Our innovative technology and unrivalled expertise combine to fast-track digital banking and wealth management customer engagement.

CREALOGIX works with leading global banks and wealth management firms, empowering them to provide a modern self-service user experience to their end customers, and more easily integrate differentiating fintech features. The ability to accelerate innovation with secure and well-designed solutions helps financial brands improve efficiencies, increase customer satisfaction, and attract new growth through digital channels. As a pure-play digital banking engagement platform developer, CREALOGIX has over 25 years’ experience focusing on delivering proven customer-centric systems to hundreds of the world’s leading financial institutions.

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Wealth Management: Using a conversational approach to attract and win clients

Helene Ackermann, VP of Group Sales and Marketing at CREALOGIX, shares insights on how wealth management firms can take a more digital and personalised approach to their client services

Traditional forms of wealth management use face-to-face engagement when managing client relationships. However, with transactions rapidly shifting to digital channels and big tech firms like Facebook, Google and Amazon moving into financial advisory services, wealth management firms are exploring how to leverage digitisation to counter these threats.

There are three key things that wealth management firms can do to meet these challenges:

  1. Be open to innovation 

Wealth management firms have always relied on human interface to get the job done. However, the rapid rise of digital transformation has disrupted how they operate in both local and global markets. Therefore, they need to be innovative in adapting to the new digital landscape. Failure to do so could be detrimental to a firm’s long-term survival.

In fact, moving  from personal, face-to-face engagement to using innovative digital services provides wealth management firms with the opportunity to engage more with clients, whilst keeping the personal touch that is the foundation of successful client relationship management. 

  1.  Provide digital channels

A recent report by PWC revealed that most high-net worth individuals (HNWIs) use multiple digital services, and 85% of them use three or more digital devices for five or more hours a day. 

Moreover, a survey conducted by Accenture Consulting revealed that 41% of HNWIs consider themselves early adopters of technology, with 83%  of respondents already using digital for financial services.

With such a high proportion of HNWIs open to digital technology, the demand to provide e digital wealth management services t will undoubtedly increase. Unfortunately, a large number of wealth management firms seem to be lagging behind when it comes to providing digital services, with many having access to customer data but lacking the analytical tools needed to extract value from that data. 

If wealth management firms want to gain a competitive edge, they need to utilise more of these types of tools and develop services that really meet  client demands. Aside from leveraging predictive analytics, they should also consider using unstructured data analysis, investor preferences and past investment histories to predict the client's future behaviour.

  1.  Take a conversational approach

Taking a conversational approach to digital wealth management enables firms to establishing richer and more personalised communications. It can not only enhance e customer engagement, but also allows seamless integration of data, tasks and communication via one digital interface. 

The end result for clients is a convenient and much more personalised service. 

A conversational approach to wealth management can be used in many ways, such as efficiently addressing compliance requirements. For example, a 10% depreciation notification can include an automated communication with a clear audit trail, read receipts and opportunities to book a phone call or an in-person meeting.

This approach  also enables the communication of investment opportunities and empowers investors via self-service, supported with the use of secure chat. Targeted and personalised offers, for example, can range from updating a portfolio to more focused services such as ESG investing. Personalised information can also be provided to clients in a structured way to support t nurturing.

A conversational approach can also make administrative tasks, such as updating a passport, much easier. Without it, this task can often take weeks and can be highly inconvenient for clients. In addition, such a task can be costly for wealth management firms to manage securely.

Striking a balance

There is a balance to be struck between face-to-face and digital wealth management services. Whilst the goal of providing a better digital user experience (UX) is not to fully replace in-person services, it can augment them with more efficient messaging and processes that better reflect the firm's brand, whilst enhancing customer loyalty over time. 

CREALOGIX provides a conversational solution that operates across desktop, laptop and smartphone (iOS/Android), providing a seamless and secure client experience layer.

Using our technology, wealth management companies and private banks can enhance client loyalty and attract new clients via convenient and differentiated digital services.

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