Digital Business Model for Wealth Management Operations as Matchmaker of Generations

Veröffentlicht von am 8. Februar 2017 · Kommentieren

The entire wealth management sector is under increasing pressure. While their traditional and highly conservative approach has satisfied customers for long, a growing number of clients attaches great importance to innovative ideas. These solutions, such as Robo Advisory, are faster, cheaper and up-to-date. So far so good. But what does this mean for wealth management operations?

Wealth management operations should inevitably establish digital technologies into their performance spectrum. In doing so, the key to success is to address customers across multiple channels. Imagine, the grandson would rather buy Asian stocks on an online platform over his iPad, whereas his traditional grandfather gives his advisor a call to buy some Dow Jones stocks. No matter how many front-ends are operated, they should be based on the same information. And going further, all front-ends should be managed in one single automated back-end process. This process ensures, that different communication paths are merged into one logic – seamlessly. In addition to that, the right systems make sure, that the customer journey can be completely tracked, 24/7.

This means, that the wealth manager is not only informed about any transaction in any channel at any time, the customer can also switch between the channels at any time. Referring to the example above: As soon as the grandson also wants to speak to the advisor, he must be able to switch channels seamlessly. Depending on the pricing scheme he may have to pay an extra charge – another thing, which should be considered. Furthermore the highly sensitive data need to be protected throughout the whole process, since this is an important topic for both generations.

There is no one-size-fits-all approach, but fact is: All wealth management operations need an individual digital business model to match generations.


This article has previously been published on TheWealthTechBook .