According to Objectway’s ongoing research at board level with Wealth Management and Private Banking firms, the majority are looking to change their IT systems over the coming 6-9 months and their overwhelming collective priority is to improve the client experience. Indeed, meeting the needs of clients and providing a tailored service with their preferences in mind is seen as a real differentiator in the market when it comes to attracting and retaining clients.

At a recent industry event, Objectway and Rathbones shared some of the lessons learnt from their partnership on the hugely successful ‘MyRathbones’ service designed to transform Rathbones’ client facing technology with the aim of providing a compelling tailored user experience. The service allows Rathbones’ clients to securely access their investments, individual documents and investment managers anytime anywhere, by being available on desktop, tablet and smartphone. A brand-new digital experience.

Over the past 2 years it has had a client registration rate of over 43%, with the aim of much more over the coming 12 months, has seen an average of over 6 log ins per active user per month and enabled over 10,000 downloads of documents and reports per quarter.

So, what were the key lessons learnt?

Both parties steered clear of a purely transactional relationship and worked together to leverage each other’s strengths and stressed the importance of being transparent while communicating. For example, challenges and solutions were shared in collaboration at regular steering committee meetings and a common successful outcome was invested in as a ‘one team approach’.

Clients were actively involved when deciding on the functionality scope and design as opposed to making assumptions based on anecdotal evidence or a feel for market preferences. This ensured that the product not only immediately met their needs but also avoided time consuming and potentially costly enhancements that ultimately missed the mark.

The business as a whole had to embrace different methods of delivering a solution. For example, the team implemented an agile approach to digital change which also encouraged the idea of product which iterates over time. As the basis of this focused-on client preferences from the very beginning, the solution was already very well received by clients as opposed to having the feel of a test version which would have welcome tweaks made over time. The solution followed the path of digital evolution which used the service to augment the value proposition that is already so attractive to Rathbones’ clients and will further enhance client engagement and ultimately further strengthen the firm’s relationships with its clients.

The ultimate objective of MyRathbones is to help continue the growth of the business and increase client engagement in a tailored way. The roadmap for MyRathbones includes enhancing private client investment tools and introducing dynamic client reporting. Watch this space, as the future for the service looks bright.

Want to know more? Get in touch and have a chat with our team!