How Wealth Managers Are Using Data To Improve The Customer Experience

How Wealth Managers Are Using Data To Improve The Customer Experience

Similar to other major industries, banking is becoming changed through technology and how it is used to alter the nature of customer relationships and represent brands within the industry. The digital revolution has been transformative within the banking industry in regard to how they interact with current and prospective clients. These clients now have new expectations, goals, and behaviors, all of which are informed by technology. In order to meet these expectations head-on, wealth managers must begin to incorporate data and technology into their daily practices.


This should be viewed in a positive light, as data can help improve the customer experience and business relationships. Through the power of artificial intelligence, it is now possible to gain insight into what clients truly need the most. This will drastically improve the accuracy of conversations and advice being given to clients and make for a more lucid view of investments.


Data’s Role


The amount of data being generated at any given moment is increasing day by day. AI, cloud technology, and mobile platforms have led to the proliferation of data that can be used by wealth managers.

Financial advisors now have the ability to gain a bird’s eye view of all of their accounts, and this view is updated in real-time. The result is improved visibility for both professionals and clients as financial planning solutions are being fed the data that exists in CRMs. With all of this incoming data, it becomes much easier to gain insights into the specific needs of each customer.


Using this technology, it is now possible for customers to make their own informed decisions without constant consultations. Online portals make it easy for customers to login, check their financials and make a decision on whether or not to buy that new motorcycle. Despite the newfound freedom on behalf of customers, wealth managers remain in the loop as the portal alerts these managers that inquiries are being made. This improves interactivity without the burden of having to wait to discuss financial status every time a decision needs to be made. 


Appealing to Prospects


Younger investors are becoming more prominent as we speak, and technology plays a massive role in appealing to the younger generations. Data can be utilized by wealth managers to increase market share, as these newfound investors seek tech-savvy businesses to meet their specific needs.


The expectations are simply different among younger customers, as they want to work with wealth managers who can use technology in a way that customizes and simplifies the investing experience. This creates a need for wealth managers that have an ability to incorporate data and technology into their practices, and decide which products are best for their customers.


Technology is more important than ever before and will be critical in regard to success as a wealth manager moving forward. Those who understand technology, understand that it can be utilized as a tool that improves customer experience and operational efficiency. This is exciting as wealth managers are in a position to reduce their busy work and increase time spent offering more informed financial insights.


As customers continue to look for wealth managers that can coach them with informed advice, wealth managers should look towards data as a way to stay ahead of insights and improve the ways in which they work with their clients.