Customer experience is not a recent trend anymore. It has been at the top of everyone’s agenda for years and is now widely recognized as a key aspect of business strategy.
Gartner reports that more than 80% of financial institutions will primarily or exclusively compete on customer experience in the coming years and customer research shows that 25 to 30% may switch to a different wealth management firm within the next 12 months if important touchpoints such as client portal and reporting are not improved quickly.
This improvement needs to involve more dynamic flow of information on multi-device and should be personalized. Indeed, research shows that as technology improves, customers are actually more likely to speak to their firms about important investment decisions. It’s no wonder then, that customer experience will be a critical competitive differentiator.
Objectway recent discussions with over 25 CEOs shows that firms are focusing on achieving higher lifetime value for customers and stressed the importance of a seamless, personalized journey to provide real value in terms of customer experience. This also involves implementing an operating model which can integrate systems in the most efficient way so that data can flow freely and end to end customer journeys can be managed in an effective, seamless manner. In order to achieve this goal, a number of challenges will need to be overcome.
First and foremost, firms need to tackle the burden of legacy IT architecture, which has resulted in a disparate spaghetti IT architecture where systems don’t speak to each other, leading to excessive data, rekeying and multiple manual processes and significant time wasted on administrative tasks by people who could be adding value to their clients. Overall, this breaks a seamless customer experience. However, if we look at research out there over the next 12 months, more than seven out of ten firms intend to change their legacy IT systems indicating a positive outlook for change.
Objectway Customer conference will bring together leaders in the wealth management industry where we will discuss the challenges to offer a customer centric experience and also hear from key industry players about their own experiences and case studies.
They will discuss the major pitfalls and what best practice looks like in the change journey and also what is possible in terms of successful outcomes here and now as measured through quantitative and qualitative business metrics. We will also hear about what firms are planning to do next to keep evolving their offering in order to provide the wow factor to customers and strengthen their business.
We look forward to meeting you all there.