Front End: What can we do to improve the customer experience?
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How can Wealth Managers improve the front end customer experience for their clients?
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Front End: What can we do to improve the customer experience?
- 1. Front End iress.com Andrew Foster Head of Private Wealth Management September 2016 What can we do to improve the customer experience?
- 4. iress.com 4 Conflicting expectations? Regulator: Information Visibility Expertise Consistency Documentation / evidence Clients: Information Attention Access The ‘right’ outcome Reasonable cost Performance Wealth Managers: Profitability Efficiency Lower costs Increased revenue Managed risks Predictability
- 5. iress.com 5 Change is a constant • Digitalisation • New entrants and business models • Client focus and retention • Talent scarcity • Platform rationalisation • Market consolidation Market disturbance • Re-entry of banks • Vertical integration • Automation • Advice consistency • Cost and revenue pressure • Regulator encouragement • Changing demographics • Digital expectation • Trust and security • Channel preferences • Advice v. guidance • Omni-channel experience • Differentiation by segment • Restoration of Trust • Suitability • Price / cost transparency • Flexibility Client expectations • Increased intrusion • MIFID II • FAMR • CRS (Common Reporting Standards) • SMR (Senior Managers Regime) Regulation change • Pensions Freedoms • FATCA • CRD IV • RDR – fee transparency and sunset clause • Data protection regulation • Innovation • Greater use of data e.g. pension dashboard / banking APIs • Entry of tech players to market Technology driven • Ageing and complex legacy systems • Under investment • Consolidation • Info sec • New models • Insource v outsource
- 6. iress.com 6 £10m+ £1m -10m £250k - 1m £50k - £250k • Cash • Group pensions • Personal pensions • ISAs • UK equities • Unit trusts / OEICS • Large Cap • Balanced • Passives • Annuities • Protection / Insurance • SIPPs • Unit Trusts/OEICS • Small-mid cap sectors • Emerging Mkts • On-shore bonds • Off-shore bonds • Income drawdown • FX • Established market equities • ETF’s • Structured products • Hedge Funds • Derivatives • Property funds /collectives • Private placement • Global equities • Trust planning • Fiduciary services • SME: value extraction • Specialist tax advice • Cross border strategies • “Team of experts” (legal etc) • Comprehensive financial planning (Ongoing) • Pension consolidation • Tax advice • IHT / Estate planning • Financial planning (One off) • Simplified / Focussed advice • Guidance and information • Retirement planning • Post-retirement planning (50+) • Child savings MassAffluent Product needs Financial advice needsAssets HighNetWealth (HNW) Ultra- HNW Participants are typically found to operate across client segments and therefore client needs. This requires flexibility and capability across product and service propositions, frequently a challenge with legacy technology. Complex business models
- 8. iress.com 8 69% Baby Boomers Retiring Every day in the US. Changing market 10,000 More likely to feel confident that they can achieve their life goals if they have a written plan in place, compared to no plan. 3x Consumers Seek financial advice from sources other than a financial adviser. More in retirement savings of the advised to the non advised.173%
- 9. iress.com 9 7.6bn Online advice Consumers seek financial advice online Digital Banking transactions Online Mobile phones Across the world, exceeding the number of people in the world Expect customer facing staff to have a single view of them in real time70% 41% 85%
- 10. iress.com 10 Changes to advice model • Handles high complexity and inter-dependent strategy decisions • Comprehensive feature set • Advice provided with adviser and client together, facilitated by technology • Engaging experience, less complex • Fast & highly repeatable, but less flexible • Non-advice • Highly brand-able and configurable • Integration to Product Manufacturer • Highly brand-able, consistent language and presentation with brand • Simple advice problems and options • Built for scale, so want to ensure limited need for human help • Very simple calculations & problem solving – easy to understand • Tightly linked to human support channel who have same view (screen share) Holistic Advice Guided Advice: Face to Face Execution only Self-directed “Robo” advice Guided Advice: Phone / Online Full Service No service Advice models have evolved and increasingly cover a breadth of different propositions, often with multiple forms in the same organisation.
- 11. iress.com 11 • Advisory Services • Investment Services • Research • Portfolio Management • Market Data • Trading • Order Management • Analytics • Client Management • Research • Business Automation • Financial Planning • Goals based planning • Access to investment products • Digital access • Robo Integrated wealth management Integrated Wealth Client Management Advisory Services Discretionary Management Execution Only Financial Planning Consolidated reporting Access to specialist services - e.g. Tax Digital servicing Robo Broking Advice A large and growing number of participants now provide a range of services. These span execution only, private asset management, advice, digital servicing… and usually span multiple legacy systems.
