Audio Transcript

Unprecedented numbers of clients have stated they will look for another firm if improvements in the client experience are not made. For example, end client research shows that 47% of wealth management clients want to see a significant or very significant improvement in client reporting and 60% say they are likely to look for another provider if improvements are not made. The figures are not dis similar when it comes to the clients’ view of their current client portal or the way ESG is being delivered to them. These are potentially very disruptive changes in a traditionally sticky client base that has got used to and often relied on higher levels of digital interaction through the pandemic.

Clients have also identified ‘wow moments’ which refer to touchpoints that will strongly improve their overall perception of their firm. For instance, receiving personalised reports based on individual preferences are a good example of a ‘wow moment’ others include ‘personalised portfolio recommendations’ and relevant interactions with specialists in the firm. Interestingly, over 60% of clients believe that digitally savvy firms may be better placed to deliver these wow moments as they have a better handle on how to transform data into meaningful client outcomes and have slicker digital processes which means delivery of these outcomes translates to an improved client experience.

So is digital change the only answer to a better client experience?

The short answer is no. BUT digital change can certainly go a long way to enabling it. Indeed 75% of clients would like MORE face to face interaction with a human expert as technology improves.

The client experience will definitely benefit from more user friendly digital touchpoints and also more importantly, these can be used to deliver more tailored content which is easily accessible on multi devices at a time that suits the client. The use of data and advanced analytics is set to play an important role. However most firms are at a very early stage when it comes to this area. A first step could be integrating client preference information into their overall journey- which includes both the digital and human interaction.

Also, firms need to prioritise improvements in the wow factor moments, otherwise clients will leave to find them some where else!