InsurTech is in its Cambrian Explosion phase, with lots of new ventures being created. However, we all know how tough the Series A Crunch is (data hounds can get their fix from Pitchbook, which shows 1,891 Angel/Seed rounds going to only 647 follow on deals). So we pay attentionRead More
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InsurTech is in its Cambrian Explosion phase, with lots of new ventures being created. However, we all know how tough the Series A Crunch is (data hounds can get their fix from Pitchbook, which shows 1,891 Angel/Seed rounds going to only 647 follow on deals). So we pay attentionRead More
According to Michael Cyprys, an equity analyst at the firm: “The rising threat from robo-advice leads financial advisor’s role to evolve: greater focus on financial planning, embracing digital tools such as robos as a means to become more efficient; pairing human and machine.”
&8220;Digital capabilities become increasingly more important as Millennials are more digital savvy than previous generations which is transforming the investment and wealth management landscape; innovative new entrants such as Robos could take share,&8221; Cyprys wrote in a note earlier this year.
A survey conducted by Morgan Stanley found that 58% of Millennials and 50% of Generation X are interested in using robo-advisors.
Robo-advisors, or automated digital wealth management solutions, have attracted about US$ 50 billion in assets, according to Aite Group LLC. These solutions charge fewer fees, are more open to smaller investors, and are more convenient, offering mobile access and sleek, easy to use apps and websites.
Although the figure remains relatively small compared to the US$ 130 trillion in assets currently under management globally, robo-advisors &8220;have a long runway for growth,&8221; Cyprys said.
Addressing the emerging trend, many firms and #banks have created hybrid models such as Charles Schwab and Vanguard, both of which have developed services that allow their advisors to make significant use of algorithms and robo-advisors.
RBC has teamed up with BlackRock&8217;s FutureAdvisor, Wells Fargo is planning to launch its own robo-advisor in 2017, and UBS&8217;s American wealth management division has invested in robo-advisor SigFig earlier this year.
Going further, Royal Bank of Scotland announced in March that it would replace 220 investment staff with robo-advisors. The bank said that in the future, only clients with £250,000 or more to invest will get face-to-face advice.
Despite the growing appetence for robo-advisors, industry observers and experts believe that these solutions will not necessarily displace traditional wealth managers.
&8220;This is not a human vs. robot competition where one will win,&8221; Jon Stein, CEO of Betterment, an American automated investing service, told Bloomberg.
&8220;There will be customers who want an online driven solution and there will be customers who want the in person relationship, but even those people will expect better #technology as part of the relationship.&8221;
Echoing Stein&8217;s statements, Citi analysts wrote in a report released earlier this year:
&8220;We see the advent of robo-advice as an example of automation improving the productivity of traditional investment advisers, and not a situation where there is significant risk of job substitution. Higher net worth or more sophisticated investors will, in our view, always demand face-to-face advice.&8221;
Holger Spielberg, head of digital innovation at Credit Suisse, shares this sentiment. In an interview earlier this year, Spielberg argued that automated investment services bring many benefits and opportunities to both customers and the banking sector.
&8220;At the end of the day, we #need to look not at what it means for banking, but for the user – the recipient of financial services,&8221; he said. &8220;We need to put them at the forefront.&8221;
Technological disruption is inevitable, Spielberg said. However, he also believes that some aspects of the traditional wealth management services will remain relevant, notably human engagement.
&8220;The human element is a crucial aspect of our strategy,&8221; he said. &8220;What isn&8217;t changing, even with all the changes, is the intent in receiving value.&8221;
Rather than creating a faceless and unresponsive automation, robo-advisors may very well add value and efficiency to private wealth management.
In July, former Credit Suisse bankers Bastian Lossen, Giles Keating and Felix Roescheisen announced plans to launch a new robo-advisor service called Werthstein, according to Finews.
Werthstein has created a new approach in digital wealth management. The solution combines a multimedia platform with portfolio management. The platform will provide wealth management services for free. Customers will only pay a subscription fee for video and multimedia content provided through the platform. These will mainly consist of video clips of bankers and experts sharing investment ideas.
Other robo-advisor services in Switzerland include True Wealth, Glarner KB, Swissquote, and InvestGlass.
Featured image: Robot hand by Ociacia via Shutterstock.com.
The post Robo-Advisory: Wealth Managers Need to Adapt to New Environment appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
Without further refinement on the part of the individual robo-advisors themselves, a substantial portion of current providers will have difficulties succeeding in the long-term. This is one of the main findings of the #report “Leading Robo-Advisors 2016 &8211; Benchmarking the current automated investment landscape and mapping the road ahead” for which the Swiss research company MyPrivateBanking Research analyzed and ranked 30 leading robo-advisors worldwide.
In their global benchmarking of robo-advisor platforms, the MyPrivateBanking report identifies plenty of examples of good practice at the level of individual functions. However, in the researchers’ view, no providers are yet coming close to offering an end-to-end consistent level of excellence. “We see that most robo-advisors are good at some features, but at the same time missing out completely on other important ones”, say Francis Groves, senior analyst of MyPrivateBanking Research.
