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.

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Scott Biel
Chief Revenue Officer
Scott has 25 years of experience in Customer Communications Management (CCM), with a primary focus on delivering exceptional results for the financial services industry. In his current position as CRO, Scott oversees all revenue-generating activities and works closely with executive leadership, sales, solutions and partners, to develop and execute a revenue strategy that further positions customers and the business for maximum shared success. He leverages his extensive knowledge of CCM, regulated and financial services to improve customer experience, drive operational effectiveness and achieve cost optimization through digital technologies.

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