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July 20, 2021
Finding the right balance with hybrid client experiences
Forrester - the future of hybrid advisory services
Digital Banking
Customer Experience
René Raabe, CREALOGIX Global Segment Lead Wealth
René Raabe
Global Segment Lead Wealth

Digital innovation is set to accelerate in wealth management post-pandemic but the real value is finding a balance between digital and in-person services.

We were delighted to contribute to the recent Forrester Report entitled Wealth Management Firms Accelerate Digital Investments to Power Hybrid CX. The report gets to the heart of an issue that is central to our vision and mission as a company to create digital leaders in financial services and accelerate their digital innovation. We know that for wealth management firms, successful digital transformation isn’t just about technology, it’s about adding value to clients with a premium digital service. 

Placing digitalisation on the value chain 

The report written by the expert team at Forrester highlights how wealth management firms have been pushed towards online channels during the pandemic. It states that,

"post-pandemic, success will depend on finding the optimal balance between human and digital across channels to create a differentiated client experience".

The key to achieving this balance is by understanding where digital solutions fit in the value chain. 

The report cites a recent successful project with a global private bank for a digital onboarding solution. The new digital solution allowed clients to validate their identity via a video call with a Relationship Manager and complete the rest of the process online, including secure digital signatures for account opening agreements. This is a great example of putting digital tools and people at the right points in the value chain. It doesn’t add any value to clients for their relationship manager to be spending time on the administrative work of an application and those manual processes cause delays to new and prospective customers. A human element with a convenient video call is not just an effective security check, it’s a reminder that the service is people-oriented and while sophisticated digital tools may make some of the processes simpler, client service is still the number one priority. 

Achieving differentiation with hybrid CX 

There are two separate areas for consideration when delivering market differentiation for hybrid CX. The first area is the example above – considering the value chain and where digital channels offer benefits to investors and to the firm in terms of convenience and efficiency. Another example might be secure messaging – a quick query or a meeting request could be securely managed online, a more complex discussion about changes to investment goals would benefit from a discussion with the expert relationship management. The aim here is to lose none of the value that in-person services deliver by switching to digital channels in areas where there is client demand or where there is no clear benefit to maintaining a manual, in-person or paper-based processes.  

The other aspect of differentiation through hybrid CX is to ensure that the key differentiators of the firm are built into a premium digital solution. For example, if the firm is valued for its expertise in ESG investments, custom-built digital reports within the app can highlight this area of differentiation. A digital interface that seamlessly reflects your unique service proposition can help to achieve differentiation in a market that may grow crowded as more and more firms join the race to go digital post-pandemic.  

In an increasingly digital world, an online aspect of service provision will be essential. Hybrid client experiences will help wealth management firms cement a unique position in the market. We help firms deliver premium digital services that match their brand and helps them achieve differentiation in an increasingly competitive market.  

The report Wealth Management Firms Accelerate Digital Investments to Power Hybrid CX is available to Forrester subscribers or for purchase.  

Learn more about the drive for hybrid services in this blog from Forrester.

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