Expert: Chris Ansara, Alt/Ave. Facilitator: Paul Miles, Silverback Consultancy
Headlines:
- Client expectations have fundamentally shifted and accelerated during the pandemic
- Client interaction with their wealth manager has also changed
- Being able to review and streamline your processes will be paramount, as will adopting technology-enabled client communications
- Sending out paper documents will cost around £2m and emit 500,000kg of CO2 emission yet 72% of wealth managers rely on paper
- EY says millennials plan to use 78% more digital and virtual tools against only 31% of Baby Boomers
Context
Despite understanding the importance, reducing paper-based documentation and digitising the client onboarding process continues to be a key challenge for businesses.
Another challenge is maintaining trust while delivering vital information to clients across multiple channels.
While there is new technology available to free up time and resources as well as retain and improve those all-important client relationships, much of this is still not being fully appreciated – or indeed understood.
Operating across different landscapes in which there are different ecosystems as well as lack of integration, also does not help.
Key takeaways:
- There is technology available today that can produce both client and regulatory documents securely and which can be integrated into any other technology – ALT/EVE’s docStribute is one such example
- Businesses need to invest in technology to achieve client engagement, and hybrid models will continue to require solutions
- Currently though only 40% of technology spend is on clients, and only a third of businesses have a clear strategy in place
