Welcome to the Era of Customer Centricity in Wealth Management

A look at how technology puts investors front-and-centre

As technology continues to drive rapid evolution in wealth management, we’ve seen the industry’s focus shift over time from product, distribution and advisor to—at last–the customer (i.e. the investor). While it’s never been a question that excellent customer service should be the number one mantra of every wealth management provider, we’ve now entered an era where the investor is rightfully positioned at the heart of our business.

Providers that are doing “customer-centricity” well are harnessing data and insights to drive their strategies and technologies—gaining a deeper understanding of their investors’ needs, behaviours and aspirations and mapping services to them. As we prepare for the era of customer centricity in wealth management [INFOGRAPHIC], here are some key takeaways:

Customer centricity in wealth management means investors are calling the shots

Investors are not only looking to gain access to the best services and products, they also want to access them on their terms. From face-to-face interaction to full digital engagement, investors are in the driver’s seat when it comes to how they engage with service providers.

Investors want less talk and more results

Most investors are not interested in understanding or dealing with the complexity of the investment process; they simply want to achieve their specific goals. This triggers a need for mass-customization capabilities and goal-tracking. At the same time, investors will not accept substandard performance, which brings us to our next point:

Investors expect a seamless experience

With an abundance of choice in the wealth management industry, investors expect that their service provider should consistently meet their expectations. Or, they’ll easily find another. Fundamental deliverables, such as meeting performance benchmarks or communicating fees in a transparent manner, must be executed seamlessly. Leveraging technology to automate and consolidate these processes enables advisors to focus on more personalized aspects of relationship management.

Customer centricity in wealth management can be achieved by service providers who know their investor, personalize their experience accordingly, leverage an expert digital platform that can offer a hybrid experience for all investment products and accounts, and operate flawlessly by delivering six-sigma quality in all processes.

As such, the customer centric era is driving demand for integrated trading, asset servicing and compliance platforms, complemented with CRM to ensure customer intimacy and flawless execution. APIs on top of those platforms will enable firms to address and serve various investor segments by designing personalized investor experiences while sharing underlying core processes (e.g. a trade remains a trade regardless of the investor type).

If your firm is on the path toward customer centricity and its derivative themes—including digitalization, mass-customization, and goal-based investing—use Canadian investors’ feedback as your guide: access on their terms; less explanations and more results; and seamless delivery through a single, easy-to-use platform. What are the vehicles to get you there? Your technology ecosystem, platform and partnerships.

The post Welcome to the Era of Customer Centricity in Wealth Management appeared first on Univeris Goal Insights.

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