Customer Experience: The Future of Wealth Management

Designing the Future of Wealth Management: It’s All About the Experience

Windmill Editorial Team
  • UX & Design

Wealth management – much like just about everything else – looks a lot different today than it did just a few decades ago.

We’ve quickly entered a world somewhat unrecognizable from our analog past. As exciting as that may be sometimes, it also presents a number of challenges for financial service providers and nearly all businesses. With technology proliferating through every aspect of consumer life, it can be especially difficult for legacy businesses to adapt to evolving consumer demand.

As technology continues to become even more integrated into the daily lives of all consumers – and especially HNWI lifestyles – it’s vital for wealth management firms to figure out exactly how to attract, engage, and retain customers who are already so accustomed to continuous innovation.

The personal connection between a wealth advisor and a client was a hallmark of the trade in the past, but today, high net worth individuals (HNWI) expect a completely different experience. While that one-on-one relationship is still incredibly important to even the youngest, most tech-savvy clients, HNWIs also want fast and convenient self-service options via the digital devices they use the most.

Companies like Uber, Netflix, and Amazon continue to set a gold standard for customer-centric digital experiences that successfully delight over and over again. These are the kinds of digital experiences HNWIs now also expect from their wealth management providers, making it imperative for wealth management firms to adopt technology that enables them to provide elite, well-rounded service.

These digital apps and products aren’t meant to replace the personal advantage of a dedicated wealth management professional, but rather serve as a seamless digital extension of their expertise. Data-driven digital tools like robo-advisory and comprehensive digital investment tools enable wealth managers to offer even more personalized service, increase client engagement, and maximize their clients’ wealth.

It can be tricky, however, to design and deliver digital experiences that customers truly want. Designing and properly building these kinds of digital products is quite resource-intensive, and oftentimes, internal teams lack the expertise required to deliver products to market fast enough. This can pose significant competitive disadvantages for long-established wealth management firms looking to compete with the sleek digital offerings from nimble new digital banks or technology startups.

Partnering with a firm that specializes in design and digital product development can help wealth management firms ensure the best possible solution, reduce time to market, and ultimately deliver a much better experience to their customers. With the right partner and plan, wealth management firms can successfully transition into the digital era and offer customers value-added service that empowers them to manage their wealth anytime, from anywhere in the world.

Ready to transform wealth management for your clients? Visit our website to learn how Windmill Smart Solutions can help.  

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