Offering a better customer experience through personalization
Mass customization in wealth management, a method of meeting the individual needs of clients through efficient mass-production processes, is trending. It’s an appropriate response to today’s savvy and demanding investor, who is looking to their provider for an experience that is collaborative, tailored, and seamless.
Mass Customization in Wealth Management is a New Competitive Advantage
For providers who have risen to the occasion and made the shift to a mass customized model, the by-product of that effort is a deeper understanding of investor needs and behaviours. As a result, this knowledge allows providers to offer perfect-fit solutions and even discard extraneous offerings, creating a unique client experience. Such personalization demonstrates to investors that they are being heard, which encourages engagement in the investment process, builds trust, and increases retention.
Technology Allows for Economies of Scale
Adopting a mass customized business model may seem costly, since providing customers with individual service has traditionally required extensive human capital. However, mass customization in wealth management relies more on harnessing technology to drive personalization and less on the manufacturing or development of a variety of products or solutions to satisfy all needs. This is how higher perceived variety can, in fact, lower volume.
Successful Mass Customization Requires the Right Technology
Advanced technology has made mass customization accessible to companies of all sizes. Powered by smart algorithms and modular design, the right technology can offer the investor, as the end-user, a personalized and engaging experience; while automation of repetitive, mass processes in the back office, such as compliance and client statements, enables the wealth management provider to remain profitable by operating more efficiently.
Ready to gain a competitive advantage through mass customization? Explore the five key technological strategies required for successful mass customization.