The Challenge of Providing an End-To-End Digital Experience for Investors

by | Sep 23, 2021

How wealth management firms can achieve an end-to-end digital experience for investors

The wealth management industry was built on a high touch model, with interactions founded on personal relationships via face-to-face meetings between advisors, investment counselors, and investors. However, as the financial services industry adopts digital services and communication, advisors and investment counselors must also shift their investor engagement approach.

For many wealth management firms, ‘going digital’ has meant introducing digital alternatives for a selection of their processes, usually deploying point solutions to digitalize certain investor journeys.

What is really needed is a full, end-to-end digital experience that is consistent across channels and journeys. To do this, wealth management firms need a strategy to digitally transform their communications in a way that anchors the investor experience.

Doxim understands the unique requirements of the wealth management sector and can advise on how to digitally transform investor communication using built-for-purpose solutions. TALK TO A DOXIM CCM IN WEALTH MANAGEMENT EXPERT

Here is what an end-to-end digital experience looks like for investors:

  1. Investor onboarding – investor can complete the forms and sign the necessary paperwork digitally (eSignature)
  2. Welcome kits – investor receives a digital welcome kit with all the information he or she requires to get full value from the services
  3. Transactional messages – investor has the option of receiving transactional messages (trade confirms, notifications, etc.) via a choice of channels
  4. Regulatory documents – investor enjoys the convenience and security of accessing statements, correspondence, and tax certificates electronically, more security and an easy storage option for future reference
  5. Operations – a secure portal for investors to self-serve when they want to perform simple tasks or transactions in their own time from the convenience of their own device

The best experience is one in which the investor can select how they want to interact with their wealth management firm at each point in the journey.

The challenges to providing an end-to-end investor experience

There are significant challenges to achieving a great end-to-end investor experience. A single view of investor activity and engagement is fundamental to providing a seamless and consistent experience no matter where or when the investor enters a journey. But, when operating with outdated technology and legacy systems that do not integrate with modern technologies, getting a single view of investor data across all platforms is tough.

Another challenge is dealing with complex vendor relationships that result in a structure made up of technology pockets, rather than an orchestrated investor engagement hub. Managing multiple vendor relationships is time consuming and operationally inefficient.

Then there are regulatory requirements that the wealth industry must comply with, adding a layer of complexity when introducing or integrating new platforms.

How Doxim enables an end-to-end digital experience for investors

Doxim helps wealth management firms transform legacy processes into digital experiences, not least by automating manual, paper, and content-intensive processes. Our wealth management solutions improve the investor experience, significantly reduce costs, drive efficiencies, and ensure compliance.

Doxim experts understand the unique requirements of the wealth management sector and can advise on how to digitally transform investor communication using built-for-purpose solutions. Doxim already partners with dozens of enterprise wealth management organizations across North America, helping to strengthen relationships through an enhanced investor experience.

Doxim’s Customer Communication Management platform is a robust, single-source platform with a wide array of functionality and features that were developed to meet the needs of the wealth management industry.

Take advantage of Doxim’s consulting and advisory services and CCM platform to speed improve investor experience across all channels, print and digital.

Let’s discuss your wealth management organization’s unique customer communication requirements. CONNECT WITH ME

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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