By Poorna Nayak | Feb 09, 2022
1. The COVID-19 pandemic has fundamentally changed how wealth managers and RMs communicate and service their HNWI clients. The future of wealth management is hybrid: in-person combined with digital.
2. Many industries like the Telecom and Media industries, considered in the past to have a large moat, have seen their value erode. This is largely due to value creation shifting towards customer engagement and retention. Financial institutions need to act soon to stay relevant.
3. Adapting to shifting demographics is crucial. Wealth managers need to harness the power of technology to cater to their fastest growing segment - women and millennials.
4. Seamless omnichannel engagement in wealth management means enhanced interactions across physical and digital channels. It leads to enhanced client interactions and increased client satisfaction.
5. Data driven personalization enables wealth managers to provide tailored experiences to their clients. Some examples of personalization include - personalized interactive videos, personalized chat/ video bots, personalized communication via interactive teller machines.
6. Regular personalized engagement ensures deep value is created for both the financial institutions as well as the clients they are serving.