Technology Solutions for Wealth Managers
At Privé we are strong believers that the only way wealth managers can survive and thrive in the new environment is to embrace digitisation and adopt quickly.
Here are four technology solutions that BCG identify which resonate strongly with our ethos.
Capture new client leads
The initial contact point in wealth management begins with the RM. Advanced analytics and data enables identification of early signs of potential attrition and enables leads scoring based on complementary data capture. This keeps the relationship manager (RM) focused on customers who are more valuable, rather than churning potential leads. Additionally, maximising RM effectiveness with new clients by using lead score and smart rules driven by advanced analytics, enables the RM to leverage a set of proven prospects.
Privé solution: WEALTHINASIA (qualified lead generation) and
Hive Up (prospect and client financial education)
Make suggestions personal and timely
Interaction with existing clients is key to engaging their interests and strengthen relationships between RMs. Analytics helps to raise timely and personalized suggestions to clients and encouraging relevant discussion between client and RM that could deepen the relationship.
Privé solution: iEngage (stimulate your clients in to taking more action by using content to deliver sales ideas, then track and serve tailored experiences using the client data)
Improve client experience
Develop a dynamic pricing using data such as client’s individual situation and long-term value omitting unnecessary discounting by RMs. Resulting in a personalized service delivery with greater transparency.
Privé solution; Ordering and re-balancing module to automate execution and pricing structure in a more homogenised and stream-lined way
Technology acts as an effective tool in several ways operationally. It improves accuracy by eliminating manual tasks, reduce human-resources costs, streamline requests and inquiries, improved credit risk management and allows data reusability.
Privé solution: our Digital Operations modules digitise the administrative and cumbersome internal processes,with significant cost efficiencies achieved
It’s clear that technology is going to play arguably the biggest factor to keep wealth management firms not only efficient, but also relevant to customers in the short, medium and long term.
We echo BCG’s conclusion that unlocking the value of data will create unbelievable business opportunities, however, success also depends on having the ability to adapt to the change and the leadership to drive effective integration of key capabilities and mandate complexity efficiently.
Speak to us about how we are helping financial institutions in Europe and Asia to drive digital transformation and seize new business opportunities.
The Boston Consulting Group (2018). Global Wealth 2018, Seizing the Analytics Advantage