How do you allow your people to use instant messaging compliantly?
From 20 days to seven minutes is the time saving in small business loan approval times that fintech start up Kabbage has pulled off according to McKinsey’s article on breakthrough customer experiences published this month. Wealth managers used to a rather more leisurely pace – partly hindered by legacy systems and slow information retrieval – should take note.
In conversations about client experience in wealth speed is often an issue that gets overlooked. Amongst all the discussion about high touch, digital enablement, robo advice and so on, what we often forget is that most clients want to deal with their financial affairs quickly and easily, and move on. They don’t want to “engage with your brand” outside the small group of clients for whom the active management of their financial affairs and investments verges on hobbyist. Most clients, whether they are baby-boomers, generation X or Y, or millennials are not, realistically, that highly-motivated about how their money is managed.
In all the discussions about creating great client experiences, we often forget that you have seconds to impress not minutes. As UK telecoms regulator Ofcom said in August – “The UK is now a smartphone society” and the trends in the UK are reflected across the world – and not just in the more affluent parts. Smart phones are fast becoming ubiquitous and fast is the right word – 4G and larger handsets are combining to make personal computer power on the move the norm. Thus the speed with which we go from thought to action is no longer dictated by how long it takes us to settle in front of a computer. We don’t even have to stop moving (although the dangers of browsing while walking are obvious!).
Hearsay Social’s Clara Shih was in the UK last week and spoke at the Financial Services Forum’s annual conference for marketers. Unveiling the firm’s outlook and ambitions for the near future she said: “The big question for 2016 is how you allow your people to use instant messaging compliantly because it’s what clients want.” A growing use of instant messaging is an inevitable consequence of smartphone adoption. It is immediate and fast, and it demands attention in the way that the black hole of email increasingly doesn’t.
Instant messaging is no longer the preserve of texting teens. It is common within organisations and increasingly common between firms and their external stakeholders. HNWIs are no exception and in fact they are often early adopters of the new. According to Scorpio Partnership research “Those with over USD4 million spend nearly 5 hours a week using instant messaging compared to the 1.6 hours spent on this activity by those with net worth under USD500,000” .
Clients want speed and the wealth management sector may have to run fast to catch up.