Ynome.com — Using the Wisdom of the Crowd
Is crowd wisdom better than single opinions in wealth management and private banking?
Back in 2014 while discussing future wealth management strategy with our angel investor, we discovered a major white spot in the world of wealth management and private banking. Crowd wisdom is not accessible to users. We saw that managing your wealth today as like being in a jungle, it’s hard to see what direction to turn or whom to trust. Without some basic tools such as a Compass and a Map, you will easily lose your way.
Just imagine what it’s like to be a private banking client today: There are more than twenty major types of providers, and thousands of providers out there. The following image gives an overview for what type of providers you can find in the market:
The above is of course over-simplified — but it’s still scary to think that in a systematically-important service industry so many depend on to manage trillions in personal wealth, that even a basic, common definition of types providers is almost impossible to get. This reeks of an industry ripe for disruption — the value chain is questionable, in-transparency is rife, information has been locked up behind closed doors, and no platform exists where individual consumers share their experiences.
The situation reminds us of the hotel, airlines and travel industry back in the mid-nineties. Do you still remember the nascent internet world, just before the onset of LonelyPlanet, Expedia, TripAdvisor, Agoda, Booking.com and the rest? What were the customer problems back then in traveling?
So what changed? By the mid-2000s the power of information was shifted to the consumer — information was opened up for all to see, destinations went through a Cambrian explosion of choice, the conditions for disruption became low-hanging fruit and entrepreneurs found ways to get information to the consumers directly. Tickets went online, you could compare service levels and prices, any trip changes became self-executed.
We all are thankful for the happy ending: Today if you want to take a quick weekend trip to the mountains or spend two weeks at a far-flung island destination, you only need to consult your smartphone. Which it you have the power of thousands of others’ experience in your own hands. And you control what kind of experience you will have, not some travel agent who didn’t understand your needs for your hard-earned holiday.
Ynome.com: A first step in the ecosystem for wealth management
When using online travel services today, the core of what you are seeing is people like you who have already traveled and accumulated experiences, who have shared their views. The what we call “crowd wisdom” views of millions of people are used by digital front-end services to compile a personal travel recommendation guide covering all aspects from lodging to dinner to attractions to see.
In Banking, however, there is an additional aspect to consider. Asking your friend about their banking experiences and getting a usable answer for your next banking experiences of your peers has usually limited success, here is why: It is highly unlikely that your friend has the same needs (lets call this “profile” for the moment) when it comes to private banking as you. With that you’ll get a subjective answer from her like “I use this service from that provider and it suits my needs”. This is a good hint for you but by far not as efficient as a travel recommendation, where user profiles are much easier to match.
At Ynome.com we have realised that in order to start a revolution we need make market information more accessible and let the crowd work on it. At YNOME you will gain access to a vast network and combined with an algorithm selecting relevant reviews for you from users that match your profile. There are literally millions of us out there — those with sizeable accumulated private assets needing advice and basic services to competently manage wealth. By demystifying the world of finance we atynome.com believe we are taking the first step towards democratising wealth management and private banking for the good of the private banking consumer.
In our next blog we will look at the average customer experience today and why using the crowd wisdom makes so much sense for this industry.
Please visit www.Ynome.com toRaise Your Voice by reviewing one of your wealth providers today. It only takes a minute and helps us generate the world’s first crowd wisdom based rating platform that will re-shape the private banking landscape of the future.
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