“While this was tolerated by clients at the start of the robo-advisor breakthrough, they now demand a top-performance throughout the full process, from comprehensively explaining the services to superior portfolio reporting.”
Schwab intelligent Portfolios, Indexa Capital and Nutmeg top ranked robo-advisors
MyPrivateBanking’s ranking of 30 robo-advisors from 15 countries awarded the highest scores to the these three platforms:
&8211; Indexa Capital (Spain) – a good ‘all-rounder’ with a solid performance in all areas (42 points).
&8211; Nutmeg (UK) – Another example of excellent product and process information coupled with being one of the top three providers of investment knowledge and education (42 points).
Most robo-advisors fail to offer a user friendly performance across the full process and all channels
However, with more than a third of the evaluated firms achieving less than half of the possible points, and the highest scoring robo-advisor scoring slightly less than 75% of the maximum available points, MyPrivateBanking sees considerable room for improvement. In particular the survey identified that there are too many gaps in most robo-advisors’ onboarding processes to guarantee a steady stream of new clients.
MyPrivateBanking’s evaluation covered 43 different criteria and assessed the performance overall including for the robo-advisors’ websites, mobile apps and social media channels. Some of the more troubling key research findings are:
(1) None of the platforms evaluated have yet developed the robo-advisory model of client recruitment to its full potential, with even the best current players leaving out at least one essential component. For example, analysts found that advisors provided either good information about the product and process OR good knowledge content but rarely both.
(2) Client assessment, the highest profile component of robo-advisor onboarding, is generally falling well below a sufficiently rigorous standard. Less than 50% of the evaluated advisors failed to explain the purpose of their questions and only 53% included a comprehensive check on a prospective investor’s attitude toward risk.
(3) A high proportion of the robo-advisors, 23%, are abdicating from the any responsibility for sustaining their own clients’ ongoing investing ‘career’ by the provision of relevant, easily digestible education and knowledge or even, in some cases, providing dedicated social media.
In respect to robo-advisors offered by well-established institutions the MyPrivateBanking analysts identified a tendency of such actors to enter the robo-advisor space for the first time by creating robo mini-sites. These are characterized as one or two page websites, which may or may not be embedded in the institution’s overall web presence, that are clearly not designed to be revisited by signed-up clients.
In MyPrivateBanking ‘s view this is a kind of robo-advisory sub-species that may assist with rapid client onboarding but which does not, on its own, do a lot to foster enduring client-advisor relationships. “We foresee the need for leading institutions to be more radical and wholehearted in their automated investment initiatives in the next few years, even if this means starting over again with a second robo-advisor to replace their first.”
Only robo-advisors constantly pushing ahead for superior client experience will survive
“The pioneer years of robo-advisors have come to the end and the market will separate the wheat from the chaff“, stresses Francis Groves. „Too many automated investment services target the same, growing &8211; but still not sufficient &8211; client segment to nurture all or most of them. Too few of the automated investment services see their platform through the eyes of a first time user, while many are losing sight of the need for sustaining a customer experience that will – ideally – last for years.”
In this report, MyPrivateBanking makes a series of recommendations on the basis of our benchmarking evaluation, among them:
(1) Aiming for transparency is the best policy, especially when presenting the robo-advisor’s pricing and product and process information.
(2) Automated investment platforms need to be subjected to rigorous user experience testing. Looking good is not enough – equally, content must be in-depth.
(3) Robo-advisors risk side-lining themselves if they don’t recognize that clients need financial plans as well as investment portfolios. At least a basic financial planning offer should be considered for inclusion as part of the robo value proposition.
The post New Report: Robo-Advisory Model At a Tipping Point appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
In May I wrote about The API movement in the #robo-advisory space, and found that those with API offerings were companies in the brokerage business (which is severely disrupted as we speak) and not that much in businesses with robo-advisory offerings (without brokerage and custody). At the time (6months ago), IRead More
The Bankers’ Plumber on FinTech: The Swiss and UBS have good chances to win the battle of digital wealth management.
The Swiss are world leaders in many things: watches, chocolate, Swiss Army knives and wealth management. Although the world of Swiss private banking has had more downs than up lately, wealth management is in the national DNA. There is good reason to see the Swiss coming out on top as private banking reinvents itself as a more digital product. Amongst the Swiss #banks, UBS is well set up to lead the pack; its recent announcement of its intentions in the UK: “UBS to launch digital wealth management platform in Britain” offers much promise, as does history, or rather deja vue.
In the #FinTech world, several different terms are used to describe expected changes or influences on the same thing: Digital Wealth Management. #Robo-Advisors. Machine Learning are all being applied in relation to what commentators see will be the future in the world of asset or wealth management.
