Last month, SEQVOIA met Cristina Ferreira, Head of Product at State Street to discuss the company's last co-creation event organised at the LHoFT. In this interview, you will learn what were the challenges posed to participants, what objectives this brainstorming session reached and the results the organizers have been able to observe afterwards.
Can you shortly explain the co-creation event State Street did at the LHoFT and the challenge posed to participants?
The co-creation experience was designed to engage with clients in times of change affecting the asset management industry in ways that we may not yet fully grasp. We asked seven executives of our asset manager clients to join us during one afternoon and brainstorm together around the future of investing. The objective was to define a common problem which resulted in the following question:
“How can the asset management industry work with Amazon/Google -like platforms to develop new products and attract new investors to benefit all stakeholders? ”
Two weeks later, we asked four teams of six individuals to work over one day to find a solution and present their prototype to the jury made of the executives that defined the problem.
The teams were composed of employees from our clients, employees of State Street, individuals from academia and the broader fund industry eco-system. They used design thinking methodology to go from problem to prototype.
LHoFT felt like a natural place to organize this event, not only is State Street a founding member, but the environment is favorable to this type of creative activity.
Source: State Street
What were the main goals for you as an organization?
The goal was to experiment new ways of collaborating to address an industry challenge. Not only how you work to resolve a problem was important but also who is around the table to think about the solution. Bringing diverse personal and professional backgrounds, experiences and ideas contributed to the exceptional outcomes of the experience.
As an organization, we want to put our clients at the center of what we do and think about the future through their lens so that products and services we develop continue to be relevant as technology and business models evolve at an unprecedented pace.
What are the main results? Were there any unexpected outcomes?
The four teams presented four different prototypes which overall addressed the problematic of growth in the asset management industry. All the solutions were tackling a different angle of the problem, and one solution could even draw a timeline of the maturity for adoption.
One idea was forward looking and disruptive as to how the asset managers could target new investment types and finance the real economy. Most solutions saw the role of the distributor and intermediaries fundamentally change with the technology.
There was a common thread though: the future of investing is definitely sustainable as key criteria to attract and retain investors.
Source: State Street