As more wealth management companies move towards digital investment guidance and direct-to-investor models, Kidbrooke has asked the question if digital channels can match the teams of physical advisors in terms of quality.
In a new report, the WealthTech company states that customer service is often considered to be a one-way delivery mechanism, something that is provided by people or algorithms. However, customer service is about receiving personalised information about a customer’s needs, intentions, preferences and concerns, and using this to boost retention and loyalty.
It added that customer service not only helps customers across their journey but gathers valuable information drivers on satisfaction with people and products. This helps understand churn/attrition, areas for improvement and supporting trends.
While relationship managers were responsible for this, by using technology, asset managers can also gather this feedback within digital channels.
Kidbrooke stated that its financial simulation engine OutRank would enable an asset manager to power the interactive elements and underlying calculations throughout the financial experience.
For example, the company could start a conversation with a customer by placing interactive teaser analytics on the website, enticing a potential client to visualise how their services could help the customer understand how investing could transform their financial position. If it grabs their attention, they could be invited to contact the team or complete a digitalised journey on the website.
The OutRank solution offers accurate, transparent and fast calculations to power the guidance and advice in the selection of financial products offered. It also leverages data to have communication messages that are tailored to their lifestyle needs and risk appetite.
One of its clients, Swedish insurance firm Skandia, has leveraged the OutRank solution to improve their distribution.
It concluded, “How can a financial simulation engine help you build loyalty with employees or customers? We believe that helping people understand the investment products in their portfolios and therefore, financial positions, effectively monitor them, demystify complex concepts and become empowered to plan their financial futures will build relationships that endure the test of time.”
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