VIDEO | What should the user side know about the emerging relations between asset servicers and fintechs, and the new services they are able to produce and distribute together? PostTrade 360° Stockholm saw a panel of representatives from both fintech providers and traditional asset servicing firms share their views.
“We are not looking for ’outside-the-box’ solutions. We need ideas that are immediately relevant for the things we are doing today.”
Alan Cameron of BNP Paribas Securities Services was clear on his priorities. One term he came back to was network effect: “Fintechs can use a network effect and we can’t,” he said, hoping to benefit from scale effects as the new providers could service several custodians to split their investment costs over.
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On Wednesday, Alan was on the day’s largest panel together with …
Rebecca Hope, Head of Client Platform Experience and Engagement, Citi,
Dean Little, Co-Founder, Proxymity,
Matt Digby, Head of Business Development & Partnerships, AccessFintech, and
Tom Casteleyn, Head of Custody EMEA, J.P. Morgan,
… in a discussion led by industry analyst Virginie O’Shea.
The session was labelled “Let the coopetition begin – What the user side should know about the emerging relations between asset servicers and fintechs”.
Cloud connectivity, DLT, regulation and fee pressures are only some of the many drivers behind the technological innovation and system investments in the post-trade area. With new offers, upcoming “fintechs” can seem to challenge incumbent asset servicing firms and their traditional system providers in some areas. But, at the same time, many new alliances are built for shared gain – for example with custodians adding new third-party services as plugins, offering mutual clients a shortcut to system integration.
Dean Little’s Proxymity specialises in simplifying the complex communication chain needed to enable proxy voting. He emphasised the need for the new tech providers and the asset servicers to work very closely together, and held a view similar to Alan Cameron’s. Referring to the semi-autonomous, “superconnecting” octopus arms in Camille Papillard’s presentation earlier in the day, he argued that custodians ought to select the right tech provider for each of their arms:
“The asset servicers have so many things to do. For us it’s one priority.”
• News around PostTrade 360° Stockholm 2023, on 29–30 March, is gathered here.
• The conference info site, with detailed agenda, is here.
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