In the quest to rapidly generate revenue Wealth Management firms require three “magical” pillars that, together, simplify and accelerate operations for both firms and customers: Digital Contract Management (DCM), electronic IDentification Authentication and Signature (eIDAS) with qualified eSignature, and eIDAS with Public Digital Identity System (SPID).

PILLAR #1: DIGITAL CONTRACT MANAGEMENT

No competitive contract management activity can be carried on without digitalization today. The advisor badly needs to request less time to the prospect, and to reduce paperwork. A digital contract management system can do all the checking automatically, and clear unnecessary documentation requests, with the goal to complete onboarding in a single meeting.

PILLAR #2: ELECTRONIC IDENTICATION AUTHENTICATION AND SIGNATURE

A shorter path to onboarding is not enough, though. Signature has long been a critical phase of the process. Finally eIDAS came, as a regulation and set of standards for eSignatures and eTimestamp at European level. When eIDAS meets DCM, forms a complete digitalized path from the customer approaching the firm to the final act of onboarding.

PILLAR #3: PUBLIC DIGITAL IDENTITY SYSTEM

Paperwork, identification, and authentication: SPID is the third element in the digital transformation of the Wealth Management business. The system certifies that the client – the one that is electronically signing the document either in front of the advisor, or remotely – is that person, not an impersonation or a fake. And, thanks to recent European rulings, is poised to provide authentication at a continental level. As SPID certification is validated by from a trusted source, it works internationally. Today, only a handful of private organizations support it, but it’s already theoretically possible to use an Italian SPID to authenticate towards a British bank, just to make an example.

THE KEYSTONE

The three pillars of a pan-European and digitalized Wealth Management are a great promise… that is to be implemented to pay its dividends. It’s therefore necessary to create a platform to integrate and harmonize all these components, to make seamless and multichannel solutions that are actually deployable and effective in reducing costs and increasing performance for a Wealth Management firm.

All that to give the advisor the means to reach the client across every branch of its customer journey, for instance, facilitating communication and interaction through every conceivable channel (from an institution website to WhatsApp), regardless of the device.