Expert: Hakan Kocabeyoglu, EVP of Product at Unblu Facilitator: Karl Cranswick, Director at Solve Partners
Overview:
Deeper levels of client engagement within wealth management promote customer loyalty, potentially up share of wallet and increase the likelihood of customers making positive recommendations to their network. But how can technology be used to facilitate this?
Key technology tools that can be used include AI and other digital tools to enable more frequent, personalised and compliant client interactions while balancing human relationships. It was acknowledged that clients value convenient engagement frequency and channels and compliant messaging platforms aligned to clients’ preferences versus restrictive IT policies to drive adoption and facilitate this. Other digital tools like embedded messaging, voice and video can also facilitate outreach.
Participants discussed other ways to exceed client expectation by focusing on understanding clients’ preferred engagement methods, ensuring convenient but secure channels, and augmenting advisers’ capabilities to serve more clients and reduce administrative tasks adds significantly to satisfaction and engagement from clients.
The discussion then concluded with agreement on the need for authentic communication, scaling capacity through digitisation, and value-added assistance from technologies like AI rather than full replacement. Technology should build trust and understanding between advisers and clients. For example, AI chatbots can work to help the onboarding experience, as can adviser desktop assistants surfacing relevant information during client conversations. But both rely on human support.
Key findings:
- Deeper levels of client engagement within wealth management promote customer loyalty
- Key technology tools that can be used include AI and other digital tools to enable more frequent, personalised and compliant client interactions while balancing human relationships
- Focusing on understanding clients' preferred engagement methods, ensuring convenient but secure channels, and augmenting advisers' capabilities significantly increases client satisfaction and engagement
- Technology should build trust and understanding between advisers and clients rather than be a full replacement
