Increased digital adoption is only a first step in addressing client needs in wealth management and retail banking.
The global pandemic has had a significant impact on banking and wealth management, not least of all in digital adoption, where we have seen increases including:
7-10x
increase in client engagement across all digital channels
4-5x
increase in digital research consumption
2-3x
increase in the number of virtual client meetings
But while increased digital adoption is important in addressing client needs, relationships, advice and human interaction are all key factors that institutions need to consider.
Strategic imperative #1 – Hybrid servicing
In the first in a series of blogs on the strategic imperatives driving digitalisation, we’d like to focus on the role of hybrid servicing.
Hybrid servicing is the ability to support clients to achieve tasks (e.g. advisory process) in digitally automated, self-service ways, combined with human, personal and consultative touchpoints. It’s really all about having efficient, digitally automated self-service where the client also benefits from an advisor “being there” at the right time.
Crucially, hybrid servicing incorporates the cost advantages of automated digital processes, while opening the door to human interaction for complex and emotional topics. Clients enjoy the advantage of receiving the comfort they seek from advisory services in financial matters that is often be absent in solely automated, self-service solutions.
Increasing value
When offering hybrid service, the focus should be on increasing the value for the financial institution as well as the client. In the retail segment, that means time is better spent on mortgage and pension scheme topics where the margin of the service from human and guidance.
Hybrid service is really at a sweet spot when serving affluent and HNWI clients, The convenience and ease of automated self-service options can be complemented by advisory interactions that really strengthen client relationships.
Watch out for further blogs on the strategic imperatives driving digitalisation, including Hyper-Personalisation and Ubiquitous Banking.
Find more information and some use cases in our e-book "Digitalisation – 3 strategic imperatives for success".
