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Elevating Collaboration: Harnessing the Latest Tools for Improved Customer Engagement

Michele Tanzi

Objectway Market Solution Director


Hello everyone and welcome to the fifth episode of this podcast series. I’m Michele Tanzi, Market Solution Director at Objectway and today I’ll be counting down to OWIN23 by discussing how harnessing the latest tools can lead to improved customer engagement.

But before diving deep into the topic, let’s assess the basics with a closer look at the industry and how it’s changing in terms of operating environment and particularly client behaviour.

Client behaviour in wealth management is evolving rapidly, driven by technological advancements, changing demographics, and shifting market dynamics. Today, clients are seeking, or better demanding, tailored solutions that meet their unique needs, rather than generic investment products. They are looking for personalized advice, based on their individual circumstances, goals, and risk tolerance. And they won’t settle for anything less. That’s a fact.

What’s more, digitalization is transforming the way clients interact with their wealth managers as they increasingly expect a seamless, online experience that assures them access to their global wealth including protection and not financial assets, investment performance, and market updates anytime and everywhere. And this is again non-negotiable.
Finally, they are showing a growing interest in sustainable investing and looking for investments that promote positive ESG outcomes. This is crucial.

So, won’t settle for anything less, non-negotiable and crucial are all terms that seem to recall a sort of categorical imperative which means firms must keep pace with changing client behaviour, adopting a more tailored, sustainable, technology-driven service to meet evolving needs through wealth management in innovation and digitalization.

The assumption to this podcast is therefore that Client Engagement is function of Client Behaviour and the actions and tools an organization sets up to engage with the client.
Now, image a wealthy individual who wants to manage his wealth effectively. In the past, this might have required phone calls, emails, and in-person meetings with the wealth manager. But with the advent of client portals and wealth management digital platforms, things have become much more streamlined and efficient, both client’s and wealth manager’s side.

Let’s start with the client portal. The client can log in and access his account information, global wealth and personal finance, investment statements, and other important financial documents in one centralized location, see real-time actionable tips on his family needs – and receive alerts when there are changes to his accounts. He can also communicate directly with his wealth manager using secure messaging tools, which helps to build a stronger relationship and enhance collaboration. And chatbots can provide quick and personalized answers to client frequent questions.

But that’s just the beginning. The wealth management digital platform takes things to the next level. With automated processes for routine tasks like account opening and portfolio rebalancing, the platform frees up more time for wealth manager to focus more value-added activities, notably providing personalised investment advice and strategies to the clients. The data analysis and insights provided by the platform through AI algorithms that can support identify customer needs and preferences and help advisors make better-informed decisions and customize their recommendations.

Collaboration between clients and advisors is therefore enhanced and thanks to a range of communication tools advisors and wealth managers can work together in real-time. And more of all, soon advisors and clients will be able to work in a virtual reality space having a truly immersive experience.
By harnessing the power of latest digital tools wealth managers can provide a seamless and intuitive experience for their clients, while also streamlining operations and improving efficiency. The result? A more engaged and satisfied client base, leading to stronger relationships.

Stronger yes, but we must not forget, conscious! Indeed, the secret formula lies in designing and delivering continuous innovation to provide easily accessible tools to make sustainable investment choices, together with delivering an operating model aligned to client lifecycle management to be client centric and deliver client outcomes deriving from conscious relationships.

This is just a glimpse and I look forward to having you all at our upcoming Customer Conference where we’ll be digging into the topic even more!