JAPAN’S WEALTH MANAGEMENT MARKET

Japan’s wealth management market differs significantly from the global market in a number of ways.

Individual financial assets are managed with an emphasis on security and primarily allocated toward deposits, while potentially highly profitable securities — in particular, equity — are not typically preferred. The asset management emphasis toward savings deposits has persisted through the nation’s deflationary phase, but with the introduction of inflation targets and drastic monetary easing, this approach increasingly makes less sense. This leaves one wondering when the tide will change and who or what will trigger a change.

In January 2014, the government introduced a new initiative to encourage a shift in behavior from saving to investing. Called the Nippon Individual Saving Account (NISA) the program is designed to support the stable growth of household assets while boosting the availability of capital available for economic growth. While a combination of macroeconomic factors — including changes in exchange rates, a rebound in stock prices, and an upturn in the economic environment — seems to have the market headed in a more positive direction, Japan’s investment market still differs significantly from Europe’s and North America’s, particularly in areas such as the diversity of the composition of individual asset holdings, the investment environment for individual investors, and investment literacy.

FIG 2: Individual Financial Asset Breakdown: Japan-US Comparison
robo2

 

Growth in the Mutual Funds Market

Against this backdrop, the growth in funds allocated to publicly offered mutual funds has been particularly prominent. In May 2015, total assets under management topped 100 trillion yen for the first time, driven by an influx of money into open-ended mutual funds. As of the end of September 2015, this had reached 75 trillion yen, up 60% from 2012. This rise has been spurred not only by market value factors (a rise in asset prices) driven by increasing stock prices and a weaker yen, but also by trade-related factors — that is, new inflow of capital. Open-ended mutual funds turned positive in the first half of 2014, and in the second half of 2015, they returned to levels seen prior to the 2008 collapse of Lehman Brothers.

Two core factors are behind the growth in the mutual funds market: increases in channels and products. Channel growth principally signifies a diversification of intermediaries and intermediary types for bringing together mutual fund management firms and investors. The market was opened to banks in December 1998. After an eventful subsequent period, the formidable growth of the banking channel has put it nearly on par with the securities firm channel. As of the end of 2015, banks’ mutual fund sales, including private placements, had reached 64 trillion yen, accounting for 46% of the market; moreover, at the same time, the banking channel has similarly diversified its collective product lineup, including the following areas:

  • General mutual funds: Typical mutual fund sales through traditional channels
  • ETFs: Brokering analogous to listed securities brokering
  • Discretionary investment mutual funds (wrap account): Brokering for discretionary investment services
  • Dedicated DC (defined contribution pension) mutual funds: Dedicated sales for defined contributions to pensions

 

Wrap Accounts

Among these, the inflow of funds into discretionary investment mutual funds wrap accounts has been particularly prominent. Following 2012, the sector saw an influx of 1.4 trillion yen in the second half of 2014, and more than 1.2 trillion yen in the first half of 2015. This flood of funds has been fueled not only by the growth of products that meet consumer needs and more channels offering greater convenience, but also due to a shift in emphasis in sell side strategy from stressing sales commissions to one putting more weight on asset management balance and performance.

Until now, retail investors in Japan have exhibited a preference for major brands and the stability associated with them, resulting in investors becoming comfortable with an investment environment with a high degree of reliance on the sell side, namely the strategies of major financial groups. Further fueling the current surge in low-cost investing, which can expect high if unstable returns, will require raising investor financial literacy, providing novel products and services, and forging new sales channels that harness technology. There is vast “blue ocean” potential here for robo-advisory services to gain a foothold and thrive in the Japanese market.

 

Just published the new Celent reports:

Fintech and Robo Advisors: Booming in Japan

 

GLOBAL TRENDS IN WEALTH MANAGEMENT

The year 2016 proved a watershed for Fintech. It saw Fintech move from discussion and concept to implementation in the real world. Below are four key global trends in wealth management, the central theme of this post.

