John Plansky, new CEO of Charles River Development, will focus on emerging IT and other disruptors as keynote speaker for ISITC’s summit in Boston next week.
John Plansky, the new CEO of vendor Charles River Development (CRD), says that a convergence of disruptors is driving industry change and is shifting power from the sell side to the buy side — one of the related subjects he will be focus on during his keynote address at the 25th Annual Securities Operations Summit of ISITC, a financial services operations trade group.
ISITC, which develops standards and best practices, will feature Plansky’s session on Monday, March 25, 2019, at the InterContinental hotel in Boston.
When asked by FTF News about the biggest disruptor emerging now, the head of CRD, now a subsidiary of State Street, says that convergence is the most significant aspect of emerging technologies.
“More than any one disruptor, the convergence of disruptors … is what’s driving industry change,” Plansky says. “Collectively, these changes are shifting the power (and responsibility) from the sell side to the buy side.”
The dynamic has the power to bifurcate the asset management industry “into large-scale, cost-effective players and high-performing niche players,” Plansky adds. The situation will intensify “the battle for the end investor” while increasing the importance of technology “and changing the required skills and nature of industry work,” he says.
“Undoubtedly, the asset management industry is going to look different in five to 10 years, and successful firms with adapt — and perhaps even disrupt — their strategies, business models, product focus, organization models, target skill sets, and third-party relationships,” Plansky says.
For his session, “Financial Services Disrupted: Driving Business Change by Harnessing the Power of Disruption,” Plansky will speak to the need for financial institutions to embrace new ways of thinking and doing business, according to ISITC officials.
Plansky tells FTF News that he will cover a broader set of disruptive forces in his presentation.
“Disruptive technologies are just one driver of change underway in the industry, along with the ongoing industry de-risking that results from the many regulatory changes implemented since the global financial crisis,” Plansky says.
Among the drivers of change he will cover include the long-term shift from a defined benefit (institution-led) to defined contribution (individual-led) retirement savings regime, Plansky says. He will also discuss business model changes “that are disintermediating the industry and creating more platform-based businesses.”
As for specific technologies, Plansky will comment upon artificial intelligence (AI), blockchain/distributed ledger technology (DLT), augmented or virtual reality, cloud computing, and other emerging disruptors during his presentation, officials say.
Of course, the current crop of disruptors is not the first that Plansky has witnessed over his 30-year business career, he says.
The biggest macro-level disruptors he previously witnessed “include the opening up of emerging markets, the rise of the Internet and mobile devices, the Dot Com boom and subsequent crash, the global financial crisis, the rise of social media, and the sharing economy,” Plansky says.
Plansky will also delve into his experience with start-ups and industry incumbents, and will share his perspective on subjects such as working with fintechs, new business models, and accelerating transformational change, officials say.
These forces — and smaller ones — have shaped the work that Plansky has done in his time as CEO of Nervewire, his consulting work at Booz & Co. and then at PricewaterhouseCoopers (PwC) (after the PwC acquisition), and his experience leading State Street Global Exchange, he says. He joined State Street from PwC, and he led the U.S. strategy and global platforms businesses.
State Street bought CRD in July 2018 and by October 2018 had announced that Plansky would be serving as CEO of CRD, and would be overseeing the development of a new global, front-to-back office platform that would integrate State Street’s existing capabilities with CRD’s front-office offerings, officials say.
“With John’s diverse experience and leadership in the space, we are sure his expertise will provide attendees with the insights needed to understand the industry-wide shifts occurring, and will inspire them to drive change at their own organizations,” says Lisa Iagatta, chair of ISITC, in a prepared statement.
The summit, whose theme is “Financial Services Disrupted: Charting the Course,” will run from March 24-27, is expected to attract more than 200 industry executives, gathered to discuss subjects such as artificial intelligence and machine learning, the future of data management, DLT, application programming interfaces (API) strategy, and gender diversity in the securities trading industry, officials say.
ISITC consists of investment managers, broker-dealers, custodians, utilities and technology vendors focused on operational efficiencies across the securities industry.