In the intricate world of wealth management, wealth managers juggle a multitude of information. To thrive in this environment, they need WealthTech solutions that go beyond basic functionality and offer an intuitive, personalised, and accessible user experience (UX).
Wealth and asset management professionals must consider numerous factors in their daily decision-making. Accessing the right information quickly and intuitively is paramount. This is where UX steps in, ensuring that critical data is readily available and presented in a clear, organised manner.

"UX is much more than aesthetics. It involves designing a product, system, or service by stepping into the end user's shoes, understanding their needs, habits, and behaviours to create an intuitive and natural solution," explains user experience expert, Marie-Eve Denis.

Denis is Director of Software Development at Croesus, a user-centric wealth management technology provider. She emphasises that good UX goes beyond visual appeal, encompassing the entire user journey – from ease of use and efficiency, through to overall satisfaction. An effective UX empowers financial advisers to swiftly access pertinent information, make well-informed decisions, and deliver exceptional service to their clients.

"Our goal is to design WealthTech solutions that work the way financial advisers think. Like a chef's kitchen, our solutions keep essential tools at hand while ensuring specialised features are readily accessible as and when they are needed", says Denis.

A key differentiator
In today's competitive wealth management landscape, UX has emerged as a key differentiator. Financial advisers seek solutions that optimise their time, minimise errors, and boost productivity. A seamless, intuitive UX directly impacts their bottom line. WealthTech platforms that prioritise delivery of a positive UX can see tangible benefits, such as:

Increased client acquisition and retention: A user-friendly interface and efficient processes enhance the client experience, making them more likely to choose and then stay with a firm.

Higher adviser productivity: By automating repetitive tasks and providing easy access to essential information, advisers can focus on building client relationships and providing personalised advice.

Improved client satisfaction: When clients can easily navigate their portfolios, understand their investments, and communicate with their advisers, this fosters greater trust and brand loyalty.

The Zendesk CX Trends 2024 report underscores this point, revealing that client expectations have evolved, with demands for speed, personalisation, and high-quality experiences. A human touch is essential in wealth management, and a solution with a strong UX delivers exactly that.

The human-centric approach to UX
Denis believes that human touch is key to designing solutions that cater to the unique needs of each user, considering their preferences, work habits, and professional environment.

"The human-centric approach is not just about making the technology usable; it's about making it empowering," she says. "By understanding the unique needs and workflows of financial advisers, we can create solutions that truly enhance their ability to serve their clients and grow their business."

Luc Larose, Vice-President of Client Experience at Croesus, echoes this sentiment: "Clients are looking for partners who understand their challenges, advise them, and help them achieve their goals. The human approach involves attentively listening to users, transparent communication, and a willingness to create solutions tailored to their needs."

Croesus' commitment to this approach is evident in their emphasis on building true partnerships with clients, simplifying and humanising wealth management. This approach has been proven effective, with a Boston Consulting Group study revealing that a staggering 70% of digital transformation projects fail due to neglecting the human element in their design.

In fact, an intuitive and user-centric tool will be adopted faster and more easily than a complex and confusing one. A design focused on human needs and behaviours thus accelerates the adoption of these solutions and considerably reduces the time and costs associated with user training. Ultimately, the human-centric approach translates into significant time and productivity gains for businesses and also increased user satisfaction and a sense of belonging.

Collaboration fuels UX innovation
Close collaboration between technology providers and end users is a cornerstone of this human-centric approach. At Croesus, this collaboration is central to the development process, with volunteer user groups actively participating in product improvement.

"The more clients participate, the better we understand their needs. This translates into better, more intuitive, and more functional products," says Denis.

This collaborative approach facilitates rapid identification of issues, testing of new features, and swift iterations to enhance UX. User feedback is invaluable in guiding future developments and ensuring solutions meet the market's actual needs.

Personalisation and accessibility
Personalisation is a vital component of a comprehensive UX strategy, as each user has unique needs and preferences based on their role, clientele, organisation, and individual work habits. 

"We need to offer a common core of features, then provide customisation options so each user can adapt the tool to their needs," explains Denis.

Recognising that each user has unique needs and preferences, leading WealthTech firms like Croesus are championing customisable solutions. This includes tailoring dashboards, widgets, and data displays to individual preferences, as well as ensuring accessibility for users with disabilities through features like zoom, keyboard navigation, and text descriptions for images. 

"We design our products so that they can be used by everyone," emphasises Denis.

The future of UX in WealthTech
UX is constantly evolving, and WealthTech is no exception. Emerging technologies like artificial intelligence and machine learning present new opportunities to enhance the user experience.

For Denis, the future of UX in WealthTech lies in an increasingly human-centric approach. "Users are becoming more demanding and expect intuitive, personalised, and accessible solutions. WealthTechs that can meet these expectations will have an undeniable competitive advantage."

In conclusion, user experience with a human touch is a critical component of success in the WealthTech industry. By adopting a human-centric approach, collaborating closely with users, and personalising their solutions, WealthTech can create products that truly meet the needs of financial advisers and their clients, ultimately improving their efficiency, satisfaction, and performance.

Interested in accessing the Client Experience Toolkit 2024? You can read the report online here.

ABOUT CROESUS
Croesus provides innovative, high-performance, and secure wealth management solutions that include portfolio management systems, portfolio rebalancing tools, and application programming interfaces. These solutions empower wealth management professionals to improve their productivity, enhance their client relationships, make informed decisions, and maximise the management of their assets under management. Croesus’s mission is to provide a superior experience to its clients, users, partners, and employees and to positively impact the community. With 200 employees in its Montréal, Toronto, and Geneva offices, Croesus has won several industry awards for being a high-quality solution provider and an outstanding employer.

For more information, visit Croesus’s profile here.

ABOUT THE CLIENT EXPERIENCE TOOLKIT 2024 
The Client Experience Toolkit 2024 is the first in a new series of Toolkit reports focused on key technology themes and tools impacting global wealth management. Each Toolkit report focuses on a key wealth management theme, segment or geography.

This first issue takes the form of a thematic report and shines a light on the trends and solutions influencing the successful delivery of client experience (CX) in wealth management. It features 11 showcases, each centred around a dedicated CX-relevant topic and related solution. 

The report will be distributed at the Client Experience Toolkit Roadshow, hosted at individual events in Geneva, Zurich, London, Singapore and Dubai in late September and into October. These are free to attend for any form of wealth manager and provide technology vendors an opportunity to sponsor or demo.

Join us at the Client Experience Toolkit Roadshow 2024: 

• Geneva – discover more and register here.
• Zurich – discover more and register here.
• London – discover more and register here.
• Singapore – discover more and register here.
• Dubai – discover more and register here.