  • Fragmentation of retail services: There has been increasing diversification among purveyors of asset management services including major securities firms, discount brokers, and independent asset management companies. These include a rich variety of services and technologies that span online and self-service services as well as technology-based advisory services.
  • Emergence of next-generation investors: So-called Generation X individuals (those born between 1961 and 1981) are comfortable with technology and have adopted an investment style that accommodates schedules with steep time constraints. Meanwhile, millennials (people entering the workforce in 2000 or later, in the US, primarily those born from 1980 to 2000) are gradually becoming the core investment demographic, with more than 80 million individuals of the so-called digital native generation emerging as next-generation investors.
  • A shift to passive investing: There is a broad market shift afoot to index-driven investing from active asset management, which has peaked and is declining. Exchange traded funds (ETFs) are emerging as the next stage of passive investing.
  • Digitalization: Investors, brokers, and asset management companies are demanding applications with greater mobility and automated processes. Key issues here include investor-broker communication, social media, social trading, and crowdsourcing.

In addition, fragmentation is occurring in the asset management sectors of mature markets. Robo-advisor-driven services are gathering greater attention as a technologically advanced, low-cost means of automated asset management in a market that is increasingly crowded with players including traditional brokers (such as banks with domestic and international networks and comprehensive securities firms), independent investment advisory firms, and online securities companies.

 

Automated Advice

The definition of a robo-advisor can be slippery, differing by service provider and analyst. For the purposes of this report, Celent defines robo-advisors as new services from financial institutions that possess the following characteristics.

  • Key features seen in 2015: The three primary features are automation of onboarding and analysis, portfolio management, and reporting. Gradually, in addition to online assistance, human customer response initiatives, such as call centers, are beginning to appear. While in principle a non-face-to-face approach, automated initiatives are increasingly being expanded and coupled with manned support and full-line support a la those conducted by traditional operators.
  • Non-human advisors: Algorithms are used to support investment and portfolio-building based on the risk appetite of customers including tax optimization, all based on a customer profile developed from an online questionnaire.
  • Easy to understand: The process is streamlined to reduce customer anxiety and give customers peace of mind by using simple, typically three-stage processes that support investors from application stage to portfolio creation.
  • Small-value, low-cost options: Caters to small-value amounts in the range of $5,000 to $25,000 with investment (automated robo-advisor) fees in the neighborhood of 0.3%. These small-value, low-cost investments are customized services but automated and do not involve any manual (human) attention.

Robo-advisor services are evolving at a rapid clip, particularly at the cutting-edge of the industry, and much of the effort in this area is being concentrated in the three areas below.

  • Easy-to-use non-face-to-face channels: Eliminate the tradeoff between price and convenience, offering services that are both low in price and highly convenient.
  • Full service investment support from onboarding to reports: Automating services will enable greater processing efficiency that allows industry players to break through existing limits in their capacity to handle small value investments.
  • Hybrid operation support catering to diverse needs and levels of literacy: Online self-help services combined seamlessly with existing contact centers and face-to-face channels.

 

Segment Targeted by Robo-advisors

Initially, the demographic segment targeted by robo-advisors was a fragmented portion of the retail investor market, but this has changed. As noted above, in North America robo-advisor services are most embraced by traditional and active retail investors (individuals around age 50 located somewhere in the mass to low-mass affluent demographic).

However, this demographic is not static. With age, experience, and increases in investable assets, the need for investment advice rises. In addition, advancements in technology and investment literacy are blazing a trail to undeveloped market areas for robo-advisor services. Indeed, investor segments such as seniors and the affluent, which have until now been largely untouched by robo-advisor developments, can be expected to increasingly hop on the robo-advisory services bandwagon.

FIG 1: Automation of Advice Market Segmentation (US)

robo1

 

Just published a new Celent report:

 

TradeTech Asia 2016

TradeTech Asia is the conference designed by the buy-side for the buy-side, offering dedicated content to address our biggest equities trading and technology pain points.

Every year with the most influential buy-side Heads of Equities Trading and Heads of Trading Technology all under one roof at one time, this is our opportunity to benchmark our business with those that are best adapting to the new financial landscape.

