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Increase operational efficiency to improve the client experience

By Jason Butler, Head of Wealth Outsourcing, FIS

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Unity Wealth Platform

The investment world is quickly evolving, and you need to find better ways to retain assets and win new accounts, while expanding and personalizing services to your clients. To succeed, you must leverage technology and data effectively to increase advisor productivity and better profile multi-generational and demographically diverse clients. You...

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by FIS
| 31/05/2018 18:00:00

The traditional case for outsourcing focused around reduction in cost and transfer of risk, but changing demographics and a digital disruption have redefined the reasons for considering the use of an outsourcing partner. Organizations are faced with meeting the needs of the over 77 percent of American adults who use smartphones,1 and demand anywhere, anytime access. According to our 2018 PACE Consumer Report, 72 percent of all bank contacts are digital with millennials leading the way.2 These factors are driving leading wealth managers and trust organizations to look for a partner to assist in bringing and deploying new, best-ofbreed solution sets to add value to their clients.

Adapting to the current need and planning for future requirements will directly correlate to your success
The requirements for a digital presence continue to evolve. A strong offering will extend your brand beyond your current geographical boundaries and expand your ability to interact with clients 24/7. It is important to understand that it is not acceptable to deliver prior day data. The generation of “anytime, anywhere on any device” requires the ability to not only access data and transact in real time, but for advice to be delivered through a digital channel and interactions with their adviser when it is convenient for them. Firms need to validate if their current infrastructure can not only support these requirements but also grow as the needs advance.

Defining a model to meet your needs
While transformative, moving to an outsourced model can pose challenges. The first step in mitigating risk is partnering with a firm who offers a flexible outsourced model that can be rightsized to your needs. An experienced provider brings operational best practices supported by advanced automation and data management to deliver efficiency and scale, allowing you to remain competitive in our rapidly changing environment. Outsourcing can also assist in meeting the continually evolving regulatory reporting requirements and cybersecurity threats.

Reallocating resources to improve client relationships
Employing a new operating model can result in a refined organizational focus with a nimbler front and middle office and an infusion of new technology. This allows firms to redirect financial resources and human capital to improving their client experience while migrating tasks that can be considered important, possibly vital, to a partner that can provide automation and scale.

While reduction in cost and transfer of risk are still critical, the current landscape requires wealth managers to drive innovation to deliver on client expectations and achieve better outcomes for their business.