In June 2019, we launched Ffyn, a start-up incubated, supported and owned by BNP Paribas Securities Services. Ffyn’s staff mixes funds distribution and digital expertises in a single agile team.
Ffyn aims to become a single source of information for the mutual fund industry by bringing together asset managers and investors on a centralised collaborative platform where they can access and exchange fund information easily and efficiently through an integrated messaging tool. The collaborative features of this messaging tool allows for a fluid and continuous exchange between counterparts. All discussions and exchanged documents are archived and organised by topic and discussion, ensuring they remain easily retrievable for the purpose of justifying diligence and complying with regulation.
Using cloud-based and artificial intelligence technologies, Ffyn tracks the latest qualitative and quantitative fund information, delivering it in a standardised format to enable fund investors to monitor their investments easily and efficiently from one central place.
Ffyn has been designed to enable investors to access personalised and standardised information, aggregated from a comprehensive range of up-to-date fund investment documents (Prospectus, KIID, Factsheet, ESG labels…) via a single channel. This solves the pain points of receiving information via different channels and in a variety of formats. By bringing the industry together on a single platform, Ffyn will help foster even closer relationships between fund managers and their investors.
Ffyn’s functionalities also include an extensive address book, which allows investors to contact any of the 600+ asset managers listed on Ffyn, representing more than 700 contacts.
The platform has been co-created with partners in order to address the specific needs of all players in the mutual fund distribution chain:
- Investors get an aggregated and up-to-date view of all their fund investments, enabling them to monitor their providers in one place. Ffyn also enables them to control the information flow from asset managers based on their preferences.
- Asset Managers are informed when their funds are selected or dropped into/off investors’ lists, enabling them to send targeted messages to investors based on their interests.
- Compliance teams get an aggregated view on the full chain of messages related to each fund for greater operational efficiency.
The solution is fully scalable and new features are developed on a quasi-weekly basis, primarily through co-design workshops with clients to ensure the product is customised to meet their requirements.
Today, Ffyn has more than 300 users among 78 clients (including Fidelity, Janus Henderson, Allianz GI, Generali, NN Investment Partners, DNCA Investments, BNP Paribas Wealth Management and BNP Cardif) and is expanding to new markets (Belgium, Luxembourg and Switzerland as a first stage).
Ffyn’s platform is also showing strong traffic growth. Since mid-March in particular, information volumes (including messages and document collection) have risen by a factor of three and a half. Ffyn’s collaborative approach has found an increased legitimacy in the current context, in a time when remote working has become essential.