It is important to remember that wealth management is not an island but part of a wider ecosystem. In a world where consumers have become accustomed to highly personalised and efficient service facilitated through technology, they will expect nothing less from their wealth managers.
Currently HNWIs give a very poor rating to the experience they receive when using the Internet and call centres – this must be a priority area and IT is pivotal to addressing it. Technology should empower customers to engage / understand and have total clarity over their investments.
One of technology’s greatest challenges is to individualise the client experience by developing deep customer intelligence, so at every interaction the customer thinks “they really understand me”. Consumers want to feel that advice and investment recommendations have been tailored to their needs, as opposed to meeting sales imperatives. This involves building deep CRM capabilities that can be mobilised to every customer contact point.
Mobile enablement of online services is also increasingly being provided to customers. Consumers want to be able to look at their investments in the way they choose, when they choose. Technology should enable customers to access real-time, personalised information about their investments 24 hours a day, seven days a week and 365 days a year.
There is also a need for much more proactive outreach to consumers, as opposed to letting customers trigger contact when dissatisfied or uncomfortable. For example, in volatile market conditions, as we have been experiencing over the last few months, regular updates can be given to customers explaining the situation and recommending possible changes to portfolios. These alerts must be highly personalised to each particular customer’s portfolio and risk tolerance.
Wealth management must fall into line with the broader customer service landscape, meeting consumer demand for immediacy, personalisation and convenience. The appropriate use of new technology is fundamental to meeting this demand.
How has your organisation leveraged technology to service your clients?