The financial world is on the move! 🚀 More and more independent wealth managers are pondering whether to leap into fintech. But the nagging question remains: when will the interface standards arrive? 🤔
After years of discussion, banks still haven’t agreed on a unified data standard. This makes integrating fintech solutions anything but simple. So, why is it taking so long? And how can we speed up this process?
Unified standards would simplify cooperation between different systems, boosting efficiency and security. 🌐 Yet, banks are reluctant to standardise, each pursuing its interests. However, one thing is clear: if banks benefit from standardisation, like with wealth manager fee collection, the major players will quickly jump on board and pressure the independent wealth managers to use their solution. 💸
A key driver could be the regulator. The EU has shown with PSD2 in payments that clear guidelines and regulations can advance digitalisation. So why not apply similar measures across the entire financial sector? 🌍📜
Integrating fintech solutions could be a real game-changer. But to unlock its full potential, we must overcome the hurdles and push for unified standards. The regulator could play a crucial role here, nudging banks in the right direction.
Now is the perfect time to drive this change. The technology is ready, the markets are ripe, and the benefits are obvious. We just need the courage to take the first step. 🛤️
What do you think? Is it time for fintech solutions in independent wealth management? Share your thoughts and experiences in the comments! 🗣️💬
Source: Linkedin
