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Produced by:
Niral Parekh
COO, Atomos Wealth
Wealth management firms need to look at a hybrid approach, using digital technology where appropriate to enhance rather than replace relationships.
How can wealth management firms serve their clients better?
The changes in consumer behaviour over the last few years now have been that most people are comfortable completing purchases and tasks through digital technology, often with little or no human engagement. But wealth management falls into tricky ground. There still needs to be human interaction as clients need support with the reality of the big life decisions that wealth management brings, but don’t want to speak over the phone and may want to physically meet somebody.
To support these clients without compromising on service, wealth management firms need to look at a hybrid approach, using digital technology where appropriate to enhance rather than replace relationships. For clients, the end result will be that they can seamlessly switch between online and offline interactions in a way that suits their needs and offers greater transparency of their financial affairs.
Does the wealth management industry take data analytics seriously enough?
Client service and experience should always be one of the main focuses for wealth management firms. But over the next few years, the wealth management industry needs to take data analytics and digital technology very seriously if they want to keep improving their customer’s experience. As an industry, wealth management is already playing catchup when it comes to data, as the existing data held requires a lot of cleansing and there is more customer understanding to be achieved. Firms that haven’t already started this data journey are at risk of being left behind.
Once data is in a usable form, artificial intelligence and deep learning machines can be used to create insights far quicker than any human analyst ever could. This insight can then be used by wealth management firms to have more meaningful conversations with their clients and improve their overall experience.
Over the next few years, the wealth management industry needs to take data analytics and digital technology very seriously if they want to keep improving their customer’s experience.
As clients have now become more comfortable with self-serve digital technology, they expect every technology interaction to be frictionless.
Will investment in digital technology slow down within wealth management?
Wealth management as an industry is increasingly investing in software and other digital technology. This is partly due to the changes in consumer behaviour we mentioned earlier. The global pandemic forced businesses in every industry to change the way they serve clients, and wealth management was no exception. As clients have now become more comfortable with self-serve digital technology, they expect every technology interaction to be frictionless. To continue meeting these expectations, wealth management firms will need to continually invest in their digital technology.
Alongside this, investing in digital technology also gives businesses the opportunity to find new efficiencies in an increasingly competitive marketplace. Any opportunity to reach new clients or serve existing ones in a more efficient manner should be considered seriously by any wealth management firm. When you consider these two factors, and the fact that digital technology is easier to implement than ever before, investment will only continue to rise across the wealth management industry.
About Atomos Wealth
Atomos Wealth helps their clients find long-term financial wellbeing through a combination of personalised face-to-face service and digital tools.
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Assured Thought is a quality assurance and software testing company for financial services firms in the UK, Europe and beyond.
With the right QA testing strategy, access to the right tools and resources, and the support of high performance specialists, you can accelerate the growth of your business and reap the rewards in a complex world.
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