by Fathi JERFEL,
Global Head of Retail Division at Amundi
Addressing the full auditorium at the Carrousel du Louvre, Mr. Jerfel said that, in today’s complex economic environment, asset managers face three new major challenges. First, there is more constraining regulation. Secondly, retail customer expectations are rising higher and higher. Finally, digital transformation is here to stay. These three challenges represent both a risk and an opportunity for asset managers and for their customers.
In looking at the challenge of increasing regulation, notably in the retail space, Mr. Jerfel noted a number of coming changes. “More transparency on investment activity and products will soon be the global norm. Regulators in all major countries want to better align interests with the end customer. Fees are under pressure amid this push for more transparency. In short, our whole ecosystem must adapt,” he said.
When it comes to customer expectations, Mr. Jerfel asserted, “End-clients are better informed and more empowered than ever before.” The Internet allows consumers to compare products and performance more easily and brand and customer loyalty are eroding faster than ever in the Retail space.
“As for Digital, it is clear that technology has become mission-critical to drive customer engagement,” Mr. Jerfel stated. Digital allows for data mining on clients and prospects, operational efficiency and more transparent regulatory reporting. Today, distributors need Digital experts – it is vital to their success.
The one certainty Mr. Jerfel did touch on is that the way in which we operate in 2020 will be very different to the way we operate today, saying, “We must prepare for the future, together.”
Thanks to its global presence and expertise, Amundi is uniquely positioned to help its clients be more successful in this new environment, Mr. Jerfel asserted, adding, “We are not here to offer products, but solutions. At Amundi, we will help you navigate through uncertain waters, as your trusted partner.”