Nowadays, more and more people are talking about the necessity to make bigger efforts to clean and update the image of the whole financial industry, and reinventing finance has become a must in a highly competitive sector.
The key point that highlight this “reinventing finance” need are the following:
- Financial industry is the last sector to have resisted the “information age”, as automation have improved efficiency without revising the old business model.
- The present crisis is a symptom of the end of “Vertical Integration”: Financial industry will move from large corporation model to specialized suppliers, more focused on clients’ needs..
- Investors have lost their trust in large incumbent institutions, and are now looking for high level of transparency and control.
- New markets are showing up: Emerging economies will also consume more financial services, most probably bypassing traditional channels.
- The huge fiscal pressure is irreversible and will eventually open an age of “financial transparency”, so online financial services will become as common as online shopping sites like Ebay.
These are just few examples to show you the growing importance and value of companies like Quantesys, independent from large Institutions and focused on providing clients unbiased suggestions, based on proprietary technologies, through new digital solutions.
So, how can the “reinventing finance movement” grow? Well, several solution have been adopted by the innovators, giving birth to the “fintech movement”.
Finance + Innovation Technology = Fintech
MarketMoods is one of those, and aims at providing customers an investment support that is:
- Visually appealing, through straight-forward weather symbols that show “the Mood” of the ticker.
- Able to give complete and thorough information, because after all finance is about numbers.
- Social, because in a “sharing world”, reinventing finance means engaging people and let them share their opinions.
Today, during my lunch break, I took a look at my favourite tickers, and shared Apple‘s Mood with my friends (Cupertino’s brand advocates too, even more than me): the forecast is rainy for the day…
Funny thing is, I left my umbrella at home, and seems like Steve Jobs (R.I.P.) has decided to send part of his company clouds over Lausanne. Rumor says he is already inspiring Divinities to think differently.
Before going back to my duties, I would leave you with this brief self-reflection: it is not much that I am in the business, but just enough to realized that the “inside reality” is much more different than the reality perceived from outside; what I start realizing is that, to change things effectively, we have to go beyond pre-packed myths, ask questions, manifest doubts, challenge the status quo.
Reinventing finance (and more generally the whole business) is a necessity, and this starts from us, the young generations, together with the new upcoming start ups: after all, we will be the ones ruling the business in some years, so its opportune to try to make it better.
We have to be humble, but confident enough to believe we can make the difference: and it all starts with small daily efforts.
Ok, pep talk is over
See you next post, in the meanwhile: stay curious, stay social, and share!
Latest posts by Alberto Ravandoni (see all)
- A new Greed Era in behavioral finance - June 28, 2013
- Fintech and the need for reinventing finance - June 21, 2013
- The way we pursue finance innovation: there is more than meets the eyes (Pt. 3) - June 13, 2013
- The way we rethink finance: there is more than meets the eyes (Pt.2) - June 7, 2013
- The way we are rethinking finance: there is more than meets the eyes (Pt.1) - May 31, 2013