Sunday, January 4, 2015

Finance 2.0: Are Robert Holzach (Ex-President of UBS Board) and Hans Vontobel (Ex-President of Vontobel Board) the real Finance 2.0 Experts?

I am quite sure, that Robert Holzach and Hans Vontobel were/are no IT cracks. I cannot emphasis enough though that Finance 2.0 is not about IT in the first place but about social interaction and about delivering value to others. When I first started to talk to senior banking executives on Social Media and Finance 2.0 back in 2011, the first question always has been: “Yes, but how do we make money with it?” So, having a look at the recently published book on Robert Holzach and the latest interview of Hans Vontobel, it seems that these two Gentlemen have understood the true concept of Finance 2.0 much better than some of their successors 

Robert Holzach & Hans Vontobel the real Finance 2.0 Bankers?
Robert Holzach and Hans Vontobel the real Finance 2.0 Bankers?

It might sound a bit crazy to write that Robert Holzach and Hans Vontobel might have understood better what Finance 2.0 is all about, than the current banking industry leaders probably without even knowing this definition. But let’s have a look at these gentlemen's values and why exactly these values must be the drivers of Finance 2.0. Let’s go back to the past in order to build the Finance 2.0 future!

The Banker must serve the Client! (Robert Holzach)

What are the needs of clients and how to satisfy them is the first, the second and the third question and NOT what is in for me! When entering the Social Networks, when connecting with clients or potential clients through the number of possibilities Finance 2.0 is offering, exactly this must be the aim. What is bothering them, what could be their needs, what value can I provide to the audience and how can I satisfy their needs. If real needs are satisfied, money/profit will come along. The important point obviously is not to satisfy solely needs which are already covered by competitors for free.

A long term Approach is important (Robert Holzach)

As mentioned above, money/profit will come along, but it needs time. Expecting returns on ones Finance 2.0 activities in terms of money within a year’s time is not realistic. With such a short term approach a successful Finance 2.0 strategy is hardly possible. So, the short and medium term goals to valuate Finance 2.0 should be others than money. Short term it could be e.g. number of interactions of a relationship manager and his influence on online platforms. Medium term: client satisfaction, product ideas received via online channels and client retention. Then of course long term cost savings and profit should be an objective.

A Banking Executive should question his Activities and himself on a regular Base (Hans Vontobel)

In order to do this, an executive must get direct and unfiltered feedback from a number of sources, such as clients, potential clients, employees and other stakeholders. In the offline world this is difficult. Very often he is surrounded by Yes-Men, who do not dare to address critics. Also the offline contact with clients or potentials even other stakeholders are limited. Exactly these kind of feed-backs executives could and would get when they had a personal social media profile such as a Twitter account for example.

Dear banking CEO’s and top executives you do not have to listen to me, but please listen to these two very respected gentlemen Mr. Holzach and Mr. Vontobel. Please consider that also on Finance 2.0 you could learn from them and that you might need to go back to the past to build a successful Finance 2.0 future.

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