Wealth Management: How To Transform Your Customer Experience

Technology is Changing and You Should Too

Like it or not, technology is constantly revolutionizing the way we work and serve clients. Technology has the power to alter the nature of customer relationships and make groundbreaking changes regardless of industry. The digital revolution has been transformative within the banking and wealth management 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. 

These changes should be viewed in a positive light, as data can help improve their customer experience and build stronger business relationships. Through the power of artificial intelligence, it is now possible to gain insight into what clients truly need the most. This has drastically improved the accuracy of conversations and advice given to clients and allows 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 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 new found freedom on behalf of customers, wealth managers remain in the loop as the portal alert 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 them. Data can be utilized by wealth managers to increase their market share, as these new found investors seek tech-savvy data driven 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 tailors and simplifies the investing experience. This creates a need for wealth managers who have the ability to incorporate data and technology into their practices to better serve their customers with data driven decisions.  

Technology is now more important than ever before and will be critical in regard to the success of wealth managers moving forward. Those who understand technology, understand that it can be utilized as a powerful 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/impactful financial insights for their clients and for their firm.  

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 can serve their client’s needs. 

Aqueity has helped hundreds of Wealth Management firms Transform their business and ultimately their customer experience through. Need a hand transforming your business? We are here to help.