Ethics and integrity was the topic of conversation on September 1 this year at the meeting of the professional associations of investment professionals VBA and CFA. Is a nice mix of ethics and integrity solution for Times are a-changin ', internet, big data, and trust?
Finance part of society
Minister Jeroen Dijsselbloem, Gerard van Olphen, chairman of the APG board, Fieke van der Lecq, Professor of Pension Markets at the VU and Jacob Kohnstamm, former president of the Personal Authority, spoke about their vision and challenges. Fintech experts Don Ginsel Maurice Olijve and Berend de Jong explained how FinTech a blessing or curse can be for consumers. To restore confidence, the financial sector needs to feel part of society. Taking care of other people's money charges a big responsibility with it.
Stop "the drivel about trust
For professionals in the sector, it can sometimes be frustrating that confidence remains low. Just as it seems to get better, new facts throw a spanner in the works. With new rules if it turns out as a result. Specific van der Lecq called to stop with 'drivel about trust; "Be extra careful if you only earn money with money." The challenge in a rapidly changing environment is to think about your own value. What does a consumer or business-specific products and services? These contribute to the operating or the realization of goals of the client? What do businesses and consumers of the sector? Therefore it is necessary to have intensive discussions with the customer. A statement such as 'customer-centric' professed by all operators in the sector. But we know the customer really?
Otherwise acting trust
The FinTech experts gave an insight into the latest developments at the cutting edge of technological innovation and the financial sector. The Netherlands also now has hundreds of startups that focus much more than traditional financials on things that really wants consumers. Confidence appears suddenly to work very differently. New businesses can quickly become part of the familiar environment of consumers, where they reveal a lot of information about themselves. Knowing the customer has become much simpler, but this is always safe? Security is a growing issue and 100% security does not exist. The financial sector understands according to the FinTech experts not enough that the customer behavior has really changed. Time for navel-gazing is not new companies from outside the sector will only too happy to serve consumers in the area of pay, insurance and investment. And often at lower cost.
Delicate balance between convenience and risk
However confront the convenience of FinTech also risks. If personal data (big data) are a means of payment, then we must pay attention, said Jacob Kohnstamm. Create profiles of consumers may have unseen consequences and freedom, autonomy, equality and self-development can be compromised. A dime can not be penny more.
Commonplace and accessible, not easier
Thus FinTech new dilemmas brings along with it. The conversation with the community is essential to maintain the purity of the moral compass, especially in rapidly changing times. Aiming to keep the interests of customers, providers and other stakeholders in balance goes on. Simplify the financial world is not all new providers but commonplace and accessible. To the satisfaction of the customer.