Wealth management firms recognize the need for digital transformation to meet client expectations and enable themselves to manage business remotely. While the urgency to turn to digital solutions is present, finding a solution that addresses the business imperative of client engagement, while adhering to the stringent security and compliance requirements can be challenging. Additionally, businesses need a private internal system for managing external relationships in order to ensure brand quality and loyalty to the organization as a whole, rather than to individual relationship managers. When moving to digital solutions for more effective client interactions, organizations should look to digital systems that keep management structures in place to maintain client profiles and ensure brand loyalty during RM transition.
The wealth manager-client relationship is highly personal and requires an ultra-responsive connection. When dealing in financial management, human interactions cannot be substituted by AI, so in a digital transformation, organizations need to focus on the digital solutions that incorporate human responsiveness to on-demand expectations. Wealth managers, in their client relationships, strive to offer their clients a trusted and immersive experience, ensuring that needs are met, and worries are addressed with confidential sensitivity. In today’s world of digital immediacy, technology offers wealth managers the opportunity to maintain client confidence and additionally meet client’s evolving expectations by conducting business over digital mediums. Client expectations are already digital, and in many aspects of their day-to-day are already accustomed to on-demand services, and the ability to continue business remotely, eliminating the need to synchronize time and place. Over digital transformation solutions, clients can connect with their wealth managers from anywhere, and get a detailed walkthrough of portfolio at their convenience - giving wealth managers a new highway to deliver high-touch service. Wealth managers that effectively employ technology in their client interactions are able to deliver timely responsiveness and able to continue business indefinitely without compromising, and actually enhancing, their level of high-touch service. Additionally, using a management portal with tailored permissions, firms can keep client profiles and portfolios secure and able to persist within the firm through RM churn, eliminating orphaned accounts and staying up to date with client needs within the organization.
Moxtra powers Citi Hello, an application used to digitize interactions between Citigold clients and relationship managers. By partnering with Moxtra, Citi was able to reimagine their client engagement journey for the digital era. The solution is compliant with all security standards and bank policies, and includes immersive collaborative features that are saved as a completely auditable transcript, storing interaction history over years. The key results were a 200% increase in productivity and over 200 million USD worth of transactions in the first 10 months.
Access part 2 here
Click here to access and download the pdf version of this article:
https://docsend.com/view/hnsubbvyg3huvbqh
This article was originally part of The Wealth Mosaic's WealthTech Views Client Engagement Report. You can access and download the full report here:
https://docsend.com/view/baq2fkehzrqy56x4