It seems every day we hear of new “innovation” or “disruption” (depending on your point of view). However, the sheer volume of all this noise can be overwhelming. How do you determine what you need to listen to out of the cacophony of voices? We can help. We do the listening for you.

Join us as we examine the hottest trends TradeTech, Digital & Modernization!

All Star Panel: How can you use machine learning and artificial intelligence for predictive analysis and accurate analytics?

Among the topics we will cover are:

  • How can you optimize trade execution with AI?
  • How can artificial intelligence help in predictive and accurate analytics?
  • How can your investment research and portfolio analysis benefit from AI applications?
  • AI and compliance: How do your trade surveillance capabilities need to evolve with adoption of AI?
  • Buy or build strategies: How can you work with fintech vendors and develop inhouse AI capabilities?

Click here for more information: TradeTech Asia 2016

tta-logo

Blueprints for the Next-Gen Zengin, Part 4

It is here that Celent would like to put forth a conceptual system as an open innovation platform to realize a platform layer (rules formulated under the new framework) and innovation layers (creation of new services within the new framework). The expectation is that the conceptual system could fulfill the role of application programming interface (API) provider in the era of the API economy.

This is a theoretical blueprint envisioning a situation in which financial institutions share an infrastructure with industry—sectors including manufacturing, retail, and logistics. This will transcend B2B (business to business) to include B2C (business to consumer) such that information and data related to the daily lives of consumers will be combined through API with financial institution information, with the goal to bring technology—and through it, financial services—seamlessly into the everyday lives of consumers.

Historically, the flow of commerce and lives of consumers have been far from seamlessly connected. Moving forward, these technology and payment developments can be expected to bridge this gap by bringing the flow of money between the two closer together.

When envisioning the financial services of the future, one must ostensibly imagine services that transcend the traditional confines of financial services and that are more intimately intertwined with corporations and their activities as well as the lives of consumers. The advent of fintech continues to raise the expectations of financial services customers.

Indeed, the key to competition in financial services may lie outside the financial industry, coming from services and businesses that specialize in knowing the customer such as YouTube and Ritz-Carlton, customer behavior prediction such as Google and Amazon, or even referencing how social networking services (SNS) seek to clearly iterate their services and realize simple interactions. In short, meeting these needs and expectations can be seen as a compass that points toward the financial landscape of the future.

 

Figure 4: Open Innovation Platform

Zengin_FIG4  Source: Financial System Council, Celent

 

Just published a new report:

Payments Systems Trends in Japan, Part III: Blueprints for the Next-Generation Zengin System

 

Blueprints for the Next-Gen Zengin, Part 3

The global financial market has changed dramatically since the 6th Generation Zengin System launched in 2011. Digital advancements have been followed by additional across-the-board digital advancements, so much so that customers are no longer even slightly interested in non-electronic financial transactions. The millennial generation, weaned on the Internet and things digital, and refusing to suffer the inconvenience of anything too analog, is fueling this trend. The Arab Spring, Occupy Wall Street, and the Umbrella Revolution protest movement in Hong Kong made all too clear that financial inclusion is no longer a theme limited to emerging economies. Acute and rapid changes in digital and financial literacy are spurring fragmentation in the financial market, and centralized architecture is clearly reaching its limit if not its breaking point.

These dramatic social changes have also completely altered the financial and payment services landscape. In times of confusion and upheaval, a comprehensive conceptual framework that can guide us toward a better future is essential. Toward this end, Celent uses its payments taxonomy and payments value chain frameworks as lenses to examine evolution in the payment sector. Payments innovation is also informed by change in the behavior of payment services users and exists in the context of the payments value chain. Service providers see this field as a blue ocean, a market space ripe for pioneering new payment initiatives.

When viewing the already operational new BOJ-NET and the new Zengin System that will succeed them both from a perspective that sees them as legacy systems, this market space should be seen as red ocean, already home to intense competition. At the same time, despite the maturity and competitiveness in this area, there are challenges that include effectively harnessing the existing robust social infrastructure and continuity related to data, assets, and experience. These issues should be considered in the context of how best to make the legacy system coexist and thrive with the new system.

