From Dinosaurs to Digital: The Evolution of Client Facing Technology
Speaking at Timeline’s Adviser 3.0 event, moneyinfo’s Managing Director Tessa Lee guides us through a fascinating look at the evolution of client facing technology in wealth management.
From the early days of paper-based processes to today’s highly integrated, client-facing solutions, it’s clear that technology is driving monumental shifts in efficiency and client engagement.
Starting in the pre-digital era around 2010, financial advisers and wealth managers were slow to adopt technology. Processes were manual, and clients had little engagement with static online portals, often logging in only once every six months. Tessa notes that this was an era of multiple platforms, leading to confusion for clients and inefficiency for firms.
Fast forward to 2014, and moneyinfo introduced total net worth reporting. For the first time, wealth management firms could consolidate clients' financial data from various sources into one seamless platform. By aggregating information from back offices, platforms, banking, and even property valuations, firms began to deliver a more unified view of a client's financial health, resulting in higher client engagement.
Mobile apps became a game changer. With the advent of branded apps across iOS and Android, moneyinfo helped bust the myth that clients wouldn’t use technology. Tessa shares that today, clients engage with mobile apps four times more often than desktop portals, thanks to the ease of use, biometric logins, and push notifications that keep clients connected. This shift empowered firms with a direct, secure line of communication, far superior to email, and allowed clients to access their financial data anytime, anywhere.
The COVID-19 pandemic brought an unexpected but significant change. Suddenly, advisers and wealth managers had to embrace digital tools as working from home became the norm. E-signatures and secure messaging soared, and technology like moneyinfo helped firms maintain continuity, with one firm onboarding a client in Australia in just 24 hours—far quicker than the weeks-long paper process that was previously the norm.
The rise of hybrid models, combining the strengths of human advice and digital tools, has proven to be a powerful approach. Tessa emphasises that technology isn’t replacing advisers, but rather enabling them to focus on what clients truly value: meaningful, expert advice. By automating routine tasks such as onboarding and document management, advisers are free to spend more time on client relationships and strategic planning.
Looking ahead to 2024 and beyond, the financial ecosystem is becoming more integrated, allowing firms to deliver better services and improving overall operational efficiency.
For the full journey from 'Dinosaurs to Digital,' and what integration could mean for the future be sure to watch the video above.
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