In essence, this is about applying more advanced processes to the matter of looking after people’s money; making the interaction between bank and clients function faster, better and cheaper via mobile and internet channels, using rules to drive investment decisions and using AI, artificial intelligence, or Machine Learning to learn lessons and fine tune those decisions. For all the new terms and new #technology, the underlying core banking discipline is not changing;
- Asset allocation according to investment goals, which are based on risk appetite and risk experience, or awareness.
- The two basic approaches to investing: as an investor either I am “self directed”, making my own decisions, with varying degrees of input from my banks or advisor, or I am a passive investor giving a “mandate” to my advisor.
Swiss banks have been managing money on this basis for a very long time. There is an ingrained culture of formally setting investment strategies based on investing goals; growth, balanced, capital preservation and of dealing with the multi-currency needs of an international clientele.
The theory is underpinned by solid back-office processes, for example in investment controlling, making sure that the investment guidelines are followed. Having been the product manager for a Shariah complaint cash management fund, I have seen this working first hand at Credit Suisse. Asset servicing is another discipline where the Swiss excel; the international client base means the banks have a very diverse set of asset information and detail to keep on top of. Prices, corporate actions and dividend information are all effectively gathered and processed.
Historically, the Swiss have not been that efficient; fat, super-normal, profits bloated by lots of offshore, black money have masked high costs and poor processes. The game plan worked as long as the vast majority of those assets were processed on the big, old-iron, mainframes in Switzerland. Neither UBS nor Credit Suisse managed too build really great platforms for offshore processing that would replicate the efficiency of the HQ machinery. In the US, firms such as Vanguard have led the way in offering low cost investment vehicles.
So, the core already exists as the industry transitions to another generation, both of clients, technical capabilities and regulatory requirements. The challenge is to adapt. According to head of digital at one of the major banks, the key challenges are:
- Moving from a push business model to a pull model, including the move from a predominantly offline experience to an online first experience.
- Transformation of legacy technology stack into a modular, open-API platform which is more horizontally integrated
- Biggest obstacle is culture change, i.e. to find the talented people required to create new world and change existing mindset to a digital one
In thinking about where the industry is headed, I had a sense of deja vue. In the early nineties, securities lending, or Stock Borrow & Loan as our American cousins like to call it, became possible in Switzerland. The challenge was to to open up all the “internal drawers” where the security positions were filed away and channel the aggregated holdings to the market. The assets were there, they just needed to be connected up and channeled to the borrowers. UBS, or rather the then SBG, led they way. Led by the charismatic Felix Oegerli, a very capable team added a great deal to the industry. Credit Suisse had the same starting position, but could not get out of the starting blocks. From days at Goldman Sachs, where we were active borrowers, I recall a time lag of about two years between the first deals with the leaders at UBS and the laggards at Credit Suisse.
Another recent announcement UBS’s private banking arm suggests the bank is taking the steps to simplify their infrastructure: “UBS’ European Bank Finds a Home”
Lessons Learned: Digital private banking is really the world of what the academics call the “adjacent possibles“. What is close to what we are already doing?
Apple did not invent MP3 music storage, they innovated around it, creating the iPod and the iTunes music store. Apple was not a start up when it made that move. In the mid aughties, Credit Suisse, then under the leadership of the ex McKinsey duo of Lukas Muehlemann and Thomas Wellauer pursued a “mass affluent” strategy. This was based on “bricks” rather than “clicks”. That was an idea ahead of its time. The “mass affluent” will not pay 100 basis points or more for advice. What they will pay will support a “clicks” based approach, but not a “bricks”based one.
There is wonderful advert for Ricola, a Swiss company which makes lozenges. The main character pops up to challenge others around the world making claims to have invented the sweet, challenging them: “Who invented it? The Swiss!”
My money, well at least the deeply out of the money options my wife has as a UBS employee, is on the Swiss mastering this evolution and UBS leading the pack.
Are available on the 3C Advisory website, click here.
The Bankers’ Plumber’s Handbook
How to do Operations in an Investment Bank, or not! Includes many of the Blog Posts, with the benefit of context and detailed explanations of the issues. True stories about where things go wrong in the world of banking. Available in hard copy only.
Cash & Liquidity Management
An up to date view of the latest issues and how BCBS guidance that comes into force from Jan 1 2015 will affect this area of banking. Kindle and hard copy.
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is Bankers`Plumber | Intraday Liquidity | Cash Management | BCBS 248 | CLS Programme Manager
Attracting US$ 19.1 billion in investment in 2015, #fintech firms are growing fast. As customers are increasingly relying on financial services provided by non-traditional providers, #banks are #gearing up for #digital #disruption of the industry, according to a new report by #Swisscom’s e-foresight and Sourcing Competence Center of the University of Saint-Gall and Leipzig.
Peer-to-peer payment has been a hot topic in Switzerland, notably since the launch of Twint and Paymit. But despite the buzz, volumes of mobile payments remain small, growing at a slow pace.
Nevertheless, over 50% of banks believe that mobile contactless payment methods will become popular in the near future. Peer-to-peer services and contactless payments methods will continue to evolve, grow and remain an opportunity for financial services firms, the #report says.