 

Figure 3: Conceptual Diagram for Financial and IT Network System

Zengin_FIG3  Source: Financial System Council, Celent

 

Just published a new report:

Payments Systems Trends in Japan, Part III: Blueprints for the Next-Generation Zengin System

 

Blueprints for the Next-Gen Zengin, Part 2

The Zengin System is an online data communications system that was launched in 1973. For more than 40 years, both linked entities and transaction volume have increased, and the system has experienced multiple system renewals to accommodate and benefit from advancements in technology. The existing Zengin System, officially known as the 6th Generation Zengin System, began operating in November 2011. In operating the exchange transaction settlement system, the 6th Generation Zengin System plays a crucial role as the central counter party (CCP) and functions as a system platform with an array of key features. The system is a broad-ranging network that covers all of Japan and is defined by consistently advanced levels of security and reliability.

Following the launch of the 6th Generation Zengin System, the BOJ has continued to discuss and search for ways to improve Zengin Net. In December 2014, the JBA and Zengin Net jointly released deliberation results on the Zengin System. The document called for expanded hours of operation, articulated concrete policy, and described the current state of awareness of financial electronic data interchange (EDI) in the financial industry.

Furthermore, in 2015, a working group operating under the Financial Services Agency’s Financial System Council and tasked with improving payment operations compiled the results of two years of discussions in a report entitled “Strategic Initiative for Advancements in Payments and Transaction Banking.” The final version of the document was released in December 2015. The paper contained policy priorities and concrete policy plans regarding the basic direction for the progress in payments, initiatives for the retail sector, the wholesale sector, payment infrastructure reform, and the approach to virtual currency initiatives. In the segment on payment infrastructure, the report put forth five reforms hinging on the Zengin System. It also called for fundamentally enhancing features of the payment infrastructure as well as realizing one common and integrated payment environment that caters seamlessly to both domestic and overseas transactions, and it spelled out a clear deadline for migrating from legacy environments.

 

Figure 2: 6th Generation Zengin System

Zengin_FIG2  Source: BOJ, JBA, Celent

 

Just published a new report:

Payments Systems Trends in Japan, Part III: Blueprints for the Next-Generation Zengin System

 

Blueprints for the Next-Gen Zengin, Part 1

This post series examines initiatives to accelerate the development of Japan’s payment infrastructure through the lens of the Zengin System—the heart of this infrastructure. In addition, this series distills how cutting-edge technology is being applied and imagines the evolution of the financial services landscape as we enter the rapidly evolving, brave new world of fintech, or financial technology.

***

The Zengin System is the network system behind Japan’s payment settlement system, linking domestic financial institutions online and enabling the transfer of money such as remittances between banks, including payroll. Since its launch in 1973, the system has been renewed multiple times and has grown in terms of transaction volume, connections to financial institutions, and accommodating the latest in technological innovation. Put simply, the Zengin System and the Bank of Japan Net system (BOJ-NET) have played instrumental roles in Japan’s financial market infrastructure, made up in part by the interbank payment network and payment and settlement system.

At the heart of Japan’s interbank payment settlement system is the BOJ-NET Funds Transfer System (BOJ-NET). BOJ-NET is used for a broad range of payments including settlement of cash transfers between financial institutions in addition to settlement for transactions of securities such as Japan Government Bonds and derivatives transactions. Settlements for transactions of funds involving current account deposits at the Bank of Japan are processed via BOJ-NET account deposits.

Meanwhile, the Domestic Fund Transfer System provides centralized settlement of funds between participating financial institutions for domestic exchange transactions including payments. The transactions are processed by the Zengin Data Telecommunication System (Zengin System), under the management of the Japanese Banks’ Payment Clearing Network (Zengin Net), which was established by the Japanese Bankers Association (JBA). Net differences in payments among participants are settled via the BOJ-NET FTS. In other words, the Zengin System, in addition to undertaking settlement of funds transfers between financial institutions via BOJ-NET, also serves as the hub system, sending, receiving, sorting, and aggregating fund transfer messages—the backbone of the payment services underpinning the nation’s financial system.

