I believe that today’s investment managers must “collaborate to compete” — in other words, create value through innovative partnerships with other industries. Specifically, they should pair with organizations who excel at using data and technology to gain insight into customers’ behavioral preferences and enhance their solutions.
A recent conversation over coffee with a colleague led me to expand my thinking on this concept and consider how investment firms can benefit from collaborating with a different group — their community.
My colleague, who seemed to be eyeing her coffee cup suspiciously, shared a story she had read in the news. She explained how Starbucks is soliciting designs from the public for a cup that’s easier to recycle — and will offer a $10 million grant to the winner.
This got me thinking about how similar initiatives in the investment management world could help firms to drive innovation and redefine value through community collaboration.
Diverse thinking leads to better results
Across the business world, we’re seeing growing recognition that diverse thinking is essential to better decision-making. Consulting differently with current and potential customers, along with employees, can help investment firms attract new ideas, refine their decision-making and test their thinking with important stakeholders.
Consider the fact that a growing number of organizations — EY included — are working harder than ever to unlock the creativity of their larger community, which encompasses staff as well as customers. They are hosting incentive challenges to drive innovation, and creating collaborative digital platforms meant for idea sharing and input gathering. Why not capture the insights of clients in a similar way?