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How to utilise digitalisation to bring new benefits to wealth management firms? Ian Ewart has led the digital innovation in financial services and explains why focusing on FinTech and RegTech is vital.

For more than two decades, Ian Ewart has been at the forefront of digital innovation in financial services. Having driven the strategy at the c-suite level for some of the UK’s largest financial institutions – including Coutts, HSBC and Barclays Wealth – Ian is uniquely placed to bring clarity to the industry’s most critical discussions surrounding the future of FinTech and RegTech. We open the debate on how game-changing tech now allows businesses to serve clients more effectively and make their clients and client journey a strategic priority.

Hence, we’re delighted that Ian was amongst the participants in our recent webinar exploring the results from last year’s Wealth and Management 4.0 study. Ian offered viewers valuable and actionable insights into the survey findings’ implications for firms over the next few years – and suggestions on how to benefit from the digital era.

We always say the brand is what people say about you when you’re not in the room. In relation to (organisational) culture, it’s how you’re authentic. It’s what you’re doing when nobody’s looking or setting you homework. When the client is not in the room, who represents their interests?

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Why a client-first approach?

1. Investors want a seamless experience

With the disruption to traditional face-to-face interactions between investors and advisors, Wealth and Asset Management firms are faced with fundamental and permanent changes to clients’ expectations. The emergence of new digital platforms means clients will inevitably contact your business through multiple channels.

Firms must ensure that robust records are maintained between departments so that communication and information can sit across these different channels seamlessly, proving more convenient for themselves and for their clients.

The study revealed that investors are looking for a more extensive selection of communication channels, thus businesses can’t afford to let these negatively impact the client journey.

2. Clients need to be made comfortable with digitisation

New technologies are giving rise to novel ways to request, record and store client data – and so it’s important that firms give clients the knowledge to navigate this new environment with ease.

And not only that, all forms of engagement should be positioned in a constructive, positive way. For instance, instead of a clinical and overbearing ‘this call may be recorded for training purposes’ call centre message, how can businesses present these systems to clients in an empowering, even inspiring, manner that truly portrays the benefits?

The investor-advisor relationship is the most valuable asset for wealth management firms – and trust is built on transparency and fair treatment. Let your clients know that the information they share with you adds value to their journey, meaning they are offered better advice and an enhanced customer experience.

3. Tech should give you ‘superpowers’

Automation and digital engagement have opened up a host of exciting fresh possibilities – but at the end of the day, customers still want service with a human touch. So how can we ensure your hard-earned brand’s identity doesn’t get lost in translation, and that firms and investors alike get the best of both worlds?

The key lies in leveraging technology to support your human staff in their day-to-day endeavours – in other words, providing your team with tech-enabled ‘superpowers’. A true believer in the power of technology and innovation, Ian comments:

Technology has an absolutely crucial role to play here – both in terms of doing the heavy lifting and making sure that all the elements captured at the time remain true, so we reflect the essence of the moment. In general, you should be looking for technology to give you 'superpowers'.

To hear Ian’s full take on how to set yourself up for success in the digital era, watch our Five-Minute Insights video now:


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