MyPrivateBanking Blog
Daily Comments on the World of Wealth Management

Archive for December, 2012

‘Knab that Advisor’: Knab Bank’s New Take on Financial Advice for Retail Customers

Wednesday, December 12th, 2012

Knab, the new Internet bank, that’s a wholely-owned subsidiary of the Dutch insurance giant Aegon, has an interesting approach to the provision of financial advice. The name, ‘bank’ back-to-front, has been chosen to suggest not just innovation but re-engineering of retail banking, and when it comes to providing financial advice they certainly seem to be living up to their revolutionary principles. Firstly, they won’t actually be offering any advice of their own, just offering customers the opportunity to choose from a panel of pre-selected financial advisors. However, the final touch is the most interesting idea; customer reviews of these financial experts that are publicly available. Advisors have to receive good reviews in order qualify to continue to be available for hire through Knab. With this combination of the bank vetting the advisors first and the customers’ satisfaction scores, the Knab team may have succeeded in creating one of the safest environments for retail customers in the industry. This experiment deserves to be watched closely.


Technology Will Replace 80% of What Financial Advisers Do

Monday, December 10th, 2012

Uhhh…sorry. The correct quote reads: “Technology will replace 80% of what doctors do“. Interesting story on CNN Money, argues that

Computers are better at organizing and recalling complex information than a hotshot Harvard MD. They’re also better at integrating and balancing considerations of patient symptoms, history, demeanor, environmental factors, and population management guidelines than the average physician. Besides, 50% of MDs are below average! Computers also have much lower error rates. Shouldn’t we take advantage of that when it comes to our health?!

I am pretty sure you can replace the word doctor/MD with financial adviser and the prediction still seems not outside of the imaginable. You just have to check out some of the hopeful new start-ups in the wealth management space to see how the future might look like, not only for doctors…


ISSUU: How Great is its Potential as Social Media for Business?

Thursday, December 6th, 2012

At first glance, ISSUU seems to be filling a significant gap in the range of social media: providing a way for banks and other businesses to engage with the public through print publications in the same way that YouTube provides a vital outlet for corporate video content. The site passes the first test, of providing a lot of attractive content. If you want a beauty parade for publishers and graphic designers, ISSUU is a good place to go. However, the site has yet to be included among the fairly select group of Internet presences that have become meeting places on a mass scale. To achieve that status, ISSUU needs to recognize that readers (and that’s who most site visitors will be) are more concerned with finding individual articles of interest than admiring a magazine cover to cover. They need more help from the site, probably in the form of (blog-style) tags for articles. The finance industry has to accept that their material will be jostling for readers’ attention alongside competitor offerings. If ISSUU insists on always preserving the integrity of individual publications in presenting content, it won’t become the channel of choice for finance industry players to grow their readership.