FTA: Who will be the main adopters of targeted support?
RG: Investment platforms, digital wealth managers, retail banks, building societies and financial account aggregators – all of whom are well positioned to segment their client base and make suggestions using the data they already hold on their clients.
For example, a retail bank or building society that is aware its client has excess cash in a savings account earning a negative real return would be well positioned to suggest that the client considers investing.
FTA: Being a disrupter yourself you have a good idea of what might come next in this market. What types of companies or services might we expect to see emerge on the back of the FCA’s reforms?
RG: We would expect companies like ours to be early adopters of the proposed changes, augmenting their existing proposition with targeted support or simplified advice to better serve their existing clients and expand their target market.
We would also expect to see growing interest from established retail banks (traditional and neobank) and building societies that have a predominantly cash/savings customer base and are looking to diversify their offering and revenue streams.
The proposed changes could give them the regulatory clarity they want to offer investment products and services.
carmen.reichman@ft.com
