From Access to Impact: Why the Future of Investing Is Built on Trust, Infrastructure, and Inclusion

There are times when financial markets evolve gradually, and then there are moments when the direction itself begins to shift. This feels very much like the latter.

Across Europe, capital markets are moving closer to the center of everyday financial life. What was once seen as a specialist domain is becoming increasingly relevant for a much broader segment of society. This is driven by a combination of factors: demographic change, the limits of traditional savings models, and a growing awareness that long-term financial security requires a more active approach.

For Raiffeisen Bank International, this creates a particularly interesting starting point. We have strong and long-standing customer relationships, combined with a footprint in Central and Eastern Europe where capital market participation is still developing.

That combination creates opportunity, but also responsibility. Because expanding access is not just about availability. It is about confidence.

And perhaps that is one of the more subtle challenges in banking: making something accessible without making it appear trivial.

Because infrastructure quietly defines the boundaries of what clients can experience.

Every investment relies on a sequence of processes: execution, settlement, custody, asset servicing, reporting. When these processes work seamlessly, they remain largely invisible. When they don’t, the impact is immediate and very tangible.

What has shifted is not only technological capability, but expectation. Clients increasingly assume that information is available without delay, that processes are reliable, and that systems are connected.

This brings securities services into a different light. They are no longer just a post-trade necessity; they are becoming a precondition for scalability, transparency, and trust.

“Good infrastructure does not draw attention to itself, but it shapes every experience.”

Modernizing this layer is therefore less about optimization in isolation, and more about enabling the entire investment ecosystem to function more smoothly.

Their role is becoming more central and more visible.

Latest available data from institutions such as the European Central Bank and Eurostat shows that European households continue to allocate a significantly larger share of their financial assets to deposits and cash than their US counterparts, roughly one-third in the EU versus closer to one-tenth in the United States

This reflects a structurally more bank-oriented financial system in Europe, where participation in capital markets remains comparatively lower. This gap is not just a statistic, it reflects a structural imbalance.

Greater participation in capital markets allows individuals to benefit more directly from economic growth, supports long-term wealth creation, and encourages diversification. In that sense, it is not about promoting risk but about enabling informed participation.

This becomes even more relevant when we consider pension systems. Demographic trends are well understood, and they point toward increasing pressure on public provision. Strengthening the second pillar, capital market-based retirement solutions, is therefore not a matter of preference, but of necessity.

From a broader economic perspective, we require deeper capital markets to channel more investments into key growth areas for EU innovation and competitiveness – like Artificial Intelligence, Infrastructure, Energy resilience and Defense. 

For that transition to succeed, investment products must meet three conditions: 

• be accessible,
• be understandable,
• be trusted.

None of these can be taken for granted.

Neobrokers have brought valuable momentum into the market. They have simplified access, challenged cost structures, and redefined what clients expect from a digital experience.

That shift has been important and, in many ways, overdue.

At the same time, their primary focus is often on enabling transactions. And while accessibility is essential, it is only one dimension of long-term wealth creation.

The role of banks is evolving accordingly. Not as a counter-model, but as a continuation.

We have the opportunity to build on what has improved and extend it into areas where depth and continuity matter. That means supporting clients not only at the moment of execution, but throughout their financial journey as portfolios develop, as objectives change, and as long-term planning becomes more relevant.

It also requires connecting the full value chain: When intuitive front-end solutions are supported by efficient execution, reliable custody, and high-quality servicing, the experience becomes consistent - and consistency is what builds trust over time.

“Accessibility may open the door, but trust is what keeps clients engaged.”

Especially in the context of retirement planning, that distinction becomes critical.

We are moving toward a more integrated and industrialized model, although the transition is gradual rather than disruptive.

Automation is increasing, particularly in areas such as settlement and corporate actions. Data is becoming more standardized, which improves scalability and interoperability. At the same time, expectations around transparency and timeliness continue to rise.

Looking ahead, digital assets and tokenized instruments will expand the scope of what existing infrastructures need to support. These developments will not replace current systems overnight, but they will reshape how flexible those systems need to be.

The challenge is to evolve the infrastructure without compromising stability to modernize in a way that reduces complexity, rather than shifting it elsewhere.

Our presence in Central and Eastern Europe is a clear advantage. Many of these markets are still developing their capital market ecosystems, which creates both momentum and opportunity.

We can play an active role in increasing participation, improving access to investment solutions, and strengthening market structures. That is a very tangible way to contribute to both economic development and financial inclusion.

At the same time, we operate in a broader European context. Capital markets are increasingly interconnected, and our ambition is to develop solutions that are locally relevant, while aligned with wider standards and developments.

Balancing these two dimensions, regional strength and international connectivity, is where we see significant potential.

Success, in my view, is closely linked to relevance and trust.

If we manage to make investing more accessible without oversimplifying it, if we combine ease of use with substance and responsibility, then we are moving in the right direction.

Ultimately, it is about whether clients feel confident engaging with capital markets not just occasionally, but as part of their long-term financial planning.

If we can support that shift, we are not only creating value for the bank but also contributing to greater financial resilience more broadly.

And that is, I believe, a meaningful ambition to work toward.