92% of respondents said that online onboarding will be crucial for banks in the near future. In March, the Swiss Financial Market Supervisory Authority (FINMA) passed new rulings aimed at reducing obstacles to fintech, among which a circular on video and online customer identification to allow financial intermediaries to onboard clients by means of online and video transmission.
A report by Signicat released in April argued that customers are feeling increasingly unsatisfied with banking onboarding processes which are often considered frustrating and time-consuming. Customers are demanding 100% online processes, the study found.
According to the Swisscom survey results, banks are confident that digital assistance, #robo-advisory, payments and financing are the areas that will be the most impacted by fintech solutions.
Qualifying robo-advisors as one of the key innovations in the sector, the report advises banks to identity their target groups for such services and start elaborating a strategy.
Despite Switzerland&8217;s relatively small crowdfunding sector when compared with the likes of the US and the UK, the industry has been growing steadily since 2014. The report cites the launch of crowdfunding platforms by a number of banks as well as the increasing number of collaborations between startups and financial institutions in the areas. It further notes the emergence of innovative solutions such as real estate crowdfunding and predicts notable growth for SME lending and financing.
Banks named the most disruptive technologies in the industry as being mobile terminals, biometric authentication, cloud computing and Big Data.
Earlier this week, the Swiss government announced plans of policy changes to boost competitiveness of the country&8217;s financial industry. Notably, the Swiss Federal Council released a report on a “future-oriented financial market policy” that would allow foreign banks to open in the country. The legal framework is expected to encourage the fintech sector and sustainable investment.
&8220;A stable and competitive financial sector that functions well is a mainstay of the Swiss economy. The Swiss financial centre should continue to assert itself as one of the world&8217;s leading locations for financial business and even be able to strengthen this role,&8221; the Council said as quoted by Out-Law.
The move came a month after Switzerland&8217;s financial regulator FINMA has signed a fintech cooperation agreement with the Monetary Authority of Singapore (MAS).
The agreement aims at providing a framework for fintech companies in Singapore and Switzerland to expedite discussions on introducing new products into each other&8217;s market and understand regulatory requirements.
MAS has signed similar fintech agreements with the Korean Financial Services Commission, the UK financial authority and the government of Andhra Pradesh.
Featured image: Wireless technologies by ESB Professional, via Shutterstock.com.
Egal, ob beim Shopping, bei der Informationssuche oder bei der Kontaktpflege: Wohl kaum etwas hat unser Leben und unser Arbeiten so stark verändert, wie das Internet.
Auch Banken und Finanzgeschäfte hat es längst erfasst. Internet Banking für die täglichen Bankgeschäfte gibt es schon lange und eine Vielzahl von Bankkunden nutzt inzwischen regelmässig die Möglichkeiten des Online Banking. Und dennoch: Erst seit relativ kurzer Zeit sprechen wir von der „Digitalisierung der #Finanzdienstleistung“.
#FinTech als neuer Trend
Grund hierfür ist u.a. ein neuer Trend im Finanzsektor, der seit rund drei bis fünf Jahren zu beobachten ist: Neue innovative Unternehmen – sogenannte FinTech Start-ups &8211; versuchen, Produkte und Leistungen im Finanzdienstleistungsbereich über den Vertriebskanal Internet neu oder besser anzubieten als die etablierten Institute.
Der Begriff „FinTech“ ist dabei ein Kunstwort, das sich aus den Begriffen „Finanzdienstleistung“ und „Technologie“ zusammensetzt. Die neuen Angebote sind meist einfacher, bequemer, schneller und stärker am Kunden orientiert als bei den traditionellen Banken. Zudem bieten sie in er Regel Preisvorteile aufgrund günstigerer Produktionskosten.
Drei Trends für das Bankgeschäft der #Zukunft
Werden also Finanzgeschäfte in der Zukunft nicht mehr über klassische Kreditinstitute sondern über Technologie-Unternehmen abgewickelt?
Daran ist zu zweifeln, denn für richtige Bankgeschäfte ist aus gutem Grund eine spezielle Lizenz erforderlich, die nur „echte“ Banken mit entsprechender Kapitalstärke erhalten können. Zudem vertrauen Kunden – wenn es ums eigene Geld geht – den etablierten Kreditinstituten meist mehr als den neuen Internet-Anbietern.
Allerdings erwarten sie, von ihren Geldinstituten zunehmend dieselben Möglichkeiten und Funktionalitäten, die sie anderswo im Internet bereits kennen und schätzen gelernt haben. Daher haben vor allem diejenigen FinTech-Unternehmen gute Zukunftschancen, die mit Banken zusammenarbeiten.
Vor diesem Hintergrund lassen sich drei grundlegende Trends für das Bankgeschäft der Zukunft ableiten:
1. Bankgeschäfte werden #digital
Heute ist das Bestellen von Möbeln oder Büchern im Web selbstverständlicher Bestandteil des Alltags. In Zukunft wird dies auch auf Finanzgeschäft zutreffen.
