Experts: Shelley Doorey-Williams, Partner, Wealth & Asset Management and Alan Thomas, Senior Associate, Advisory at KPMG. Facilitator:
Headlines:
- Post-Covid customers expect to have a robust digital experience with their provider.
- Eight out of 10 wealth management organisations are making their customer strategy a ‘high’ or ‘top’ priority.
- Wealth managers want to exceed expectations and in doing so reduce churn and up referral levels.
- To do that they need to be able to leverage data to deliver a personalised experience.
- Wealth managers firstly need to be able to draw in a variety of data, structured and unstructured, so that they can have the fullest view possible of the client.
- By feeding the data through personalisation engines, clients can thus have an experience more associated with social media and retail.
- Personalisation can also have an impact across the broader sales process.
- Data and personalisation underpin the whole process and the end result is an adviser who is empowered and confident in their decision-making process – and this delivers a value-added service that exceeds expectations.
Context:
COVID-19 has had a significant impact on digital consumer behaviour. With face to face having been banished during lockdown, consumers of all ages turned to remote and digital. This opened up new accounts online, accessing their bank or savings accounts online, and using mobile apps in record numbers.
This has led to permanent change and customers now expect to have a robust digital experience with their provider. No surprise then that improving customer strategy is a top-three strategic objective for wealth management organisations, along with improving service reliability and operational efficiencies. Eight out of 10 wealth management organisations are therefore making their customer strategy a 'high' or 'top' priority – they want to exceed expectations and in doing so reduce churn and up referral levels.
To do that they need to be able to leverage data to deliver a personalised experience.
Key takeaways:
- Wealth managers first need to be able to draw in a variety of data, structured and unstructured so that they can have the fullest view possible of the client. This includes portfolio information, trading history, research consumption, and associated segment statistical analysis. The aim is to find out why clients trade, what they trade, where and when, and then develop the products and services around that
- By feeding the data through personalisation engines, clients can then have an experience more associated with social media and retail (Google, TikTok, Spotify & Netflix) which is individual to them. For wealth managers, this means delivering information and services which are both contextual and relevant, to the device of the client’s choice, at the time they need it most
- Digital personalisation can have an impact across the broader sales process, from research origination and distribution to awareness of the client portfolio and interests, as well as behavioural analysis and event notification with future opportunities for automated controls, strategy suggestions, and education
- An advisor is required to make hundreds of real-time decisions when conversing with a client, to understand their individual position, financial objectives, risk tolerance, while trying to gauge relevance, suitability, understanding, and financial ability to perform a transaction while consuming multiple external market information feeds, such as price, volatility and market news within the confines of internal rules and financial regulation
- All these data points need to be ingested, calculated and presented to a client in a manner that is clear and easy to understand. The individual skill and expertise of the salesperson is key to performance but is by no means consistent or compatible across individuals. Data and personalisation underpin the whole process and the end result is an adviser who is empowered and confident in their decision-making process. This will deliver a value-added service that exceeds expectations
