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01 September, 2021 | by Gaurav Mehta, Executive Director Global Head of Sales, Contemi Solutions

The Omnichannel Experience- Creating harmony across Wealth Management

Omnichannel experience - the imperative for wealth management transformation

We thrive in a world of high-speed scrolling and swiping. Investors today have access to monumental amounts of information, but time is a huge constraint. In effect, “mobile” provides a perfect solution to offer ease of access and keep customers connected from anywhere at any time. Wealth managers in the Asia Pacific must focus on building omni-channel capabilities. It enhances advisor efficiency and the client journey considering that your larger client base is emerging affluents who are wealthier and digital natives. They expect every experience to be mobile, digital, user-friendly, and frictionless.

In a traditional framework, wealth managers spend a lot of time in document management, generating reports, setting up meetings, and collaborating. The relevant and business-oriented communication between advisors and their clients does not happen adequately, as the operational processes are tedious. Providing integrated wealth management capabilities on Mobile will enable advisors and RMs to deliver customised investment management and advisory services effectively. It allows you to take advantage of the opportunity this growing client base offers.

The Push towards Omnichannel Wealth Management in APAC

As we move to a far more connected world, some key trends are driving the need for Wealth Businesses to go digital with more mobile capabilities.

Over the past two decades, APAC has recorded a steady rise in the number of high-net-worth individuals (HNWI) who are looking for better investment avenues. The possibilities for private banking and family offices are abounding as many baby boomers are transferring their family wealth to the next generation. In the next five to seven years, private banks are expecting to see 35% of Asian wealth to be transferred to the next generation of the family. Wealth managers must acknowledge the great opportunity arising from intergenerational wealth transfer.

These not-yet-engaged millennial investors are digital natives and they prefer to experiment with new investment options. It has become imperative for financial advisors to develop ‘on the go’ mobile capabilities to cater to this upcoming generation of investors. As financial technology continues to grow, this new client base expects financial solutions to be more accessible around the clock and less expensive. The adoption of new distribution channels such as Robo-advisors is an example of this trend in Asian markets. To cater to the rising demand for low-cost, personalised, multi-channel, always-on financial services, traditional banks across Asia are promoting digital payments by partnering with Fintech start-ups. Countries such as China are driving around 45% of digital payments worldwide.

Set Out on the Path to an Omni Channel experience

APAC is one of the world’s most dynamic markets with a generation of young and affluent consumers. They are eagerly embracing innovation and adapting to the changing landscape of financial services. Wealth Managers can stay relevant in this new digital paradigm by embracing mobile technology and offering the following:

  1. Omnichannel user experience - The region has the largest number of internet users in the world. Owing to cheaper data costs and increasing penetration of mobile devices, both customers and wealth business employees are using them for more purposes.

    • Customers want to contact their advisors through multiple channels, such as email, social media, WeChat, live chat, etc.
    • Using tablets or ipads to deliver presentations helps RMs/advisors explain concepts well compared to laptops and smartphones.
    • Mobile makes the onboarding of new clients a process of few clicks.

    If the collection of customer data can be streamlined and integrated across advisor’s front, middle and back-office operations, it will provide a truly omnichannel experience to all customers, advisors, RMs and back-office teams. It will enable your advisors to work effectively even when out of the office and yield significant business benefits in return.

  2. Automate repetitive and administrative tasks - Research indicates a major chunk of a financial advisor’s time is spent in analysing customer data, identifying prospective clients, and planning meetings. They require a way to focus more on client's needs than going back and forth with operations teams. With the right mobile tools, your advisors can perform all the client work themselves remotely that otherwise would have been done back at an office. Automating routine processes such as customer onboarding, communications and reporting via mobile/tablets will allow them more time for servicing existing customers and acquiring new ones while reducing operational costs and mitigating risks.

  3. A unified view of the end-to-end investment life cycle - Wealth management system accessed through a well-designed mobile application or portal will help advisors with a single, unified view of each client. They can meet more clients in a day, respond to their queries better and provide a concise view of their investments. They are connected with the office from anywhere and can work while travelling or waiting for the client.

    Data visualizations, analytics, ROI calculators, paperless document transfer with digital signatures, remote access to the trading system will allow advisers to access all critical data from their device.

    It helps them perform crucial tasks such as risk evaluation, client onboarding, portfolio monitoring, performance alerts, or portfolio rebalancing on the go. With Advisor and investor workflows and journeys integrated on a mobile portal or app, advisors can get real-time updates and notifications. It helps them generate tailored communications for clients and be productive wherever they are.

The Way Forward

While Wealth Management companies recognise the benefits of a robust omni-channel strategy, they need to constantly reinforce a mobile mindset to gain a true digital advantage. As more firms continue to build their automated advice engine and embrace partnerships to support the growth of an ecosystem of leading tools/applications/vendors, adding mobile and tablet capabilities around the core processes will empower the wealth management workforce to ensure superior client service than ever before.

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