Kunden werden immer mehr und zunehmend auch komplexere Bankgeschäfte über das Internet abschließen. Leicht zu bedienende digitale Tools werden dabei helfen, den Überblick zu Angeboten und Preisen zu bekommen und unterstützen bei der Auswahl der richtigen Produkte.
Filialen und der direkte persönliche Kontakt zu Beratern werden an Bedeutung verlieren. Stattdessen werden virtuelle Räume entstehen, in denen – sofern gewünscht &8211; eine Beratung stattfinden kann, egal, ob per Video-, Text- oder Sprach-Chat.
2. Bankgeschäfte werden #mobil
Egal ob Shopping, Gaming oder der Besuch auf sozialen Netzwerken, immer mehr Menschen nutzen dazu ein Smartphone oder Tablet. Kein Wunder, dass Mobile Banking ein massives Wachstum erfährt. Nach einer vom Bank Blog durchgeführten Untersuchung greifen bereits über 34% der deutschen Online-Banking-Kunden von mobilen Endgeräten auf den geschützten Bereich des Internet Bankings zu, 2012 waren es gerade mal 10%. In Kürze dürfte dieser Wert auf über 40% ansteigen.
Zukünftig wird man bei jedem Institut ein Bankkonto oder Depot auf dem Smartphone oder Tablet schnell und ortsunabhängig eröffnen und verwalten können, egal ob man gerade im Zug, im Bus, in der Bahn oder im heimischen Wohnzimmer sitzt.
3. Bankgeschäfte werden #automatisiert
Digitale Entwicklungen wie Künstliche Intelligenz und Big Data ermöglichen die Individualisierung und Automatisierung der Finanzdienstleistung. Intelligente Apps werden diese Technologien nutzen und ein selbstlernendes Regelwerk aufbauen um unter Beachtung des individuellen Kundenbedarfs die persönlichen Finanzen weitgehend autonom zu steuern und zu verwalten.
So wie die meisten Menschen bereits heute autonomes Fahren als Trend antizipieren, wird auch autonomes Banking zur Realität werden. Mit #Robo Advice, Digitalem Finanzmanagement und Chatbots für den Kundenservice sind die ersten Schritte schon getan.
Featured Image: From Pixabay
Junge Finanztechnologie-Unternehmen, kurz #Fintechs genannt, gehören zu den Hoffnungsträgern der #Schweizer Finanzwirtschaft. Sie alle wollen ein Marktbedürfnis einfacher, effizienter und günstiger als bisher möglich bedienen.
Nun hat die Swisscom zusammen mit dem Thinktank e-Foresight die aktuelle Schweizer #FinTech-Landkarte vorgelegt.
Das gesamte Universum der Schweizer Fintechs ist allerdings wesentlich umfangreicher. Die Digitalisierung ermöglicht in der Finanzindustrie viele neue Geschäftsmodelle.
Für KMU sind vor allem einige FinTechs interessant, die in ganz spezifischen Bereichen Unterstützung anbieten. Sie adressieren folgende unternehmerische Bedürfnisse:
– Erhöhung der Effizienz im Management der Finanzen
&8211; Senkung der Kosten für das Finanzmanagement, insbesondere bei Buchhaltung/Controlling und Finanzierung
&8211; Erschliessung neuer und bisher nicht erreichbarer Investorenkreise
Im Folgenden werden nun die Unternehmen vorgestellt, deren Angebote mir für kleine und mittlere Unternehmen besonders relevant erscheinen. #Diese FinTechs unterstützen KMU auf mehreren wichtigen Gebieten. Auf die jeweiligen Herausforderungen für das KMU und das Lösungsangebot des FinTech wird dabei hier eingegangen.
Fremdkapital für Investitionen und Wachstumsfinanzierung
Das Fintech: http://www.swisspeers.ch
Die Herausforderung: Sie suchen als KMU Mittel zur Finanzierung von Wachstum und Innovation oder für Ersatzinvestition von bis zu 500‘000 Franken. Sie verfügen über keine bankfähigen Sicherheiten. Banken bieten die gewünschte Kredithöhe gar nicht an oder nur als teuren Kontokorrentkredit. Allerdings hat ihr Unternehmen die Substanz, einen Kredit zu tragen.
Die Lösung: Fremdkapitalbeschaffung ohne Bank direkt bei Investoren. Das Crowdlending über unabhängige Online-Plattformen bietet eine neue Finanzierungsquelle für KMU an.
Debitorenfinanzierung zur Lösung kurzfristiger Liquiditätsengpässe
Das Fintech: http://www.advanon.com
Die Herausforderung: Liquidität ist das zentrale Schmiermittel für ein Unternehmen. Aus verschieden Gründen kann diese knapp werden. Wächst das Unternehmen stark, können Leistungserbringung und Zahlungseingänge zunehmend asynchron verlaufen. Eine andere Herausforderungen sind an Kunden gewährte lange Zahlungsfristen.