 

Figure 1: Japan’s Payments System

Zengin_FIG1 Source: BOJ, Celent

 

Just published a new report:

Payments Systems Trends in Japan, Part III: Blueprints for the Next-Generation Zengin System

Looking Beyond Brexit: In Today’s Connected World, There is No True ‘Exit ’

Brexit-1 Source: Nikkei

A storm of momentous scale hit financial markets as it became clear that UK voters had decided to leave the EU. This certainty drove investors to seek lower-risk assets and triggered a spike in yen buying. The yen surged more than 7 yen against the dollar—as the currency marked the most volatile day in its history. Indeed, the initial impact from the UK vote was greater in Tokyo than the immediate shock following the collapse of Lehman Brothers. In around a three-minute span a bit past 11:40 AM on June 24, the yen jumped from 103 yen to 99 yen versus the dollar; likewise, over a few hours the yen skyrocketed nearly 20% versus the pound, moving from 160 yen to 135 yen.

The “Brexit shock” first jolted the Asian markets, sending the Nikkei average down nearly 8%, the largest drop in 16 years. Markets in Europe followed suit, with Germany and France’s key indices tanking 7% and 8%, respectively, and exchanges in Italy and Spain also reeling. The ensuing sell-off in the UK sent the nation’s FTSE100 (Financial Times Stock Exchange 100 Index) down more than 8% at one point before it settled down 3% on the day after investors began buying back into the market later in the day. The US market was the last major market to feel the initial impact of the referendum, which sent the Dow average tumbling 610.32 points, or 3.4%, to sink to a three-month low.

Brexit-2 Source: Reuters

In short, the vote set off a chain reaction sell-off that rippled across and disappointed capital markets the world. This all prompts the question: What exactly were we expecting?

As one of my esteemed colleagues has already written, we were expecting individual markets integrated into one larger, global market. This vote diverges from that view. The vote will impact the pending merger between Deutsche Börse and the London Stock Exchange Group, and has sent an important message to policymakers that could have implications for the T2S (Target 2 Securities) platform of the European Central Bank and MiFID II (Markets in Financial Instruments Directive), which provides for harmonized regulation of investment services across EU member states. In addition, Europe has been at the forefront in terms of shortening and streamlining settlement cycles, namely with T+1 (transaction day plus one day) in bond markets and T+2 in securities markets. Likewise, London has been at the vanguard in fintech, with its Level39 a very visible and noteworthy pioneering presence. The initiative has continually focused on how to devise innovative business models that fueled by the latest technology and know-how. This has been a debate on innovation divorced from the remain-leave issue and rather presupposing ongoing integration. As the events of June 24 aptly demonstrated, markets are inexorably linked globally, and when it comes to commerce and the flow of capital there is ultimately no out, no real “exit.”

From Monday, jockeying in global markets effectively changed from a focus on low-latency market competition, taking on a new dimension expand the geopolitical strategy discussion over resource allocation. A majority of Japanese companies have their European headquarters in the UK and have positioned the bulk of their regional corporate resources in the suburbs of London. The background to this was a presumption not only that the EU would be a single market, but also that it enabled the companies to be “in” the global market. It is more than likely that companies in addition to HSBC will be re-examining whether they also should “remain” or “leave.”

Across the realms of politics, economics, and currency, information technology has fused together markets across the world. The recent referendum can be said to fly in the face of this historical trend. In either case, it prompts the question whether this is a crisis or an opportunity. Of course, it may be incumbent upon politicians to respond to the excesses of capitalism. However, when it comes to financial services, consumers the world over seek modernization, digitalization, and innovation, not a return to the past.

Do follow our Brexit posts from the insurance team as well.

 

Brexitを超えて:Outはない!

