Out of the roaring days days of the 90’s came the distruptors of their time – the retail investment platforms.
20+ years on, platforms are now the pseudo default model throughout much of the mature retail financial service sector. In large part helped by a wave of global regulation determined to remove the bias inherent in the sales commission model.
With assets ballooning into the trillions those same platforms are now starting to look like the legacy providers they replaced.
That got us thinking. In the past ten years what have platforms done to innovate in the sector?
If you were to ask platform CEO’s I suspect they will say real innovation has taken a back seat to a raft of new regulatory changes and a focus on re-platforming to ensure they position themselves for the next technology cycle.
All perfectly reasonable. However, seems to us what’s missing is a coherent story of the future for platforms. A future which isn’t just about gathering assets.
At Confluent we see a bright future for platforms. But not as the end in themselves. Rather as the hub which supports a broader ecosystem. One which encapsulates the consumer and puts the adviser front and center.
In our view platforms will continue to do the heavy lifting in the background, act as trusted custodians, and provide a simple way to invest. We think these features will become hygiene factors – if they’re not already.
More importantly platforms will start to provide the workflows and interfaces to enable a whole new breed of technology players who work closely with consumers and advisers to provide a much more seamless customer experience.
At Confluent we are bringing platforms and technology firms together to support this collaborative design process.
Join us at www.confluent.net.au