Meeting expectations with the ultimate client app
Wealth Mosaic’s Client Experience Toolkit 2024 is the first in a new series of toolkit reports focused on key technology themes and tools impacting global wealth management. Each toolkit report focuses on a key industry theme, segment or geography.
Our article ‘The client application’ was featured in a new report from The Wealth Mosaic, focused on how wealth managers can best deliver a modern client experience in 2024. Our full article is below, but if you’re interested in trends and solutions influencing the successful delivery of client experience (CX) in wealth management, you should definitely check out the full report here.
Ready to meet your clients’ expectations?
Book a demo to see how simple it is to deliver a modern client experience through a fully branded client portal and mobile app.
Below is a short overview of our featured article.
The Client App: Meeting Your Client’s Expectations
By Sim Sangha, Business Development Director at moneyinfo
Everywhere you look there are examples of digital transformation that have changed our everyday lives. These include online banking, shopping, parking, hailing a cab, listening to the radio, watching TV, photography etc. All have been radically transformed through the use of digital technology.
Google defines Digital Transformation as “a strategic initiative that incorporates digital technology across all areas of an organization. Digital transformation evaluates an organization's processes, products, operations, and technology stack to identify ways to improve operational efficiency and bring products to market faster.”
An example of digital transformation - the humble parking app
The parking app is now integral to pretty much every car park and town centre. The apps were initially clunky – often requiring a password and different parking apps were required to pay for parking at different carparks. The number of different apps is falling significantly and most now use biometric security which is so much easier than trying to type in a password on a mobile phone. If you are parking around my town, Sutton Coldfield, most of the machines no longer take cash. As the machines break they’re not fixed. The council rely on RingGo and, if you want to park, you have to use the app.
The key thing here is that parking has changed because increased user adoption of the app(s) has been achieved. Partly through making the service better for the end user, and partly because you have no choice.
Switch now to the world of financial services, where financial advisers and wealth managers have had limited success in implementing client portal technology particularly through their platforms or back-office systems. Why? Because you can’t fully realise the benefits of digital transformation unless you think about the problem from your client's perspective (as per the parking app example).
Your clients expect to access your services through whichever technology they have to hand when they receive a note from you. That means it’s got to be via an app, and your app needs to makes your clients’ lives easier and be an obvious improvement on the old way of doing things.
You need to consider that you are moving from the role of adviser into the role of a technology supplier as it’s your technology that you want your clients to use. As a technology supplier, it’s important that you think about the experience from your client’s perspective. This is the key to success. You need to deliver a technology solution that meet’s your clients’ expectations. If you don’t, then all the benefits of a digital servicing channel will be lost to you. However, meeting your clients’ expectations is not as hard as you think.
Find out three things your clients and want need from your app in the full article here .
Ready to meet your clients’ expectations?
Book a demo to see how simple it is to deliver a modern client experience through a fully branded client portal and mobile app.
