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March 9, 2021
The FinTech Break with CREALOGIX on Clubhouse
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Digital Banking
Clubhouse - The FinTech Break

Our new series on Clubhouse, The FinTech Break, is a chance for industry experts to discuss some of the most pressing issues in the industry. In case you’re still waiting for the Android app or don’t have 30 minutes to spare each week, we’ve put together an overview containing some of the highlights and insights from our first three sessions.

Addressing challenger brands and maintaining client loyalty

In our first session, Andrew Gough from our Global Business Development team was joined by expert consultant Georgina Mitchell to consider the pros and cons of challenger digital wealth services. As challengers grow increasingly sophisticated, they are raising the bar in terms of the expectations of investors and this is what traditional wealth management firms need to address. This idea moved the conversation on to the important issue of client loyalty and retention. Expertise, personal service and attention to detail are high-value differentiators for traditional wealth management firms. Integrating digital tools and developing automation for routine administrative tasks may be the solution to retain and even increase the customer base even while challengers raise expectations and the demographic landscape is altered.

The changing face of the investor 

The second Clubhouse session with wealth segment marketer at CREALOGIX George Baily looked at this idea of demographic change in more detail. Investors are increasingly global, diverse and used to working digitally. Baily suggested that traditional wealth management firms are not currently acknowledging the extent of the threat or the opportunity. The lack of prioritisation is holding firms back and is combined with a sense of overwhelm as firms aren’t sure where to start or how fast they can change. FinTech allies will be essential for traditional wealth management firms to keep pace with changes to investors’ expectations in the digital space.

Partnering with fintechs to accelerate digital customer service

Our final session for February was a discussion with Kully Samra, currently Head of Corporate Development at AJ Bell and previously Sales Director at Nutmeg and Head of Sales at Charles Schwab. Samra suggests that while challengers are raising expectations – and that some investors are moving the bulk of their funds to services such as Nutmeg – established firms have a lot to offer and the trust, tenure and stability of traditional firms is backed by expertise that supports financial wellness. 
Samra highlighted that 50% of new clients to AJ Bell were under 40 and that traditional firms have to manage the balancing act of adapting to younger investors’ digital expectations whilst not alienating existing clients who may want less interaction digitally. Offering the choice of how clients receive information can enhance the experience for the service provider and the consumer. Innovative digital services may be a challenge for traditional firms to deliver alone, but FinTech partners offer a way for firms to address new commercial opportunities with younger investors and create efficiency gains across the business which benefit all clients.

Join us for The FinTech Break on Clubhouse every Friday at noon to discuss the latest news and views. 

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