Ameriprise Financial and RiverSource Investments
SIZE OF FIRM:
WHAT IS YOUR FAVORITE PIECE OF PERSONAL TECHNOLOGY?
WHO IS THE MOST ADMIRABLE TECHNOLOGY EXECUTIVE OUTSIDE OF THE FINANCIAL COMMUNITY?
The "webification" of things is going to change our lives. It's fundamentally the ability to enable objects to become part of the Web. It can be anything as simple as a laundry dryer that reaches out and calls home when it needs help, but also is programmable through the Web. So as new fabrics come out, the appliance company can sell you new programs to optimally dry those fabrics. I think the implications are just amazing. That will certainly carry over in some ways to financial services.
Key Technology ManagementN/A
Size of Technology Team:N/A
Percent of IT Projects Outsourced:N/A
Key Technology Partners:N/A
Success Metrics:As we approve investments, we do a rigorous cost-benefit analysis that includes both financial and nonfinancial indicators. On a periodic basis, we review the outcome against the expectation. The metrics that are associated with our investments are automatically put into the plan. If I say I'm going to invest $1 million in a new service transaction that is going to save me $2 million a year, my budget just got cut by $2 million next year. It creates a balancing mechanism between the desire to get the funding and not wanting to over-commit so that you can't deliver.
2008 INITIATIVESClient Web Site
We need to build out our client Web site to complement what we've done for our advisers, and turn the client Web site into a place where clients can have collaborative interactions with advisers.
IntegrationData and business integration, including the way we work with business partners.
TOP 3 CURRENT PROJECTS
Completing Separation From American ExpressThere are three components: having your own physical infrastructure; deploying a whole new set of systems -- general ledger, human resources, etc. -- for which we used to rely on the parent; and creating or copying existing capabilities that were shared.
Financial Adviser Technology ReplacementWe've gone to a release basis to fundamentally swap out the vast majority of the software and capabilities that our financial advisers use today. It covers everything from helping to identify prospects, turning those prospects into clients, helping clients to express their dreams, translating those dreams into plans and executing those plans.
Roll Out Active PortfoliosActive Portfolios is a new product that makes institutional-level investment management available to retail clients, based on their financial plan.