In the past few months, the global pandemic has disrupted social behavior, communication channels, and work habits. For wealth managers working in an industry which is far from being on the cutting edge of technological innovation, this translated into very specific challenges. Some players are leveraging the situation to gain a competitive advantage, while others are struggling to cope with the changed circumstances.
In our webinar, Business Continuity & Digital Connection: Best Practices for Wealth Management, Lynn Vo and I explored the current priorities, approaches, and objectives for client engagement in wealth management, as well as how advisors attract and retain customers despite industry-wide challenges.
The fact that the market appetite for account opening hasn’t changed in the midst of global obstacles is promising. However, the actions firms need to take for success have changed, particularly in regard to topics such as multi-channel client engagement, end-to-end work automation, and flexible digital reach. Lynn and I analyzed firms’ internal operations as well, including the way they adjusted to support remote collaboration and increased workload while ensuring continuity and a smooth client experience.
To support all this and put it into a practical perspective, the webinar includes concrete demonstrations of Appway solutions that our customers are currently utilizing to navigate the current situation and solve the specific challenges that are highlighted by our analysis. For example, we demonstrated how a fully digital, self-service client onboarding including remote identification, due diligence, suitability and products selection, digital signature, and activation can take place remotely – all within minutes.
It is clear that wealth management firms’ digital roadmaps have been adjusted to accommodate for this new way of working and for new priorities, in a way which was not completely expected. And we feel that continuing strategically on the digital transformation journey is the best way to survive and thrive.