The Value of Omnichannel Customer Communications in Wealth Management

by | Mar 31, 2021

Wealth Management Organizations Can Improve Investor Experience With Innovative Omnichannel Customer Communications

When it comes to financial services, client expectations have evolved quickly and in a short space of time. Wealth management organizations, in particular, have been impacted by this trend.

Macro-economic factors, such as the pandemic, have contributed to the evolution, but so have new market entrants, fintech companies and the growing popularity of low cost, digital-first competitors like WealthSimple and direct investing in general.

To compete, traditional wealth management companies need to invest in retaining the investors they already have, while also providing the services and experience that will increase the share of investor portfolios and attract new investors.

“The intensified competition among incumbents and new entrants presents clients with a multitude of options for wealth management providers, heightening the pressure on firms to continuously raise the bar for satisfying client demands.” – EY’s Global Wealth Management Research Report

A core component of investor CX is related to how well wealth management companies communicate with investors.

Omnichannel customer communications in wealth management is thus a key customer/investor experience strategy It allows organizations to communicate seamlessly across all print and digital options, according to the investor’s personal choice of channel and format.

Prioritize quick wins within a long-term omnichannel customer communication in wealth management strategy.

Omnichannel customer communication is a long-term, complex goal. It can however be divided into smaller projects that deliver quick win improvements to CX, which still contribute to the broader strategy.

Quick win #1 – onboarding

Select an investor journey that directly impacts the ability to retain investors and work to enhance all customer communication across that journey.

For example, investor onboarding – when done right, the onboarding process makes a new investor feel welcome, tells them what to expect, and sets up the relationship for the future.

Quick win #2 – redesign

Redesigning investor documents that are not user-friendly can make an immediate, positive impact on CX. The wealth management industry is known for using a lot of jargon, compliance language and data. Not all investors have the investment knowledge (or inclination) to make sense of this information.

Documents like statements should be simple to understand and provide the most important information upfront. Investors who want the detail can then delve further into the data.

Quick win #3 – preferences.

This may seem obvious, but when last did you ask your investors to state their personal preferences for communication?

This exercise can address two requirements – firstly, to record the channels and formats that each investor prefers, and secondly, to provide insight into what channels and formats investors want that your company doesn’t yet provide.

Quick win #4 – fill the gaps

A review of critical investor journeys will identify gaps in your communication strategy that are potentially causing friction in the client experience.  Investor communication should consider the potential turmoil and stress investors are feeling, coming out of 2020. It should address the emotional/human side of recovering from the economic downturn and other personal situations that may have impacted their lives.

While addressing the quick wins outlined above, it’s imperative that stakeholders keep their organization’s overall CX strategy in mind, as well as the reality that investor’s needs are not typically being met by one provider. Research shows that investors use on average 5 different wealth managers to address their full investment needs.

The objective and real opportunity, therefore, is to not only retain the current relationship but to deliver a great experience that encourages investors to consolidate their wealth management needs with you. The right solution for your Investor communications can help make it happen.

Let us help you deliver a great omnichannel customer communications experience, so investors turn to you for all their wealth management needs. CHAT TO A DOXIM CCM EXPERT

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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