According to Michael Durbin, President of Fidelity Institutional, the financial services industry needs to turn to technology to offer customers more personalized services at scale.
“We see it every day in our consumer lives outside of financial services — where there’s a pretty intimate knowledge of who we are and what motivates us and what’s going to improve our interaction and our outcomes in service XYZ,” Durbin told Securities on Thursday Financial Markets Association Industry and Retail Conference.
“Financial services need to get there too,” he added.
While consultants are the “lifeblood of our industry,” Durbin says technology is necessary to meaningfully reach more clients.
“[I]If we’re really going to achieve this quest for financial inclusion and penetration, it has to be accomplished through technology,” Durbin said.
Fidelity Institutional is the division of Fidelity Investments that provides technology, solutions and insights for wealth management firms and institutions.
Personalization “is a priority for Fidelity’s customers,” and providing “open, scalable, and secure platforms” that meet their technology needs “has always been a priority” for the company, said Tricia Haskins, Fidelity’s director of integration solutions Investments in February.
“By delivering exceptional user experiences, expanded integrations and new digital capabilities, we continually innovate to ensure organizations have the choice and flexibility they need in their technology stack to make an impact on their business,” said her then .
For example, Fidelity is seeing increased demand from advisors and investors for an enhanced mobile app experience, Lisa Burns, Fidelity Institutional’s head of platform technology, said in June last year.
People want their investing-related mobile apps to match the technology of the other apps they use every day, like Uber or Amazon, Burns said at the time. They “expect the same level of functionality, simplicity and ease of use.”
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