Jason talks to Laurent Bensemana, President of Ndex Systems. Ndex systems is a portfolio management software providing clean or scrubbed data for the industry. Ndex is a custodial-based company established in 1999. Laurent’s original objective was to build the ideal assistant for the financial industry. They never saw a distinction between money managers for retail brokers, discounters, product manufacturers.
Episode Highlights:
- 3.11: To expand our coverage, we have to ingest data from any source because clients don’t have all of their wealth with one firm, says Laurent.
- 5.45: The client wants to pay for advice, but they don’t want to pay for the data entry. So we started offering that to the accounting industry to help them quickly reconcile and normalize the data to feed it into their accounting systems, says Laurent.
- 13.15: If you want to have the best in class for everything, it’s not going to be one product. It’s going to be something that integrates the best in class, says Jason
- 17.25 The value that gets built off a platform is greater than the value of the cost of the platform itself.
- 19.00: Ndex gives a firm commitment and puts it on paper that your data is your data. Laurent explains that they are not here to sell data to any other group. What they do with a user’s data is they feed the application to capitalize on the Ndex tools and provide the data to whomever the user instructs them to.
- 23.22: The financial industry, as the independent, believes in the human contact of the financial sector and how important it is in the comfort it brings to the investor.
- 26.52: Laurent says that they are not looking to compete with another technology platform. They are open and want to work with their competing technology platforms to alleviate their arduous tasks and focus on things that are much more interesting and unique to their offering.
3 Key Points
- Ndex has become a data bridge no matter where the data resides or what format it resides in. We can ingest the data, reconcile it, normalize it, and put it out to use either Ndex or peripheral tools that are best in their particular market segment, acclaims Laurent.
- Easily 50% of what we do, whether development or business orientation, is our colleague’s and clients’ feedback, says Laurent.
- The financial industry’s competition is not the financial firm next door. The financial industry competition is with Apple, Microsoft, Google, Facebook, and Amazon.
Tweetable Quotes
- “One of the greatest compliments we get from the custody industry is that they tell us clients who deal with Ndex seldomly call them for data issues because we clean up their data. However, we understand that their task is also complicated and demanding.” – Laurent
- “Plaid and other data aggregators have figured out how to tie into different bank accounts worldwide, cleanse that data and give someone a standard data format.” – Jason
Resources Mentioned:
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