Even in times of digitalisation, most retail banks rely on personal advice and support when it comes to creating positive and sustainable customer experiences. However, numerous technological developments are changing the way in which this business model can be operated successfully in the future. A new study by the Institute for Financial Services Zug (IFZ), co-sponsored by Finfox, offers a number of interesting insights into the current status and further development of the digital advisor workplace.

The development of the digital bank advisor workplace must be understood in the context of the digitalisation of banks. The bank advisor workplace is understood to be the toolbox of customer advisors, which includes all types of instruments that they need to be able to carry out their tasks. As part of the study, 69 functionalities were examined in the three areas of face-to-face consulting, client lifecycle management, and market development.

Five selected study findings at a glance:

1. A comparison with the results of the 2021 study on the digital advisor workplace shows that the demands on banks are growing faster than the coverage of functionalities.
2. The consultant's workplace remains an important instrument for differentiation in the market, and banks are therefore investing specifically in the consultant's workplace and the quality of advice.
3. More efficient processes and relief from administrative tasks lead to significant time savings for the supervisors in the long term, which in turn can be used to generate revenue.
4. In the future, artificial intelligence will make a significant contribution to process optimisation. Early recognition of customer needs and individual communication will sustainably improve cross-selling and customer loyalty.
5. In line with a further developed understanding of a hybrid bank, digitally supported collaboration between customer advisors and customers will be further expanded.

We are pleased that Finfox was able to contribute as a co-sponsor of the study to investigate the development of the digital bank advisor workplace. In investment advice in particular, the implementation of consistent, automated, and thus more efficient processes and the relief of customer advisors from administrative tasks will be of great importance in the future. WealthTech solutions such as Finfox are of crucial importance when it comes to meeting these requirements and making the advisor workplace future-proof.