Die Lösung: Rechnungen (Debitoren) werden durch Dritte sofort vorfinanziert. Dieses so genannte Factoring war bisher vergleichsweise teuer und kompliziert. Mittlerweile sind FinTech-Unternehmen auf dem Markt, die dank einfacher Prozesse günstig arbeiten. KMU können ihre Rechnungen auf eine Online-Plattform hochladen, wo sie dann Investoren zur (Teil-)Finanzierung angeboten werden.
Eigenkapitalfinanzierung für grosse Expansionsprojekte oder Übernahmen
Das Fintech: investiere.ch
Die Herausforderung: Ihrem Unternehmen bietet sich die Möglichkeit, ein anderes Unternehmen zu übernehmen oder das Geschäft stark zu erweitern. Dazu möchten Sie finanzielle Mittel über eine Aktienkapitalerhöhung beschaffen. Die nötigen Eigenkapitalgeber finden Sie nicht einfach in der Familie oder bei Freunden. Gerade bei kleineren Summen (aus unserer Erfahrung unter 1 Mio. Franken) ist die Beschaffung von Drittpersonen schwierig.
Die Lösung: Neue Geschäftsmodelle bringen so genannte „Business Angel“ und Eigenkapital suchende Unternehmen einfach zusammen. Auf einer Internetplattform beschreibt das Unternehmen sein Projekt ausführlich und zeigt den Finanzbedarf wie die dafür angebotenen Aktienanteile auf. Investoren können dann einsteigen.
KMU-Buchhaltung online jederzeit im Griff
Das Fintech: runmyaccounts.ch
Die Herausforderung: Sie verbringen zu viel Zeit mit dem Abtippen von Zahlen, der Suche von Belegen und der Kontenabstimmung. Trotz Treuhänder ist die Buchhaltung ein manuell geführter Prozess. Dieser kann rasch aus dem Ruder laufen.
Die Lösung: Die Buchhaltung findet online in der Cloud statt. Belege werden hochgeladen und sofort automatisch verbucht. Sie konzentrieren sich, eventuell zusammen mit dem Treuhänder, nur noch auf die wertstiftende Zahlenanalyse.
Dieser Artikel erschien in ähnlicher Form zuerst auf dem Swisspeers Blog.
The post Diese 4 Fintechs erleichtern Schweizer KMU das Leben appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
Schon längst hat die Digitalisierung im Banking Einzug in die Vermögensberatung gehalten. Der Kunden- bzw. Wertpapierberater hat durch die #Robo Advisors Konkurrenz bekommen. Letztere bieten zwar, so die Autoren des o.g. Factbooks, keine ganzheitliche Beratung, wohl aber die Möglichkeit, einen Mehrwert zu erzielen, u.a. durch Rückgriff auf bewährte Anlagestrategien, die den Kunden über Programme/Algorithmen zur Verfügung gestellt werden.
Das TME-Institut stellt in Innovative Geschäftsmodelle im Digital Wealth Management. Factbook 70 Anbieter vor, die in die Kategorien Research Tools, Social Trading, Robo Advisory und Crowdinvesting unterteilt werden.
Der Leser erhält Informationen zum Anbieter (Gründungsjahr, Länder, Eigentümer, Strategische Partner), Geschäftsmodell, zu den Gebühren und zum Mehrwert für die Kunden. Die optische Gestaltung bzw. die Legende (Kategorie, Typ, Anbieter) ermöglichen eine rasche Einordnung.
Hervorzuheben sind auch die begleitenden Texte. Das beginnt mit dem Vorwort und endet mit dem Beitrag Robo Advisory: Vermögensverwaltung 2.0. Die Autoren zeichnen ein differenziertes Bild, d.h. die Vorteile der neuen Formen der Anlagenberatung werden benannt, ohne die Defizite und Risiken unter den Tisch fallen zu lassen. Die neuen Anbieter müssten erst noch den Beweis erbringen, dass die Kunden mit ihrem Rat besser fahren als mit dem der klassischen Banken.
Der Stresstest steht noch aus. Entscheidend wird sein, ob es den Anbietern, vor allem aus den Reihen der Robo Advisors, gelingt, die nötige Reichweite bzw. Marktdurchdringung zu erreichen, noch bevor die klassischen Vermögensverwalter und Internetkonzerne auf den Zug aufspringen.
Es zeichnet sich auch in diesem Segment ein Trend zu Kooperation statt zur Konfrontation ab. Statt B2C dürfte die Mehrzahl der Herausforderer den B2B-Ansatz wählen.
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As the 2016 edition of the #FinTech #Startup Weekend Zurich #swzh16 draws nearer, this seems the perfect time to reflect on my own experience with CrowdCrawler. CrowdCrawler was born during last year edition and has gone through the various ups and downs of most start-up projects.
