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Gordon Marr

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30 Voices on 2030: What does the future hold?

What’s your vision for the future of island business?

Business on the Isle of Man is supported by a progressive, ‘pro-business’ government in 2030, that continues to compete with other jurisdictions. The Island has further diversified its historically ‘Finance Services-centric’ reliance, with growth in other sectors such as eco-tourism & organic food production.

What does your business look like in 2030? Have you a similar or vastly different business model?

As the age-old requirement to provide financial solutions for internationally mobile investors who wish to invest with a provider outside of their local market is as valid as ever, there has been very little change in Hansard’s broader business model.

What has driven change and why?

The availability of financial advice from alternatives to the traditional intermediary model has been a fundamental driver in the industry between 2019 & 2030. Often at a significantly reduced fee, and often being provided by sophisticated algorithms rather than an experienced, qualified human being.  

Key players in 2030 are those that are able to offer a truly holistic financial planning solution, including advice & product – whilst maintaining some impartiality. Consolidation in the industry means that fewer, larger companies are competing for the same business.

What customer expectations will local consumers have in 2030? For example, what comparisons will they make with other brand experiences?

Service is the primary metric by which companies are measured in 2030, driven by the ease with which clients can shift providers. Companies are held accountable to deliver outstanding customer service by customers that all too easily share examples of poor service through an ever-increasing range of platforms, facilitated by social media.

The future assumes increased demand for innovation and increasingly digitised experiences. Or is there a post tech approach in the future which favours human led interaction?

A ‘revolt’ against the use of technology, particularly where personal identity has been compromised is a very real threat. Further Cambridge Analytica type scandals will run the risk of diluting the faith that consumers place in technology, and perhaps sway them to favour a human transaction.

How is Know Your Customer / Customer Due Diligence / Anti-money laundering carried out in 2030?  Is it still necessary?

The extent & ease with which customers will be willing to share personal data will make DD ever more difficult in the future as trust in data controllers diminishes. Whilst the level of DD expected from global regulators will be expected to increase, the continuation of data hacks/leaks from major companies will make it more difficult to collate from smarter, more diligent consumers.

In 2030, what technology that’s emerging now will be common place?

Whilst advances in technology continue to bring people from around the world together via developments in video conferencing & tablet devices in 2030, a company like Hansard has become extremely reliant on universal translating technology, enabling us to truly transcend geographical boundaries. The ability to talk to somebody in a common language, real-time, is game-changing in 2030.

In 2030, what has been the impact of blockchain?

Like any new technology, it’s questionable whether blockchain has been truly tested on a significant scale to date. That said, if the general public were to lose any further trust in banks (similar to the fall out of 2008) then this clearly would be to the benefit of alternative currencies and traditional payment mechanisms.

What do cyber threats look like in 2030?

Cyber threats to businesses will certainly not vanish, if anything I suspect that the risk will increase. Cybercrime was touted as a $1billion industry in 2018, making it too profitable for criminals to ignore in the future.

What opportunities have been realised for your business in 2030 triggered by technology (AI, automation, cloud technology)?

In 2030 I wonder, to what extent holders of Hansard contracts will have been truly advised by humans. AI represents a very real opportunity for investment decisions to be based on personal preferences & historic trends – driven through sophisticated algorithms, potentially at a lower on-going cost to the consumer.

If data is the new currency, how is its value tracked? Could it be linked to share price/stock value? Will it be traded? Will it be linked to real time customer experience or other trading information?

Whilst data is indeed an extremely valuable commodity in 2030, I would not like to live in a world where it is viewed as being tradable. When consumers ‘give up’ personal information, it is done so in order to personalise an interaction, rather than be shared.

What is the role of regulation in 2030? How has the regulatory landscape changed as technology has developed?

In 2030 the biggest driver of regulatory change in our industry is most definitely around data collection, and the measures that we have in place to protect the personal data of our policyholders.

Has the rise of Blockchain created true market transparency in 2030? How will blockchain be regulated?

The notion that any transactions between two parties (or companies) are publicly available would undoubtedly make for a more transparent market. The challenge with the regulation of blockchain, however, is how some degree of privacy can be maintained whilst offering transparency.