Financial Service Market Scan

Leading global financial services provider is seeking solutions to provide an integrated platform to provide seamless interaction with independent financial advisors across multiple product offerings. The company is running a Matchi Market Scan to source and PoC implementable fintech solutions aligned to five themes.

The Market Scan will launch on Wednesday 24 October 2016 and close for entries on 7 November 2016 at 23:59 SAT (South African Time). The challenge is free to enter and is open to all firms around the world who have developed and built solutions that align to any of the categories.

All entries received by the cut-off date of 7 November 2016 will be validated by Matchi analysts and then individually scored by a panel from the company and Matchi on the following criteria: Potential Business Impact (revenue, cost or efficiency), Ease of Implementation, Novelty and Solution Fitment. Shortlisted firms will each be invited to give a 20-minute presentation to the final judging panel

IFAs require more coordination (one point of contact) and ease of use (straight-through-processing on a platform) but they do not want to lose access to the company`s product and capability specialists across the company.

Should not be just a `platform`/ administrative service but rather provide seamless / integrated engagement with the company`s specialist capabilities.

The solution should:

• Create a key differentiator in the form of our ability to offer a seamless, integrated platform with access to both our local and international product sets
• Aggregate different product areas into a single technological solution
• Provide a view of all our products, services and fees in ONE PLACE
• Corporate level
• Adviser level (FSP)
• End client level
• Integrate into the IFAs existing CRM systems
• Offer a proposal tool

A key pressure for many IFAs is the administrative burden that comes with consolidating reports from the various suppliers and platforms for their clients.

The solution should:

• Create the ability for the IFA to consolidate reporting, enable performance reporting and streamline back office functions
• Generate reporting and aggregation of client information to enable a ‘look through’ to the end client (from the company, and not the IFA’s, point of view)

Providing compliance and administrative solutions for IFAs would resolve a big pain point for them and immediately increase business for the company.

The solution should:

• Improve practice management pertaining to the Financial Services regulatory authority licencing services, risk management services and training on compliance related issues
• Assist with records of advice i.e. compliance related to applicable financial advisor regulations
• Provide compliance monitoring reports

IFAs are having to KYC and on-board the same client multiple times with each business unit, and the IFA itself is having to be KYC’ed and on-boarded multiple times each time a new relationship begins with a business unit

The solution should:

• Reduce the duplication and inefficiencies in terms of on-boarding and user experience
• Create the ability for IFAs to perform KYC and on-board end clients once across the company
• Create the ability for the company to seamlessly KYC and on-board the IFA client rather than doing this multiple times with each business unit
• Provide storage of end client documents / KYC documents
• Provide online KYC awareness training

The company is already a trusted brand in the IFA market. We offer deep specialisation, not just superficial knowledge.

The challenge is to identify capabilities that can be provided that is over and above this to maximise our partnership with IFAs and deliver the best value to them

The solution could be :

• Any adviser specific tools and solutions to assist in investment advice, including the use of model portfolios