Digital TransformationNews & Events

Future of Work in WealthManagement Industry 2/3

By April 29, 2020 No Comments

 

Collaborative Platforms can deliver financial and non-financial benefits. 

As stated in part 1 of this article, Digital Collaboration should aim at delivering improvement and simplification of the day-to-day individual working environment. To put it very simply, it goes far beyond the experience of Visio-conference and shared agenda as the purpose would rather be to avoid unnecessary meetings. At Ffyn, we believe it is time for being ambitious. Here are some reasons why.

6 reasons why you should improve Collaboration…

 “Leaders and Organizations have realized that even their employees best singular efforts could not match some of the more elaborate problems we face”.

Consequently, Project mode and collaborative approach are more and more privileged in many organizations to address the following challenges:

  1. Workstations become virtual (flex office, home office, …)
  2. Number of involved geographies increases
  3. Professionals are overwhelmed by the variety of tools: they work daily with a multiplicity of interfaces (emails, files, CRM, instant messaging tools, servers …)
  4. Some repetitive tasks and heavy processes harm productivity while simplification is not only desirable but also feasible
  5. Organizations are more and more complex and sequential approaches do not answer anymore to what is needed. Too much segregation between services or companies is not relevant anymore and becomes impediments to reach efficiency.
  6. The increase of open architecture and the development of platform business models split expertise among an increasing number of players urging the need for “ecosystem management” capacities

Consequently, this is not a surprise to see the growing expectations of staff for more collaboration. As shown in the picture below, the situation is changing quicky.

 

 

Looking at the collaboration adoption curve some stats are quite striking: 88% of people prefer collaboration over competition; 40% decision makers fail to get other’s input because of lack of Collaboration; 50% of staff say they work in a deceptive environment.

 

And 6 concrete and short term benefits brought by collaborative approach.

Unsurprisingly, given the above-mentioned challenges, asking people what would be the benefits of a more collaborative approach; most of them will set high expectations. As a matter of fact, the experience shows that benefits are very concrete and in some cases quite easy to measure with standard KPIs. Here are some of them:

  1. Motivation: by offering team members access to a broader and transversal view and a capacity to easily contribute and  bring visible value
  2. Productivity: by eliminating meetings, redundant messages and shorten Q&A processes
  3. Knowledge sharing: by cleaning and organizing set of data and documentation, access to discussion log, advanced search
  4. Problem solving: by allowing individuals to benefit from other community member support, and managers to make more informed decision
  5. Organization enhancement: by fitting to new global organization, securing the same level of information for all staff, Managing turnover, facilitating remote and home office set up and increasing flexibility in case of crisis, data protection
  6. Time to market: by supporting open architecture business models that rely on split of expertise among different players. It is commonly accepted that time to roll out new solutions or to implement new decision can be reduced by 20%

As we speak about Digital and Innovation, Transformation set ups and Incubators are a very good illustration of those benefits. BivwAk, the in-house BNP Paribas group transformation hub that has supported FFYN from the beginning, is a good example. Since inception, it has set up a ultra-collaborative way of working by building multidisciplinary teams, called squads. This way of working has demonstrated its capacity to improve IT and business team efficiency and deliver a strong performance while strengthening human bonds.

From traditional Collaborative Tools to Collaborative Platforms.

Usually, collaboration starts at team level and is oriented towards the achievement of a collective task. Nevertheless, as already mentioned, the need for collaboration does not stop at company frontiers. It goes beyond to involve other stakeholders such as partners, providers, peers… At this Community level, the purpose is rather to share information or pieces of transversal processes across several entities.

Traditional Collaborative Tools do not usually address this level of collaboration and one need to switch to Collaborative Platforms. As for other type of platform Business (market place, business place, social network… ) the value of a Collaborative Platform comes from facilitating exchanges between two or more interdependent groups of users, usually consumers and producers. It creates communities and markets with network effect that allows users to interact. A community can be more or less open and it will be up to the Platform orchestrator to implement the appropriate set of rules to build trust, comply with regulation, data protection and cyber security rules.

The Solution developed by Ffyn is built on this Platform model. By connecting fund professionals, sales and client service teams on the Asset Management side and fund selection and advisory teams on Private bank and Insurance side, the platform aims at delivering services to both. It also allows the opening of new communication channels and triggers new business opportunities.

Indeed, switching to a platform approach will increase benefits by leveraging network effect. Information and knowledge will be shared among a greater number of users. Additional number of potential connections will increase opportunities, search cost will dramatically be reduced and range of offered services will be improved.

New technologies have unleashed the potential for collaboration by providing more flexible tools and allowing to be far more ambitious. However, it’s key to keep in mind that a platform is an holistic business model not only a piece of technology. Implementation will require to cope with both aspects and goes with some challenges. I will focus, in part 3, next week on those challenges and on some tips that helped us moving forward.

Jean Devambez

Co-founder Ffyn

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