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AI and the rise of the machine …

“Clients’ expectations of digital services have grown in such a way, that top tier services through smartphone software applications have become the norm.

Financial institutions have a chance to catch up with a convenient smartphone application that will allow relationship managers (RMs) in wealth management to connect with their clients.”

Fabian Grande and Vincent Simlinger of Avaloq have written a white paper to support why financial institutions need to incorporate Artificial Intelligence (AI) driven conversations with clients.

Rise of conversational banking – transforming mobile client advice

Should you be implementing AI conversational techniques to stay in touch with your clients?

That depends on your organisation and the type of clients you deal with. If you have hundreds of thousands of customers that you want to advise, then AI may be the only credible way you can build a relationship.

Self-servicing for everyday tasks such as checking transactions and making payments is much easier than talking to your bank and anything technology can do to make these transactions quicker and more secure is appreciated by smartphone users.

However as clients get wealthier, an AI driven financial relationship is likely to push HNW individuals to seek financial advice from firms that are still prepared to have a real conversation about their specific circumstances and build rapport and trust through a personal relationship.

HNWIs are unlikely to feel that special if your organisation pushes them to talk to a machine to answer their questions. Some people may be fooled by a machine into thinking they’re speaking to a real person, but it won’t take the majority of clients long to realise they’re being duped.

MillennialsWill the millennials care?

Probably at the start they’ll think this is all rather clever and share it with their friends but when they sell their business for millions will they be satisfied with the advice from a firm that’s pushed them to talk to a computer?

Millennials - Are you ready?

Clients expectations around digital engagement are high and they expect to be able to talk to their adviser via a smartphone app, one that keeps their data secure and allows them to monitor their savings and access and deal with paperwork when it’s convenient to them.

The white paper continues:

“The convenience of social messaging applications has allowed communication between RMs and clients to enhance the client service experience.

Unfortunately, social messaging applications are not created for highly confidential client personal and financial information. This puts the financial institution and the client in a perilous and unprotected situation.

Financial institutions need to prioritize a safe and encrypted environment for the client and RM to continue to the highest level of protection and service.

Financial institutions have a duty of care to protect their client’s personal information and email and social media apps don’t provide adequate security or an audit trail of communications. For this you will need to implement a secure messaging system but one that’s easy for your clients to use.right decision

And it must be mobile and in your brand.

The problem with secure messaging

Digital can transform the way you do business and you’ve probably already taken many of the difficult steps with video conferencing, document sharing and e-signatures.

During the Covid lockdown, we underwent a ten-year digital revolution in ten weeks.

A ten-year revolution in ten weeks

ten year revolutionAdviser firms have been better able than most to adapt to the new normal and the widespread adoption of video meetings has removed the geographical constraints which have historically tied many firms to a local presence only.

“It’s a much better client experience. We recently onboarded a client from Australia, including completing his SIPP application within 24 hours which was absolutely fantastic and would have taken weeks before moneyinfo.” Andrews Gwynne  Private Wealth Management.

Your digital strategy should ensure you provide the best service to your clients that protects their data and puts your brand in their pocket for when they think about their finances.

The beauty of an adviser relationship is that clients think less about their finances than those who don’t have an adviser. Your primary focus is to increase your client’s financial peace of mind, so your smartphone app should do the same.

We build the best smartphone apps for advisers, it will deliver a service to your clients that they’ll love to use.

“moneyinfo is so easy to use. I’ve got clients in their 80s who’ve been out and bought iPads just so they can use it.” Lifestyle Wealth Management.

confident futureThe rise of the machines will continue. At some point AI might replace us all, but for the time being its never been a better time to be an adviser.

Financial Planners confident in the future

To find out how moneyinfo can help you supercharge your business please arrange a personal 1:2:1 consultation with me using the link here.

Sim Sangha is Business Development Director at moneyinfo limited.

03303 600 300