 1998 – 18.1 Bln IPO HDAC Backed by Hyundai – 258 mio 2018 ICO
- In 1869, former shopkeeper Marcus Goldman launched a new business trading in commercial paper. In other words, Goldman helped small businesses secure short-term capital by connecting those entrepreneurs with investors.
- Pascal Bouvier, a venture partner at Santander InnoVentures, recently wrote that he believes “Goldman Sachs might be more of a threat to traditional banking than all fintech startups put together and all tech companies.” Another advantage Marcus has over other bank incumbents looking to launch a competing initiative is its non-legacy IT architecture and the fact that Goldman does not have an existing consumer credit card business for Marcus to cannibalize. This enabled Goldman to move from inception to launch in 12 months, utilizing existing platforms, open source software, and external APIs including FICO, Twilio, Facebook and Adobe. As Talwar explained, “We built the middleware ourselves, which is a micro services API architecture. And once we did that, a lot of best-in-class modules, we purchased from the outside. So there are around 17 different modules which we’ve purchased from outside, which work through a middleware layer, delivering the customer experience.”