Wealth Management firms are facing challenges in providing the right set of information about their clients and about product & market details to their Relationship Managers which is impacting the efficiency and meaningfulness of client meetings.
This is reflected in the major trends observed in the area of Wealth Management:
- Improved client experience and advisor productivity:
- A tier 1 bank is focusing on transforming salespersons to play an advisory role.
- A tier 2 wealth management firm is aiming to improve advisor productivity by providing contextual information.
- Boutique firms are looking to give clients much greater control of their investment decisions.
- All firms are focusing on compliance and the suitability of products for clients.
Developing a relationship with investors
Exploring these trends further, we can see that the Wealth Management business is facing a key challenge with the provision of investor advice and engagement:
- Lack of time for advisors/Customer Service teams to aggregate data from multiple, disparate systems, providing the insights of the data aggregated and helping them to provide contextual advising.
- Lack of real-time, contextual portfolio and market information.
- Inability to get customer & portfolio insights to provide personalized advisory to customers.
- Addressing the requirements of a new set of clients who are tech savvy, use digital channels, and are reluctant to face-to-face meetings.
This has resulted in a disjointed investor experience resulting in customer dissatisfaction and advisor frustration.
Meeting the Challenge
To address the above challenges a solution needs to be identified which enables:
- A single pane view of all the customer information.
- Automation of transaction execution.
- Access to all of the product and portfolio information on mobile devices.
- Customer trade recommendations leveraging the framework to provide different perspectives and alternative recommendations.
- Tailored information and customer behavioural patterns to contextually map the next best action.
This framework aims to:
- Create a unified advisor front-end to efficiently manage daily tasks and gather real-time advisory that:
- Enables investment advisors to map customer behaviour and provide contextual advising.
- Provides timely tailored information to increase touch point with customers.
- Automates daily activities to free up time to manage more customers & portfolios.
- Provide actionable intelligence on products & offerings that:
- Leverages AI & ML powered data analytics to provide timely information on products, markets and customer portfolios.
- Exploits Machine Learning & Natural Language Processing to make intelligent inferences about customers’ emerging needs by incorporating demographic, transaction & interaction data.
- The key activities involved in building the solution framework are:
- How to leverage the stored data
- Efficiency in terms of aggregating diverse data sets/sources.
- Aggregates various types of data within the enterprise data sources
- Leverages the capabilities of cognitive analytics, and machine learning to create contextual insights for enhancing advisor efficiency.
- How to exploit Machine Learning & Natural Language Processing
- To make intelligent inferences about customer’s emerging needs even with some ambiguities in data
- To create more intuitive ways for businesses to seek information.
- How to leverage the stored data
- Combining and understanding the data is the key.
- We combine 3 sets of data – demographic, transaction, and interaction data – to create a wide-angle view of the client and their needs.
The above diagram gives a high-level view of the various sets of data available in the firms eco system.
- The key idea is to aggregate these sets to provide meaningful insights to various stakeholders.
- A holistic approach to get insights from the data to address the firms and advisors challenges leveraging RPA, AI & ML
The above diagram depicts an indicative target front office application accessed by Investor advisors or any customer-facing stakeholders. This application enables access through various user interfaces and provides holistic information at various stages of the client journey.
The business benefits delivered through this framework are:
- Improved understanding of customer investment drivers.
- Informed discussions about customer portfolio performance & market impact.
- Understanding the impact of new and prospective transactions on the overall portfolio and financial objectives.
- Identify & leverage cross sell opportunities.
- Tailor products more closely for clients sharing the same profile.
- Enhanced Advisor productivity by an estimated 20-30%. Advisors will be able to have more informative discussions in a higher number of customer meetings.
- Potential improved business by an estimated 20-25%. More productive customer meetings and contextual recommendations enable trust to be built and give access to an increased share of the customer portfolio.
The end-stage application will enable firms to provide more informative & interactive channels to connect with the customers.
With the above framework and benefits, as Brickendon we can bring in our expertise of our business process understanding and technology expertise to:
- Update CRM and Sales dashboards with the real-time status of the sales pipeline, including continuous traceability.
- Efficient workflow management for consistent follow-ups, and better visibility of the workflows created.
- Enable usage of multi-modal channels for advisors and customers.
- Faster onboarding through various digital channels and technologies.