Itβs human nature to feel comfortable in familiar surroundings and follow the instructions given to us. Many enter the office each morning, gaze at their screens, and try to blend in with clients and colleagues. We could admire these individuals for still finding the willpower to rise every morning and perform their duties as disciplined robots replaceable by artificial intelligence one day.
Over the past 15 years, the financial industry has lost much of its entrepreneurial mindset and dynamism, especially in traditional banks. The European banking sector has become a place for intellectual laziness and moral cowardice. Change and innovation often fall on deaf ears, and ideas are bad-mouthed at their inception. Never change a running system.
To succeed in an ever-evolving world, we must venture beyond our βbubbles.β The future of the financial industry lies in our ability to adapt to new technologies, regulations, and market conditions. Entrepreneurial thinking is crucial for developing and implementing ideas that meet client needs, manage operational costs, and enable growth.
Itβs time to break free from the fear of standing out or making mistakes. We must summon the courage to devise creative solutions that revolutionise our industry and help each other navigate successfully into the future.
Since banking was invented, the client has been the central focus. Without satisfied clients, thereβs no thriving business. The client, or their representative (relationship manager), is the only asset where we are competitors in wealth management. All other aspects are interchangeable, and there is little added value in spending big money on other things.
Independent wealth managers are a good example β we work with numerous banks because we can use the bankβs USP for our clients in an open architecture format. How cool is this?
Source: LinkedIn
