04 Aug 2014

Navigating to tomorrow: serving clients and creating value within wealth management

Having read the Global Private Banking and Wealth Management Survey 2013 by PWC, we can

04 Aug 2014

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.

novastone Thinks:

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.

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