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Wealth management firms aim for mass customisation 28 November 2016

Digital and collaboration tools to help companies boost customer experience in the next few years.


Wealth management firms aim to mass customise their investment services to provide a personalised experience to each investor, while operating more efficiently and cost effectively, according to a new Efma and Objectway report.

Efma and Objectway’s joint Digital engagement and collaboration in wealth and investment management: the hype, the reality and the future report explores how the wealth and investment management sector is using digital engagement and collaboration technologies to develop this mass-customised business model.  

Survey respondents indicated that digital engagement and collaboration is a top strategic priority with board-level executives and expect that it will be a multi-year programme with a dedicated multi-year budget.

While survey participants said they use their current digital engagement and collaboration capabilities for reactive data provisioning, they expect to move towards a proactive approach in the near future. Digital capabilities will also become increasingly interaction-related.

The report highlighted that customer experience will become a key element of the new corporate identity. However, only a third of respondents said they can currently deliver a consistent, real-time experience across all channels. In future, customer experience will be strategically and periodically monitored through net promotor score tracking, regular customer surveys, customer experience focus teams and competitive benchmarking.

Meanwhile, online investment management will transform from being considered as complementary to traditional service offerings, to an offensive strategic offering for entering new customer segments. Over the next two years, firms will increasingly adopt hybrid and robot advisory tools to transform how wealth managers connect with investors.

In addition, social media and analytics technologies will become important tools for profiling and interacting with each client effectively by 2018. Both technologies will be used to monitor clients’ life events and gain a better understanding of their preferences to develop tailored product proposals.

Download the Report

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