Digital Fintech Asset Management reimagined, from the Demand Side

Yesterday, I read a report that Gen X are ahead of Gen Y, as it relates to their engagement with #Digital #Retail Asset Management. #Fintech and banks jumped ahead from the supply side, each with their individual nuances.

Most are not surprised. It is the slice of the Gen Digital pie after all. A counter school of thought which I subscribe to is: Gen X jumped on the ETF style #robo-advising, in some cases human-‘aided’. OK, super. All the hype has been about Gen Y, the millennial as the demographic and its audience. So, why has this not transpired as projected, a conundrum indeed.

The supply side has been nitpicked, sliced, diced and almost sautéed to a burn with no minimums, rock bottom asset management fees, with an attempt to capture the market share strategy.

This supply side audience is apparently the shale rock, and it has yet to deliver some more oil from the untapped pockets.

On the demand side, the pundits have yet to sit with the behavioral psychologists or the Customer experience guys. Most all are casting the bets on User Experience. I wonder what more can the pundits deliver.

The demand side yet, dares to inquire – Are the #millennials being served with the couture retail asset management fusion flavor which catches and captures their style, their fancy, their persona, their social diet.
The highlighted left side of the image (CC McKinsey) above is seemingly a blank slate.

The opportunity exists. As long as the unmet needs, mostly unidentified and undelivered, are set to a higher bar first, well thought of, well understood and applied, this time with a realistic #personas, experiences alone shall not deliver the forecasts.

Where is the ROI?, not the beef

I was going back in the time machine and recalling one of the jobs I had out of college with a degree in Commerce – working as a Cost accountant in manufacturing. It was a numbers oriented job working on the AOP, boring ledgers and keeping tabs on the monthly variances from paint to man hours. Development of the AOP meant precision. Every imaginable fixed and variable cost from power to man hours, from paint to parts would play a role into the projection. The past several years historical and cyclical trends and actuals would finally finesse the dreaded AOP. My presentation of the AOP to the boss blissfully matches the ‘woman sitting in the chair with the boss’ image accompanying this post. Notice the stiff arms? Well, that was me.

The following fiscal year would prove if the projection met the 0 to 60 in 4.3 seconds test. I would track the variances monthly and would have a beaming smile some months. End of the fiscal year a minimal $ true up was all that was needed. It felt good.

Ok, enough of this accounting conversation. I am really a marketing guy inside, which I thank a mysterious unscheduled meteor shower.

Fast forward the time machine ## years to the digital, search and social marketing world which I thoroughly and passionately enjoy. I sometimes hear a whisper in my ear gently reminding me how crucial the ROI component is to the meticulously and creatively developed marketing campaigns we endeavor to run all year, for the enterprise.

It is a stamp of approval to the thoughtfully planned fiscal year ‘marketing roadmap’ as well as the ‘marketing plan’; providing the confidence to the business, and perpetual smiles for the marketing group.

There are indeed market variables abundant in digital, search and especially in the very dynamic social media ecosystem. An ideal world – each digital and social channel pumping real time analytics to the analytics hub with built in campaign ROI assumptions. These efficiencies help make the MOR’s robust and very KPI oriented.

Result = serving, understanding and knowing the customer in this omni channel world.

Shhhh, it is about attribution and ROI, not ROO (return on objectives) which seem to breathe new life into the next fiscal marketing year.

Upselling and beyond, a balancing act

Was thinking about sending some food stuff (online seller name, intentionally left out) to my sister whom I have not seen in a long time and do my impulsive ‘family good’.

I did a ‘food stuff’ search for a deal and promptly landed via an affiliate link, on to a ‘major food site’.

Still intent on proceeding and encouraged by a $39 deal, I, in mechanical fashion moved through to ‘Add to cart’ to complete the transaction. To my not so shocking surprise I was presented with an upsell for $39 + $ 19.99. Still enthusiastic with a Czech pilsner comfortably urging me on, with finger flickering hesitation, I waved myself through – ‘Why not, I feel the love”. I clicked on “Add”. Yes, I felt good.

It was at that moment that things began to unravel – an ‘Upsell and Beyond” deal popped up for an additional $79 ‘food stuff’ combo”. I was perplexed and confused. I almost had it in my grasp. Almost.

Could we refrain, and not get carried away with the ‘Upsell and Beyond’ selling strategy?. The Pilsner only works for so long. I had it and I lost it. I hate it when that happens.

I know I have not been a customer before with this ‘major food seller’, so predictive analytics, even with cookies would not have kicked in, perpetuating this unfortunate eventuality.

All in a Sunday afternoon, where I wanted to do a little bit of good. Alas, it is unfortunately no more. I ‘xed’ out of the browser tab. The moment had elapsed and my attention had shifted.