Having read the Global Private Banking and Wealth Management Survey 2013 by PWC, we can see that the “quest for operational efficiency and differentiation through technology continues”, with a rapid evolution of wealth manager’s use of digital technology about to take place. PWC foresee the use of social networks in wealth management climbing by 40% in the next two years, and mobile and tablets growing to represent almost 85% of client infrastructure for managing the client experience. Henceforth, PWC states that CRM’s will need to adapt to digital communications with clients in order to take advantage of the opportunities to influence and interact with wealth communities, delivering brand defining messages, while monitoring client sentiment in real time and in a convenient and easy way.
“Today, investing in systems that enable detailed profitability analysis per client is a ‘must’.” CEO, EMEA, private bank.
What does this mean for the wealth management industry? Operational efficiency, client retention, unified on-brand experience, bespoke marketing channels and enhanced client communication are essential to the wealth management industry. Digital solutions therefore have a lot to encompass; real time engagement that can be monitored and acted upon effectively provides a unique opportunity for both wealth managers and their clients that must be captured. and are leading the way
Firms who provide a digital experience that meets the demands of their client, whilst implementing a solution that can capture, measure and use data for performance or audit purposes will lead the way for management and differentiation within the wealth management sector. From the back office to a client using a mobile application, digital solutions provide a new level of engagement for all, and therefore we believe that the future and longevity of wealth management lies in implementing the right technology now. Become a digital leader within the wealth management sector with our digital chat solution, WealthChat.
Will you be taking advantage of the digital evolution in wealth management? How would you feel about communicating with the wealth management community digitally? Leave your thoughts in the comments box below.
Accenture’s recent report has revealed that ‘global investment in financial technology (‘fintech’) ventures has more than tripled during the last five years’, with customers driving the demand for fintech solutions. Particular growth has been seen in London, now regarded as the european capital of Fintech, with the trend expected to continue for the foreseeable future.
Banks are recognising that small fintech companies hold answers to many of the challenges they face and by acquiring or investing in them, enable them to make way for innovation. ‘For consumers, the biggest bonus of the new wave of fintech innovation is that it is putting them in the driver’s seat. Consumers are demanding mobility, transparency, instant access and competitive products from their financial providers. Instead of banks pushing out products, consumers are increasingly aggregating information online from a range of providers about the service they want, and selecting the most competitive option.’
Mobility is not limited to social interaction, but is increasingly desired in all aspects of our lives, including banking and wealth management, and therefore investment in fintech is becoming an essential requirement for all wealth management firms. Acquisitions of smaller companies and products lead the way in developing a robust digital offering by providing large institutions with an agile engagement platform with the user at the heart of the experience, which can be implemented quickly and effectively.
How do you feel about the banks acquisition of and investment in fintech companies? Do you think this is the way forward for the financial industry? Does this meet consumer needs? Leave your thoughts in the comments box below.
Socially mobile HNWI prefer to communicate via digital channels. The potential to not only satisfy but go beyond client expectation is an undeveloped area for wealth management firms. The ability to offer a fully integrated solution that enables firm, advisor and client to support and strengthen their relationship, whilst offering a new mobile experience is key to the future of wealth management.
This report from My Private Banking discusses the impact of mobile applications within advisory services.
Mobile Apps for Financial Advisors and Wealth Manager, MyPrivateBanking Research March 2013
“Mobile applications to support client interaction and advisory services will become one of the most industry-disruptive, but potentially most rewarding developments in the wealth management sector.”