Indeed, it has been a bumpy ride since last October, but a very enriching and enlightening one, where I have accumulated a wealth of experience and knowledge. This post summarizes my main findings and aims to support any wannabee-entrepreneur in accelerating their learning and focusing on what really matters to perhaps, one day, feature on the global FinTech map! I hope you will find these helpful.
How to make the best of your FinTech Startup Weekend?
1) Whether you have your own idea, or are just looking to listen to others, picking the right idea does matter. Avoid crowded areas… we don’t need another all singing and dancing #robo-adviser or payment solution, unless you bring real potential for innovation and disruption in this space… Any “Business” participant will be able to tell whether the field is already crowded, so pay attention to their comments after the initial pitch (CrowdCrawler focused on the real-estate crowdfunding area in the European market which was a sufficiently niche but growing area to ensure that we could get sales traction, ahead of potential competitors).
2) After the idea, it will be time to pick the right team. Again avoid crowded areas, both literally as large teams are difficult to manage and it will be challenging to produce something meaningful in 54 hours if 10+ persons want it their own way (Team CrowdCrawler was a team of 3 which allowed us to decide fast, while at the same time remain efficient in splitting work and parallelising tasks), and figuratively as a team composed of similar profiles will not go very far as it will think and act the same (while going through the hoops of the Startup Weekend was possible with a team of business experts only, CrowdCrawler definitely struggled to launch as there was no real technical expert among the founder members). So you try to assemble a small and varied team that can cover the main angles: business and technical expertise, sales & marketing and finance.
3) Throughout the week-end, you will get access to coaching sessions, make sure you use the FinTech/Startup expert coaches available to test your ideas, your business model, your technical solution. They will bring some helpful challenge and will put the finger on what does not work (CrowdCrawler was able to palliate to the lack of technical knowledge by quizzing and grilling the technical internet platform experts at each opportunity during the weekend and relied on their feed-back to develop a credible technical story, despite having no real technical expert).
4) While it’s clear that the 54 hours will go very quickly and you want to focus 100% on your idea, don’t forget to network with the other teams, this is also the essence of the exercise and whilst it may not be seen relevant at first glance, understanding what other teams are doing and how they go about addressing their issues will be very beneficial to your team (given our stretched resources, CrowdCrawler was not able to mingle so much with others and wasted some critical time on Saturday before pivoting our business model, with a bit more of talks with the other teams, we could have decided to pivot earlier).
5) Start establish your brand early and use the social networks from get-go to seek feed-back and customer validation (CrowdCrawler started to engage experts on LinkedIn and Twitter late on Saturday, feed-back was slow to come and meaningful contributions only came late evening and during Sunday, which was very late to improve our idea, but still we did manage to incorporate some feed-back and it was the right thing to do, but we should have done more and earlier to increase credibility).
6) Have fun! We all agree 54 hours is too short and if this startup idea is really taking off, then soon enough it will get serious, but for now, just enjoy the moment and get creative (the best moment for CrowdCrawler was when we established our strategy to rule over the world… and then we pivoted the business model to deliver something more realistic… we all have big dreams, don’t we?).
How to get to the podium?
Obviously there are lots of factors that will go towards determining the winner, but remember that it is primarily a competition between 10 to 12 ideas, so winning it is more about being the best among those 10 or 12, than having the most elaborated idea in the world… the real test will be on Monday when you decide whether to launch…
These are the four key points that deserve all your attention:
1) The problem you are solving: is it a small, niche problem? If yes, then it means no market, no revenue, no future, so, forget it. Is it a big problem? Then how big is this market? What is the revenue potential? Is your problem well understood and simple to explain? Will the clients, will the jury identify themselves with this issue you intend to solve for them? Your pitch will need to show that you have validated this problem and that your solution is appropriate and appealing (CrowdCrawler picked a personal challenge faced by real crowded-funding investors and developed a straight-forward solution for it).
2) What is your business model: how do you make money with your solution? Relying on advertisement flows from a large audience will probably not be enough to convince any investor or the jury… remember you are not Facebook, at least not just yet&8230; So you will need to be realistic in your assumptions and inventive to find a model to spit cash! (CrowdCrawler started as a freemium model, but we pivoted to a subscription based model to guarantee the cash flow and reinforce our independence from the crowdfunding platforms we planned to assess and rate).
3) A good pitch is simply not enough: you need a perfect pitch, so practice, practice, practice! The pitch is the conclusion of your weekend work, you want it to be flawless, well oiled and like a fairytale story. It requires hardwork: nice slides (as little text as possible) and timed and controlled delivery flow. Practice as many times as necessary, learn by heart, and time yourself: you don’t want to be told halfway through that you have 1 minute left&8230; Best if only delivered by one person! (CrowdCrawler had 11 slides which were covered in 6 minutes at reasonable talking speed, our “CEO” practiced the speech countless times to make sure it would flow impeccably, and it did).
