Now Is the Time to Digitally Transform Client Communications in Wealth

by | May 25, 2021

The Unique Benefits Of Digital Client Communications In Wealth Management

The global disruption caused by the COVID-19 pandemic has amplified and accelerated several major shifts in wealth management. According to a paper published by Deloitte, such shifts include an increase in investor preference for lower-cost, passive investment strategies, and an acceleration in adoption of digital channels across generational divides.

Now, as the world emerges from the worst of the crisis, and each industry takes stock of the shift in client expectations, wealth companies have an opportunity to boost their digital transformation efforts to meet varying customer needs and secure their future success.

Why it’s necessary to digitally transform client communications in wealth

“Client interactions will change, whether by choice or necessity.” – Deloitte, Wealth management response to COVID-19 

Digitally transforming client communications is imperative for wealth management companies. When done well, it can dramatically accelerate and solidify relationships between wealth managers, advisors and their investor clientele.

It’s not a matter of providing a better digital experience than the next wealth company. The race is on to provide the standard of digital experiences that investors are exposed to from leaders in all sectors. Add to this pressure, the increased competition from new technology entrants offering low-cost, self-service investment platforms.

The time is now for wealth management firms to really add value to client relationships through a digital communication strategy. While print communication will continue to play a vital role in a comprehensive customer communication management plan, it is critical to digitally transform client communication in order to leverage all the benefits that digital channels provide.

Digital communication offers several unique benefits to wealth managers, advisors and investors:

  1. PERSONALIZED EXPERIENCES BASED ON DATA: As the wealth management industry looks for a new balance between high touch and high tech, the data generated from digital interactions is more valuable than gold.

    Comprehensive and accurate data is critically important to achieve the level of personalization that today’s clients expect.

  2. REAL-TIME INFORMATION: Digital communication enables critical communications and real time information to reach the client in time to make smart decisions. This is becoming increasingly important in a world of instant gratification and self-service, where clients want information at their fingertips, with the click of a button.
  3. CHANNEL PREFERENCES: Offering digital communication channels provides the client with one of the most important benefits: choice.

    Investors today expect to be able to select their preferred communication channels and receive information on the device they choose, in their own time.

  4. TWO-WAY DIALOGUE: Digital communication is a catalyst for encouraging investors to engage with a variety of online messaging and web properties. Establishing a digital relationship opens a two-way dialogue that brings wealth managers closer to their clients.

Wealth managers need a strategy to digitally transform client communications in wealth in order to anchor the customer experience, regardless of channel. To achieve this, a comprehensive Customer Communications Management platform is a vital starting point.

At Doxim, we understand the unique requirements of the wealth management sector and can advise on how to digitally transform customer communications to build strong investor relationships. Learn More About Our Industry-specific Solutions For Wealth Management Firms Today.

3. Expansion of digital products

As banking customer behavior shifts, banks must move with the times, or risk getting left behind. Many banks today are exploring the power and potential of open banking, which can allow them to offer more innovative products and services to their customers, as well as to better compete with fintech companies and other non-traditional financial service providers.

As you shift your banking business model to reach new segments or provide an enhanced array of services, communication becomes even more pivotal to your success. After all, if your customers don’t know which new services they qualify for, or how those services will help them meet their goals, then they are unlikely to explore them further. CCM technology can be leveraged here to provide personalized on-statement messaging that directs customers to the right products and services, as well as 1:1 personalized “explainer” videos to help them get started.

Adjusting your bank’s priorities to thrive in 2023

In an era of constant change, the key to successfully transforming your bank’s business model will be to stay attuned to the changing needs and preferences of customers, and to be open to exploring new opportunities and technologies that can help your FI stay competitive and relevant. But these new opportunities are doomed to fail if you do not clearly communicate their benefits and make it simple for customers to access them.

That is why transforming your customer communication strategy is the best first step to broader digital transformation. By updating your approach to communications to meet omnichannel customer needs, you also position your bank to communicate the benefits of changes in your broader organization, like new or enhanced products and services. The pace of change in banking has never been brisker – but with the right strategic approach to these changes, the future is bright.

Investing in a modern customer communication management and engagement platform is an essential part modernizing your banking strategy, as it can provide the personalized digital experiences that will keep your bank or credit union ahead of the competition. It helps provide a great customer experience, and builds rich relationships, which in turn results in customers for life and a competitive advantage in the rapidly evolving financial marketplace.

How Doxim can address the banking customer communications trends identified and help future-proof your digital banking strategy

banking customer communications trends

Doxim’s experienced consultants and omnichannel platform can help transform your customer experience in many ways, including:

  • Gathering and utilizing customer data to continually improve the personalization of communications.
  • Building trust with customers via communication (via print, PDF, HTML, email, text, and online interactive experiences).
  • Leveraging interactive video to drive personalized digital customer experiences, such as interactive statements, bills, or reports, that offer visual engagement and real-time interactivity
  • Putting customer data, including customer statements, at the fingertips of your service representatives for immediate and personal service.
  • Making a meaningful connection with value-added content, like information about philanthropic activities, on customer statements.

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