For the second time in a row, Objectway participated in the prestigious The Banking Scene event in Brussels. As the flagship event in Belgium for banking industry stakeholders, the forum provided a unique platform to explore the latest developments and trends in the financial sector. This year I took part in the panel discussion on ‘value-led innovation as a driver for change in wealth management’.

Objectway serves a diverse range of clients across the full spectrum of wealth management solution design in private banks, wealth managers, asset service providers, asset managers, etc, over three continents. Despite the broad spectrum of financial institutions we work with, we reckon that value-led innovation remains a critical aspect across different client segments. This approach centres around delivering innovative products and services that align with clients’ values, preferences, and evolving demands.

Responding to client expectations and building a foundation for scalable personalisation
In today’s dynamic landscape, the wealth management industry is undergoing a transformation driven by clients’ increasing demands for personalised, transparent, and socially responsible investment solutions.

Achieving value-led innovation therefore necessitates drawing insights from all aspects of client engagement to support the right type of innovation program. We have been helping clients achieve this by capturing and harnessing data that is not only created through transactional events but is also accessible during client/advisor interactions, client self-service data management and decision-making, and client service engagement and feedback. This holistic approach not only leads to a much richer and evolving client profile, but also provides the building blocks for creating more proactive actions that anticipate direct client needs as well as those present in the broader household.

When the underlying data model has this level of integration and extensibility in it, the firm can establish the foundation for scalable personalisation at the engagement level, but also in the way it constructs, distributes, and prices new offerings with a focus on sustainability and other client-centric themes.

Overcoming challenges in implementing value-led innovations
Despite the potential benefits, implementing value-led innovations presents challenges for many organizations, the panel concluded. Objectway engages with many different types of stakeholders, and while these individuals will be operating in the same firm, they might not always be fully aligned in terms of objectives. This is often because organizations struggle to communicate transparently in a cross-functional way exactly what they need to achieve.

It is our responsibility as a vendor and partner of our client to ask the right questions throughout the project lifecycle, ensuring. all issues are brought to the table. We help our clients to make complex decisions easily. Stakeholders buy-in, not only from the sponsor but also from the entire organization cross-functional. This is key to deliver innovative and sustainable solutions. This proactive approach helps prevent future roadblocks way deep in the process, and it will avoid strategic realignment costs.

Eventually, by prioritising the creation of value for clients through innovative products and services, financial institutions can meet the evolving demands of their customers. Objectway remains committed to driving this transformation and supporting our clients in achieving their objectives, ensuring that stakeholders across the organisation are aligned, and delivering innovative and sustainable solutions that resonate with clients’ values.

Read the original article here.