The digital era has revolutionised the financial sector, particularly accentuated by the pandemic’s push towards digital platforms. The evolution into a hybrid model, integrating in-person and digital interactions, marks a significant shift in wealth management strategies. However, this shift brings forth the challenge of maintaining consistency across these interactive channels.
Kidbrooke, which offers a financial simulation engine powered through APIs, recently explained why it is vital to have consistency in omnichannel financial planning experiences.
Consistency in financial planning implies a coherent integration of inputs and calculations across various interaction points. For instance, transitioning from an online portal to a face-to-face meeting should be seamless, with previously entered data readily available to the physical adviser. This ensures a uniform financial planning narrative throughout the customer’s journey with the institution.
Integrating data across platforms allows for a personalised financial planning experience, acknowledging the customer’s entire financial relationship with the institution. Yet, achieving this consistency is often hindered by the siloed nature of traditional financial services and legacy systems.
The significance of consistency in omnichannel financial experiences cannot be overstated. Firstly, it’s pivotal for fostering trust and brand loyalty, crucial elements in the finance sector. McKinsey’s research supports this, highlighting the substantial impact of consistent customer journeys on satisfaction and loyalty.
Secondly, providing consistent advice and data across channels empowers clients to make informed financial decisions, especially vital given the increasing complexity of client financial needs. Kidbrooke’s investment and wealth analytics platform exemplifies this, offering coherent decision-making tools across financial silos. Fredrik Davéus, CEO at Kidbrooke, emphasises the importance of real-time access to financial information, asserting that the true differentiator lies in actionable, outcome-focused decision-support based on this data.
Moreover, consistency greatly enhances the customer experience. Studies by McKinsey demonstrate that consistency in customer journeys is significantly more predictive of overall satisfaction than individual interactions. Today, financial institutions can forge deeper relationships by aligning services with customers’ perspectives and needs. Zaliia Gindullina, Head of Business Development at Kidbrooke, stresses the importance of consistent customer experiences, especially in a world where clients frequently switch between online tools and personal advisers.
Additionally, consistency streamlines operations, reducing the complexities and costs associated with managing different systems for various channels. McKinsey points out that optimising customer journey experiences can not only boost revenue but also cut customer service costs significantly. Furthermore, a consistent customer journey aids in strategic differentiation and innovation, essential in a competitive market still dominated by a manual and siloed approach to wealth and financial planning.
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