4) Handle questions efficiently: go to the point and avoid going #into long winded answers! In fact, this is the chance for the rest of the team to shine and show they too are on the ball. Try to be as calm as possible as the questions will test difficult points for which you may not have an answer yet, and never become aggressive if you get challenged&8230; yeah, sounds obvious, but believe me I have seen people get mad at simple questions. (CrowdCrawler was able to navigate through this tricky phase and leveraged the questions to showcase the benefits of the solution and the economics of the business model that were not covered during the presentation, so it was all added bonus).
Last piece of advice: in my view, try to limit the time you spend explaining the technical solution and focus on selling a story instead. I have seen too many presentations fail because the teams wasted their first 5 minutes going through how the solution would work, to the nth level of detail, and either ran out of time for the rest (business model, market, competitors, etc) or simply did not have it in their presentation&8230; Don’t do this mistake!
How to accelerate your idea and launch for real?
Good, you have made it to the podium, congrats, now you can claim your spot in the FinTech Hall of Fame, but can you really? In fact, time is of the essence now, because your idea is in the open, and if it is really good, then competition is going to come after you&8230; but relax, and remember: competition is good. It means two things: first, your idea is certainly good, as other people think like you that there is a market for it, and second, it also means that you won’t be alone to educate the market and try to convince potential clients. Your only constraint is that you need to deliver and execute faster and better than your competitors!
So, these should be the first steps you #take after a good night sleep:
1) Get your team in order: complete any missing skill or knowledge. That’s where it pays to have spent a little bit of time networking with the other teams over the weekend, as there are probably some good people who picked the wrong idea or the wrong team, or both, and did not make it to the podium, but have the energy, the drive, the motivation, the will to succeed and happen to have what your team is missing (CrowdCrawler was not able to recruit a full stack web developer in its starting trio and should have looked for one on Sunday afternoon through contacts made over the weekend, it would have given us the kick we needed to launch immediately).
2) Develop a Minimum Viable Product (MVP) as soon as possible and engage with your potential market. Where possible try to get cash for the service you sell, as this is the acid test and you want to face this #reality as soon as possible (CrowdCrawler took over 8 months to be in a position to launch its platform with a minimum service that could have been charged, even for a symbolic subscription fee. This was too long as in the meantime two other competitors were already up and running on the same market).
3) Start marketing and developing your brand so you can leverage your fantastic win of the FinTech Startup Weekend Zurich 2016 edition. This requires a minimal investment of time and effort to roll out a robust and attractive landing page and some communication skills to develop a witty identity on the social networks. Make sure your dreamed twitter handle is not already taken when you choose your company name! (CrowdCrawler was active on Twitter and LinkedIn very early, attracting some followers, but the landing page was poor and hardly got any traffic, leading to disappointment and lack of motivation to really put in the effort).
4) Look for additional training and support to help you through. Venturelab have a good Startup Accelerator Programme and Venture offers coaching with top notch startup and industry experts through their annual Venture competition. You can also follow specific startup training with the CTI &8211; Commission for Technology and Innovation (I was lucky enough to be able to follow these three programs as we were going through the first steps of launching CrowdCrawler. I have learned a lot through the trainings but also from discussing with the speakers and startup experts, but bear in mind that you will still be responsible for bringing the industry expertise and the technical know-how, i.e. if like CrowdCrawler you plan to develop an internet platform and your team can’t code, these programs wont teach you that!).
5) Don’t waste your time in doing all the other FinTech contests you can register for. Your FinTech Startup Weekend win is enough to demonstrate that there is potential. Now, you really need to focus on your MVP and on get it to market as fast as possible, and where you can, in generating your first revenues. Next time you will consider another contest is when you have earned some revenues and reached the next stage of development – no point wasting time and energy on these contests before that (Team CrowdCrawler was unsure about the sales traction we could achieve and instead of focusing on developing a pilot and trialling our service, we decided to do other FinTech contests against projects/startups that were already generating revenues&8230; bottom line we never won again, we lost energy and motivation and most importantly we wasted time, that other used to develop their solution and roll it out to market before us!).
6) Once you have some revenues, look for accelerators and angel investors to help you through the next step. Incubators and startup accelerators will run regular pitch competition to select their next recruits, it helps if you have already developed your MVP and are able to show revenues. F10 (www.f10.ch) and Swiss Startup Factory will be the obvious initial choices (they were the sponsor of the last two FinTech Startup Weekends for a good reason), but plenty other options exist. Angel investor networks will also be able to provide both financial support and mentoring to help you scale up. Go Beyond Investing, Investiere, Business Angel Switzerland or Swiss Startup Invest are possible sources for you.
The last word
The FinTech Startup Weekend Zurich 2016 Edition could be the initial kick to start your next FinTech startup project. Once you are there on Friday, talk about your project a lot, to many people so you can collect multiple feed-backs and improve your idea and your pitch. Then pitch and get the right team around you and start working. Find the right business model and start building your MVP. Deliver the perfect pitch on Sunday! Good luck, i will be there watching! And remember: have fun and network, network, network!
This article first appeared on LinkedIn Pulse