Brexit-1(出典:Nikkei)

為替市場は、猛烈な嵐に見舞われた。英国のEU離脱が確実となり、低リスク資産としての円が一気に買われた。1日の値幅は7円を超え、過去最大の変動率を記録した。東京市場の衝撃は「リーマン・ショック」以上だった。24日の午前11時40分すぎ、わずか3分ほどで1ドル=103円台半ばから99円まで瞬く間に円高が進行、1ポンド=160円が135円と数時間のうちに2割近く急騰した。ネット上の情報が交錯し、離脱が確実との報道が増えるにつれ、円買いは更に強まった。

株式市場の「Brexitショック」はまずアジア市場を襲い、24日の日経平均株価の下げ幅は8%に迫り16年ぶりの大きさを記録した。続く欧州市場は、独仏の株価指数がマイナス7%、8%と大きく下げ、イタリアとスペインの指数も暴落した。英国FTSE100は一時8%超下落したが、売り方の買い戻しも入って終値では3%安だった。最後の米国市場でも、ダウ平均は前日比610ドル32セント(3.4%)安、3カ月ぶりの安値に沈んだ。失望売りの連鎖は、瞬時に地球を駆け巡った。

Brexit-2(出典:Reuters)

キャピタルマーケットはBrexitに失望した。では、我々は一体何に期待したのか?

同僚のアナリストがすでに書いた[1]ように、それはグローバルな市場統合であり、単一市場であった。LSE-DBのマージ[2]は、取引所関係者に大きな刺激となり、TARGET2-Securitie[3]やMiFID II[4]は、政策当局への重大なメッセージとなった。債券市場のT+1、株式市場のT+2[5]も、これまでのところ、欧州市場がリードした。現在のFinTechトレンドにおいても、ロンドンのLevel39[6]が、その先駆けであった。そこでは常に、新しいテクノロジーや知識が駆動する革新的なビジネスモデルが議論された。それは常に、IN(統合)であり、OUT(離脱)ではなかった。金曜日の市場が示す通り地球は連鎖しており、商流も金流も決してそこから離脱できない。

月曜日以降、グローバル市場の攻防は、ローレイテンシーを競う市場から、リソースアロケーションを巡る地政学的な戦略論議に拡大する。日系企業の大半は、欧州本社を英国に据え、大半のリソースをロンドンとその近郊に集中してきた。その背景には、EU単一市場だけでなく、それがグローバル市場へのINを可能としたからであり、再検討を開始する[7]のはHSBC[8]だけでなない。

政治、経済、そして通貨以上に、情報利用技術は世界を融合させた。この流れは止まらず、今回の出来事は歴史的な逆行と言える。この出来事を危機と捉えるか、機会と捉えるか?確かに、政治家は資本主義の行き過ぎに対応する必要があ[9]かもしれない。しかし、こと金融サービスにおいて、消費者の期待はモダナイゼーション、デジタル、そしてイノベーション[10]であって、時代の針を逆行させることではない。

 

[1] To Brexit and beyond! http://wealthandcapitalmarketsblog.celent.com/2016/06/24/to-brexit-and-beyond/

[2] How do you say “Brexit” auf Deutsch? http://wealthandcapitalmarketsblog.celent.com/2016/06/24/how-do-you-say-brexit-auf-deutsch/

[3] The European Post-Trade Ecosystem Under T2S http://www.celent.com/reports/european-post-trade-ecosystem-under-t2s

[4] MiFID II Pre- and Post-Trade Transparency http://www.celent.com/reports/mifid-ii-pre-and-post-trade-transparency-there-light-end-three-year-tunnel

[5] Europe T+2: Is Asia-Pacific Ready? http://www.celent.com/reports/europe-t2-asia-pacific-ready

[6] Fintech accelerators are becoming physical as well as virtual communities http://bit.ly/1oLjby7

[7] 日本企業、戦略練り直し 英EU離脱で関税・為替注視 http://www.nikkei.com/article/DGXLZO04064140V20C16A6EA3000/

[8] HSBC 'to move jobs to Paris if UK leaves single market' http://www.bbc.com/news/business-36629745

[9] How a cautious nation came to tear down the political temple http://www.ft.com/cms/s/0/b90a7278-3a02-11e6-9a05-82a9b15a8ee7.html#axzz4CZSVtXfl

[10] 日本の銀行業界におけるレガシー・モダナイゼーション パート2:銀行業界への提言 http://www.celent.com/ja/reports/35018

 

 

今春のカンファレンスを振り返る(その2)

