Add tech to grow profit
Eventually, getting this stuff wrong can be really value destructive. We know what friction looks like in a business – breaks in processes, poorer client outcomes and, eventually, lower profit figures. This is why – among other things – platforms need to keep evolving and keep reinventing themselves.
If we look at Cofunds, which has not been able to do that, it is no surprise that even off an enormous asset base of more than £70bn, its latest profit figures are a less than zesty read.
Hopefully, Aegon will concentrate on removing that friction. When they are doing so, they could do worse than look to Jeff Bezos and the mute white cylinder on their worktop.
Mark Polson is principal of platform and specialist consultancy, the lang cat
