Philippines Wealth Management Forum 2019 - Exclusive Insights - Damian Hitchen
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I think the answer to that is very much a case of the traditional model of build it yourself versus the current model and hopefully future model of partnership with people who can actually do it. There are many, many banks globally and regionally and locally who will try and build their IT and digital themselves. Frankly, if you haven't done it before it's going to take you years and years and it's going to cost you tens of millions of dollars. The smarter play going forward will be the banks who are open minded, who look for partners who can give them that functionality. One of the key points there is don't try and make it too complex. Start small, start simply, it's relatively easy to roll out with an established partner and get something onto a platform that your clients can use. If it's successful then you can build on that, if it's not successful you haven't spent tens of millions of dollars, wasting your time over four or five years.