本稿では、今春のアジア3都市での6つのカンファレンスを振り返ります。銀行、保険、証券、ウェルスマネージメントの各業界の議論に共通したキーワードは、フィンテック、デジタル、そしてモダナイゼーションでした。

 

Legacy Modernization Seminar (47日:東京)

http://www.celent.com/news-and-events/events/legacy-modernization-seminar

グローバルなITサービスベンダーの主催するコミュニティミーティングで、「レガシーモダナイゼーション」のプレゼンテーションをしました。

昨年セレントが実施したサーベイ結果は、日本の保険業界におけるレガシーシステムの現代化について、以下の示唆をもたらしました。

  1. 現代化の検討は本格化、既に実施ステージに:置換戦略は、新システムへの置換がバージョンアップやラッピングを凌ぎ、置換理由は、コスト、ITスキルや能力との合致、リスク許容度、が主流である。
  2. 置換プロジェクトの進捗は評価から実施段階へ入るも、新たな解決策(SaaS、BPO)の検討は十分とは言えない。
  3. 最大の課題は自社に最適なプログラムの選定にある。
  4. ビジネスケースの検討は不十分:ビジネスケースはプロジェクトの進捗管理ツールに止まり、ライブドキュメントとして機能していない。
  5. 現代化の進展による、ビジネス部門、IT部門の役割変化は、未だ責任分担を変化させるには至っていない。

この現状認識に基づき、カンファレンスでは、以下を議論しました。

  1. レガシーモダナイゼーションのフレームワーク
  2. 組織の優先課題と自社のリスク許容度の掌握
  3. スコープ定義

そしてレガシーの再生産をしないモダナイゼーションのKFSとして、以下を提唱しました。

  • 自動化とその複雑系への適用
  • コアスタンダードの確立と、ローカルバリエーションの許容
  • ソーシングモデルの見直し

ここでもまた、「フィンテック」「デジタル」が共通の話題でしたが、IT部門の最大の課題は、やはり「レガシーモダナイゼーション」にあります。それはITシステムの更新や新技術の導入だけでなく、IT部門の体制やイニシアチブの在り方にも大きく依存します。カンファレンス参加者の問題意識は、「データ移行」「プログラムコンバージョン」「コンフィグレーション」から「クローズド・ブック」のBPOまで、実に多様なテーマに及びました。

4

http://tekmonks.com/beta/beta/brochure/FI-Consulting.html

 

Tokyo Financial Information & Technology Summit  (412日:東京)

http://www.celent.com/news-and-events/events/tokyo-financial-information-technology-summit

キャピタルマーケットのトピックスも変化しています。

例年同様、東京金融情報&技術サミットのパネル運営をサポートしました。今年のカンファレンスでは、ウェルスマネージメント、フィンテックを新たなトピックスとして加え、「信託ビジネス」と「ブロックチェーン」のパネルをモデレートしました。

「信託ビジネス」パネルでは、以下のトピックスで議論しました。

変貌する個人金融市場と資産運用ビジネスの現状認識について:

  • 「貯蓄から投資へ」の潮目の変化(NISA、投信、ラップ口座)
  • ゼロ金利の影響
  • ターゲットとするセグメント

個人向け資産運用ビジネスへの取り組みについて:

  • 新チャネルの状況(対面チャネル、非対面チャネル、ハイブリッド)
  • プロセスの改革の度合(分析と自動化の活用度合)
  • オペレーション革新の状況(商品・サービス、IT、組織・体制の革新)

資産運用ビジネスにおけるイノベーションのドライバーと挑戦:

  • テクノロジー活用(チャネル、分析・自動化、商品・サービス)
  • データ活用(投資サポート情報、投資商品データ、投信データ)
  • FinTech活用(組織・体制、新市場とコミュニティの拡大)

日本のリテール証券・信託マーケットにおいても、ウェルスマネージメントビジネスとそこでのテクノロジー活用が重要テーマとなっています。

 

