Why now?
Wealth and Asset Managers lag behind retail banks in their process digitization efforts, and have many manual, paper-based processes where powerful solutions have emerged. And stakes are high, even for the wealthiest...
"63% of European HNWIs would consider leaving firm for a lack of channel integration, and even 80% for the younger ones (<40 years) "
- CAP GEMINI
"1/3 of respondents: digital sophistication as a top reason for choosing a wealth manager"
- BCG
But what types of digital experiences are actually providing value for clients?
Wealth and Asset Managers aspire to provide digital experiences to connect with advisors, clients, employees, and partners in compelling and meaningful ways. New customer experience platforms can:
- Raise their exposure/visibility in the market
by using engaging marketing and thought leaders that is social media and mobile-ready
- Increase sales or optimize cost structure
by using predictive analytics and measurable, personalized self-service experiences
- Add value to the customer experience
by providing better services & reporting through mobile-ready content and Big Data
- Improve productivity
According to Generation D research, "the digital revolution offers more than the chance to connect advisors more directly and effectively with your clients. Digital tools can also boost advisor productivity."
By adopting disruptive digital technology the client and advisor experience is transformed for the better.
View these benefits:
Status quo: Non-Luxury customer experience
"78% of buyers claim salespeople do not have relevant material"
- Forrester Research
Financial analysts and advisors provide their investment clients with stale, out of date, and untrackable pitchbooks/factsheets delivered as PDFs. There is a need for an automated and engaging communication medium to not only save time, but to immediately provide accurate information to clients in a way that captures their attention, keeps it there for the long run, builds trust and a lifetime of cross-sell and up-sell opportunities.
To deliver this engagement, advisors & analysts must modify their existing communications to ensure that:
Information is up to date, immediate, compliant, and accurate. We live in a world of intelligent apps and websites. We’re at the point where you can tap on your smartphone and summon a car, get a price, and track your trip every step of the way. That kind of 'Uberization' is showing up in every facet of our life, including investing.
Clients are engaged and their engagement is trackable.
“49% of business decisions are made using quantitative information and analysis — they base the rest on subjective factors such as experience, gut feeling, or opinions”- Forrester
Disrupt or be disrupted
"65% of bank and financial services executives say their businesses will be 'moderately' or 'massively' disrupted by digital technologies in the next 12 months"
- Forrester
What's the impact of missing on the digital opportunity? How can Wealth and Asset Managers spearhead the inevitable trend of complete digitization throughout the entire investment journey?
4 losses of remaining in the dustbin of digital experience
Time wasted on updating stale reports & pitches manually
50% of knowledge workers time is just spent looking for the right information. Imagine the further cost of expensive people doing design & styling work they are not trained to do well.
Customer Churn. Missed opportunity for early engagement via personalization, understandable self-service presentation, accessible on any device with all relevant resources instantly in one place.
The potential impact of tracking engagement:
"A wealth management firm reduced customer churn by 50% for customers who it thought were important to retain...by identify[ing] clients' behaviors that indicated likelihood to churn" - Forrester
Lack of Insight. Without data tracking advisors have no idea how their clients react to their investment recommendations without spending time investigating.
"2016 survey respondents report on average that only 49% of business decisions are made using quantitative information and analysis — they base the rest on subjective factors such as experience, gut feeling, or opinions" - Forrester
Barriers to Engagement. Current paper-based means of communication will not appeal to younger investors:
"Social media presence key to attracting younger investors - 40% cite social media as important for accessing information but also 36% for engaging with Wealth Managers and firms" - Forrester
6 wins from an interactice document experience
- Guaranteed ROI through advisor & analyst time saving on automation features. Integrate into existing workflows and tools for an advisor population that tends to be older / set in its current workflows.
- Engage clients with personalized, interactive and up-to-date pitchbooks accessible on any device with embedded, rich content and calls to actions.
- Reduce customer churn by determining what factors in Factsheets/Pitchbooks are most relevant to customers via data analytics.
- Save time researching and investigating customer priorities through granular analytics. Pay attention to the client's digital body language.
- Share content seamlessly (and securely) across all platforms & channels including Mobile/email/Twitter/Facebook/LinkedIn/WeChat. Reach customers where they spend most of their time. Avoid app-fatigue and portal-fatigue.
- Compliance, audit trails, operational risks, KYC, DOL Fiduciary Rule, MiFID II (automated services can facilitate the recovery of the needed documentation)… in a more and more regulated landscape.
Where to start? Bring these PDFs to life...
New client onboarding
Performance summaries & interactive reports
Investment reviews
Pitchbooks
Client business planning
Site visit and finalist presentations
Institutional insights collateral
Outcome assessment presentations
Examples
Author
The fastest way to build digital experiences. We empower businesses to convert PDFs, presentations and other content into interactive experiences & webpages with instant branding, analytics & more
