We held our first workshop (of a series of 6) on 25th July. After JIAM Director Keiichi Aritomo presented on the broad picture of Japan’s asset management industry ecosystem, Satoshi Noguchi, CEO of Robot Funds gave us a demo of their solution to make fund reporting more customer friendly (timely reporting, smartphone-friendly user interface etc) using RPA, AI, cloud computing technology. This demo led nicely to a very lively discussion with many industry experts and other start-ups to talk about the challenges the industry was facing and how they are addressed, drawing on some powerful real examples.
There was resounding agreement across the floor that digitalisation of the AM industry is a must. Bottlenecks include; legacy systems, internal resistance, “because it has always been that way” mindset (and therefore not trying) – so is the enemy inside?
One way for a breakthrough is to work with start-ups to boost the speed (in fact it is a must as technological change is so quick that anything developed inhouse could get quickly obsolete) and there are some really great start-ups in Tokyo. Quote – “Speaking to some of the start-ups makes one feel more optimistic about the future of the financial services industry.”
We heard about some groundbreaking business examples by some of the start-up attendees and how they made the once impossible a possible. Another great quote – “Open Innovation is very much about creating a safe sandbox but don’t wait for anyone to set up a sandbox for you. If you have a great idea, create your sandbox to trial it”