「ブロックチェーン」パネルでは、「資本市場」を中心とした「ブロックチェーン」の可能性、POCへの期待を議論しました。論点は、以下の3点でした。

  • 取引の透明性、コスト削減への効果期待と実現方策
  • 金融サービス事業適用の条件、POCに期待する成果
  • 期待される、ビジネスケース

ブロックチェーンを巡る議論は、「探索」の段階から「実証」の段階に入ったと感じました。また、カンファレンスの議論を通じて、以下の示唆を見出しました。

  • この技術は、多くの市場参加者が共有すべきもの:プライベートもしくは、小規模なコンソーシアムでこの技術を適用しても、そのメリット享受は難しい。
  • この技術は、グローバルに実装すべきもの:グローバルな制度変更を伴う、標準化のイニシアチブのなかでの設計と実装が本来の姿である。ビジネスケースは、国際送金、トレードファイナス、マイクロペイメントなど想定されるが、ビットコイン(の信任が増し)若しくは、新法定通貨が定まれば、金融取引の大半はそれでよく、後は、非金融情報をタグ付するだけで、その多くはXMLの範囲で解決する。
  • この技術は、アプリケーションではなく、プラットフォームの技術:従って、①基礎研究:新プラットプラットフォームの構築と、②応用研究:その上でのアプリケーションの構築作法、とを峻別し、POCの多くは、R&Dとして①を主に、②はサンプル・ユースケース程度であり、制度設計は皆無。多くのベンダー(や金融機関)は、旧態依然として、新標準が定まった後のAP構築方法論及びAP構築から利益を出す構造である。

そこでの課題は、以下の3点に集約出来ます。

  • 透明性:技術の特性として、秘匿性の高い情報の管理には向かない。大半の金融取引は秘匿性が伴い、法改正も必要。
  • 制度設計:大規模金融基盤適用には、制度設計、制度改定が不可避で、個別金融機関にはその動機がない。
  • 技術者の人口:メインフレームからC/S、Web、モバイル、AI&IoTへの変遷と全く同様に、広範な普及には開発者の人口が必要。

5

http://www.financialinformationsummit.com/tokyo/jp/static/programme

 

17th Asia Conference on Bancassurance and Alternative Distribution Channels (5月10日:ジャカルタ)

http://www.celent.com/news-and-events/events/17th-asia-conference-bancassurance-and-alternative-distribution-channels

今春2回目のジャカルタでは、このバンカシュランスのカンファレンスに参加し、保険業界におけるデジタル化をセレントの「デジタルフレームワーク」を用いて提唱しました。加えて、InsurTechの動向を、ソーシャルメディアのデータ分析、保険会社以外のデータ収集とその活用、IoTを活用した新たなデータソースの拡充、構造化データ以外の分析ツールの活用について紹介しました。また、銀行と保険会社のレガシーモダナイゼーションについても言及し、自動化と事務処理のSTP化の重要性を述べました。バンカシュランスの文脈においても、銀行、保険会社に跨る事務処理をシンプルにすることが鍵で、プロセスのデジタル化はすなわちコアシステムの現代化を誘導することを提言しました。

カンファレンス・チェアの役割を通じて、全プレゼンテーションを紹介し、質疑応答をモデレートしました。登壇者の顔ぶれは、現地の金融当局、保険業界団体、東南アジアで活躍するグローバル銀行と保険会社、再保険会社の現地法人、そして当地でのデジタルバンキングに商機を見出すテクノロジーベンダーとフィンテック・スタートアップ企業。各社の発表に共通するコンセプトは、デジタルエクスペリエンスが変える銀行と保険会社、そして保険契約者の関係でした。

社会インフラの制約条件は、シンプルな顧客関係を要求します。金融とITのリテラシーが未成熟な地域では、顧客の文脈での推奨や支援が必要とされます。それらを満たすプラットフォームとして、モバイルを中心とした顧客接点が取り組みの中心でした。Financial Inclusion(金融包摂)は、金融当局の強力なバックアップもあり、銀行、保険、そしてテクノロジーの業界にとって、大きな活躍の舞台とみなされます。今回も、アジア新興市場のダイナミズムを大いに実感しました。

6

http://www.asiainsurancereview.com/airbanc2016/Programme