Digital wealth management – Why it’s essential to better fulfil your customers’ needs

Wealth Management is a very precarious field of finance industry. Discerning clients, who expect an elevated user experience burden account manager with a solid amount of trust regarding their personal finances.

Companies often merge these financial obligations with something that is nothing short of concierge services, further expanding the field of activities they engage on behalf of their most affluent clients.

With current banking climate encouraging seeking out the next best thing, only estimated 37% of clients choose to be faithful to their primary financial institutions instead jumping ship as soon as a better opportunity or better service arise on the horizon.

So what is the solution? How can banks and financial institutions hold on to their customers and at the same time stand out among equals in the battle for the ultimate service provider? The obvious answer seems to be: customer care.

It is often as simple as that. Customers who require pampering will tend to stay with the institutions that pamper the best. And best is often defined by the smallest of things. Thins such as efficiency, the precision and the smoothies of user experience. The whole aspect of how customer interacts with the product.

Digital Wealth Management strives to provide solutions in these key areas. Special point being keeping the customer well informed and leaving no question unanswered. This requires a knowledge base but also implies heavy use of chat bots and virtual assistants that are powered by the latest in artificial intelligence and thus can take the strain off of the support staff in simplest cases and requests.

Let’s look at one of such propositions: Comarch Wealth Management is part of global IT solutions group Comarch, which has its headquarters and origins in Poland. The firm offers an integrated, multi-module platform dedicated to retail, affluent and private banking client segments.

The platform supports wealth management service providers by focusing on the relationship and cooperation between advisors and wealthy clients regardless of the way client investments are managed, be it fully automated robotic-advisory with the help of a chat bot, or personal advisory carried out by a relationship manager.

As mentioned, wealth management is all about catering to clients’ needs, indeed the next step is predicting these needs, both in terms of their financial future and the way they do banking.

These areas mainly focus on intelligence, data analysis and understanding the clients’ preferences, needs and behaviour, and in fact all these elements bring different deliverables, but they really closely interconnect.

As Steve Jobs put it „be closer to the customers in such a way that you will tell them what they need before they realise it.” To achieve this the system integrates the conversational intelligence with the knowledge base to create the ultimate in virtual assistance.

These areas mainly focus on intelligence, data analysis and understanding the clients’ preferences, needs and behaviour, and in fact all these elements bring different deliverables, but they really closely interconnect.

While caring for customers one mustn’t neglect the employee experience. It is the attitude of the workforce that will pay dividend in from of customer satisfaction and loyalty. Nowadays over 90% of businesses concentrate first on customer experience often neglecting the workers, who constitute the first line in customer care.

The employee should be the centre of attention, they should be able to follow their journey like customer journey, the employee centric tools should meet employee needs, serve their challenges, save their time. They can then relay the benefits to the client.

The system provides a solution that is based on two pillars that fuel the employee experience. First of them driving productivity is recommendations based on customer behaviour. And the second is automation of repetitive tasks by technology to free up human resources for added-value initiatives or relationship management.

AI can help enable both these elements to create a far better employee experience and improve productivity, especially as this is wealth management and we know that employee experience influences the customer experience.

This approach makes Comarch Wealth Management an all in one tool that provides institutions with expanded business through retained customer loyalty and enhanced experience both for the employee and end-user. A worthwhile investment for any business seeking to provide a world class wealth management service.