MARCH 1, 2021

Digital Areas Needing the Greatest Change

David Wilson

Senior Business Development Manager

Reading time: 2 min


Digital Integration in Wealth Management is a journey that most firms will need to undergo, but it does not need to be scary.
What are the main areas that need to evolve?

Looking at the customer lifecycle, lots of processes cause bottlenecks and delays.
Some firms tell me for example, that onboarding a single customer can still take a long time: 6 weeks in some cases or even longer. There are too many breaks in supposedly automated procedures, too many manual operations that are managed in unconnected business silos.
Procedures effect all areas, not just clients, but interaction with external 3rd parties, Corporates and IFA’s. All are candidates to automate the information delivery and remove old style delivery like post.

Secondly is what we call opti-channel, which allows clients to use the best suited channel for the task they are doing. For example a simple SMS to acknowledge receipt on your mobile, to having virtual meetings or face to face for more relationship building activities on your tablet, all the while recognising the ability to switch at any time between those channels to continue the task.

Removing paperfrom the process especially within the last year has accelerated: uploading documents immediately on your app or tablet is now standard practice and signing contracts on your tablet is becoming more normal.

Finally it’s important to use the vast amount of data that all firms have but don’t use. Building behavioural insights with your customers, so that you can really hyper-personalise

your service offering, increases your brand awareness, enhances your pedigree, a sense of real professionalism and trust with your clients to level never seen before.

Wealth firms are already on this journey or not?
Find out more attending our speech at the event Digital Integration in Wealth Management, the 3rd March 2021.

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