The only constant is change. That cliché seems especially true of the Asset Management industry in recent years as it faces challenges from all quarters – balancing regulation from multiple global jurisdictions, the increasing threat from fraud and cyber-crime, effective responses to technology and automation, economic uncertainty in an ever more complex geopolitical environment and, of course, the industry’s response to the urgent issue of increasing sustainability while financing decarbonization.
What is a genuine constant though is the need to ensure that customers, be they institutions or individuals, are given the materials they need to make the best decisions for their unique circumstances. Increasingly, these materials are made up of data, content and information that in combination are a competitive differentiator in themselves.
That differentiation is further enhanced by innovation in delivery – automation, personalization and AI are now in the mainstream. B2B enterprises should be embracing the opportunities that they create to deepen engagement and optimize the experience for all of their audiences.
Apart from the compliance issues though, what are the risks of getting your model for content distribution wrong?
- Culture: it is no longer acceptable for organizations to ignore the cultural nuances of cross-border commerce. Many jurisdictions mandate that content must be translated for local audiences but, more than that, it has to appeal to buyers. Connecting to buyers, not just in their language but in a way that really speaks to them culturally, is the foundation for developing good relationships.
- Demographics: at the next level down, appreciating the subtle distinctions between triggers and drivers for buying groups can further demonstrate an organization’s empathy with its customers. Different age groups, life stages, socio-economic situations and aspirations drive changing behaviours that seem impossible to address effectively but the enterprise that builds agility into its communications will be positioned to respond better than its rivals.
- Consumption: the importance of seamless digital experiences should no longer need to be highlighted, yet the lack of high quality omnichannel experiences across channels and devices is still holding established financial services providers back. Fintechs and nimble startups from across the world are successfully competing for their share of wallet – and traditional players cannot negate the threat simply by acquiring them all!
- Conduct: internal and external scrutiny over behavior as it relates to conduct is increasing. Empowering employees with clear expectations as to their conduct is critical – this relies on accurate policies and procedures, clear articulation of those controls and consistent education to ensure that staff are not exposing the organization or themselves to risk.
SDL has worked in all of these areas with our financial services customers, working especially with market-leading global asset management firms to address the risk challenges inherent in their business. Aligning with customers’ risk challenges is one of the reasons that we are attending the 8th Deloitte Cross-Border Distribution Conference being held in Luxembourg on 4th February 2020. Discussions will cover pressing Asset Management issues like regulation, fraud, automation, geopolitics and sustainability and we look forward to adding to the debate.