- 12. iress.com 12 Complex operating models Business models have evolved through regulatory censure and reform, market structure, client expectation, and revenue pressure. The operational demands of an integrated wealth model are complex and increasingly evident. Outsourced Service Provider Robo AdviceExecution Only Lombard Lending Discretionary Investments Tax Specialist Digital Servicing Consolidated Client Reporting Retail platforms Discretionary Management Estate Planning Advisory Fiduciary Financial planning Legacy manufacturers Integrated Wealth Manager
- 13. iress.com 13 Putting it all together Regulator: Information Visibility Expertise Consistency Documentation / evidence Clients: Information Attention Access The ‘right’ outcome Reasonable cost Performance Wealth Managers: Profitability Efficiency Lower costs Increased revenue Managed risks Predictability
- 15. iress.com 15 Client centred architecture Connectivity Account opening STP Trade mgmt Mortgage tracking Forms Advice Production Modelling Strategy engine Documentation Disclosure Wealth Management Reporting Modelling / Rec’s Aggregated holdings & history Tracking Professional Research Insurance Retirement savings Mortgage Investment Qualitative & Quantitative Client Digital Secure Fact find Self-discovery Portfolio & progress checking Online reporting Compliance Management Alerts & checks Audit & history Consistency Revenue Management Disclosure Business mgmt. Fee collection & Payments Client & CRM
- 16. iress.com 16 Servicing multiple channels Compliance & Risk Management ONLINE Know your client / Attitude to Risk / Capacity for Loss / Fact Find / Gap Analysis Advice Preparation Advice / Investment Recommendations CLIENT DIGITAL FACE TO FACEPHONE Automated Advice Servicing
- 17. iress.com 17 Digital – it’s not just about the advice
- 18. iress.com 18 Video and call enabling
- 19. iress.com 19 Starting out in self-directed James, 26 Just got a new job with a big pay rise. He’s decided to get serious about saving for a house deposit with his girlfriend as they moved in together and the rent is expensive. How much do I need to save? Where should I be investing my money? Is this the right investment mix? What’s the right investment option for me That looks good. Can you set it up for me? DOMYSELF IRESS XPLAN CLIENT ONLINE DOWITHANADVISOR SELF DIRECTED Instant message Would you like to speak to someone? Phone or face to face Email prompt Set up an investment account online How am I tracking towards my goal? Email out Advice docs + link to portfolio
- 20. iress.com 20 Digital Advice Delivery
- 21. iress.com 21 Same solution, different skin
- 22. Unified financial services technology iress.com @iressuk #wemakeithappen iress.com From the smallest independents to the largest multi-national players, we’re enabling advice firms to achieve their ambitions.
Hinweis der Redaktion
- Morning. So I am here to talk about the Front end and what we can do to improve the customer experience. Before I get onto the consultant speak, let me focus in on the word experience, and use two examples to illustrate this. Both stories are about a brand we all know – Coca cola, and how they engaged very different customers in the Coke experience. For the first example, There are a lot of South East Asians working in Dubai – average income of $6 per day. They can’t afford to contact home, although they manage to send a stipend home to feed and educate their families. Coke set up phone booths where the user would insert a coke bottle top into a machine, and in return would be given a 3 minute international call. Needless to say, there was not much more than coke drunk while the promotion was on. In the second example, new student on a university campus, who didn’t know anyone, were given free access to large fridge full of cokes. How many students don’t like a freebie right? After helping themselves, they found out that a special cap had been put on the lids, ensuring that the only way of opening one bottle was with another. In this way, students were forced to talk to other students in order to get their freebie open. Another example of creating an experience around a product. So using those stories – if coke was able to create a unique, memorable, experience for completely different segments of their market, around the same soft drink. What do Investment managers, with all the technology in the world need to do to create a defining experience for their customers.
- Change is ongoing and relentless Can be a huge distraction from clients
- Clients expect far more Needs vary across client types –investment products and advice Whilst ‘standardised’ evident for mass affluent Flexibility as you go upwards Participant firms typically span Single entity or different brands within the same organisation Requires depth a breadth of proposition that is operationally challenging Legacy tech and Ops common
- Market changing Clients expectation is changing idea of retirement gets obliterated. Most millennials will never stop working. Instead, they’ll seamlessly blend their work and life to create a way to make money and have fun at the same time. https://www.fpsb.org/news/pressreleases/602-global-survey-by-financial-planning-standards-board-finds-consumers-lack-strong-confidence-in-achieving-their-financial-goals.html Montmarquette, C and Viennot-Briot, N, “The Value of Financial Advice” ANNALS OF ECONOMICS AND FINANCE 16-1, 69–94 (2015) http://www.pewresearch.org/daily-number/baby-boomers-retire/
- Digital becoming more real But expectations are broader Challenges traditional advice models
- We are Increasingly seeing different advice models Often under one brand. Put significant pressure on ops and systems This introduces significant risks especially the risk of inconsistent outcome.
- Still looking at influences to the customer experience,
- As business models change so do ops models Increasingly complex
- So what do we see as the way to improve the customer experience?
- We see a client centric world Supported by a range of key components. What I mean by this is: Putting the client, at the centre, forces a scalable, modular approach, allowing for the introduction and removal of new services, regulation and so forth.
- What this allows for is servicing of multiple channels and Enables switching between channels As we all know, most of these channel's have been around for ages. The key to a better customer experience, is pulling together the different preferences and propositions leveraging common capabilities and delivering them consistently. e,.g Recommendaitons / outputs the same irrespective
- As an example: It’s not just about advice – its about the experience. Its about a millennial check a share price from his apple watch, placing a trade from his phone, and viewing the resulting portfolio as he comes back from lunch.
- Its about supporting new channels, to create engagement Video has been around for ages We need to make it interactive and participative. The video should be recorded, catalogued and stored against the client file for access on another device at a later point.
- Example of how we have enable a client journey
- In conclusion – the customer experience, needs to be improved, by being tailored to its audience, with the same output or result, no matter what the channel and no matter what the channel may be in a few years time.