Remote service world - Dorsum blog

The need for remote service opportunities has been on the rise for years now for clients getting used to digital communication channels and digital store-fronts, but traditional financial institutions, – despite spending billions on pilot projects – have been slow to develop user friendly digital solutions to substitute in-person client meetings, contract signatures or hour-long phone calls. Though the willingness to change and to keep-up with technology has been the subject of many a meeting ever since the emergence of the disruptor banks, the consequences of not being able to catch up in time will now be felt harder than ever, first-hand.

The number of costly physical branches has been diminishing for more than a decade, and startup banks without branches such as Monzo, N26, Revolut or Starling have done big business exclusively through digital channels. The slow decline of branches however has now been kicked into high gear by the state of emergency forcing people to stay and work from home (clients and banking advisors alike). As social distancing becoming more prevalent, the way advisors interact with their clients will change. This change was always inevitable, but the abrupt change in our everyday interaction with the outside world highlights the many challenges that wealth managers must quickly overcome, to prevent customer churn.

Let us take a look at what these main challenges are:

  • Support and handle the influx of new clients

Digital verification & onboarding is more important than ever as it is essential for financial institutions to be able to get new clients. The digital tools are there, but wealth managers must find a way to build trust which influences the clients’ final decision greatly. That’s where the real change needs to happen. Clients have to be able to spend time with the advisors in the virtual era, they have to be able to get all the necessary information to have an overall transparent picture of their finances and to feel comfortable about the organization.

  • Redefining strategies proactively with the clients.

The advisors need to be able to rebalance the clients’ portfolios especially in uncertainty, keeping the financial goals of the clients’ in mind. As a result, accessibility for clients and a holistic approach for advisors remain key.

  • Secure communication

The communication with clients has shifted: advisors need to be able to communicate with their clients in a remote and secure way. And there is a need to find ways to keep their connections with the clients as strong as ever. Virtual communication can be a powerful way of keeping clients informed about market trends, urging the advisors to leverage existing technologies that make it easier to stay connected.

  • Paperless processes

Some of the systems weren’t designed to support remote business processes as many organizations are used to physical communication on paper. Even though the digital capabilities are there, until now, companies were not under real social pressure to invest in these, as they could always have in-person meetings to sort these out.

  • Automated systems

The number of customers handled by a single advisor is ever increasing, due to the mass affluent sector gaining access to several digital premium and private banking services. Higher efficiency within the company also demands more clients to be handled by less and less experts. Advisors consequently have to be rid of unnecessary tasks, heavy administrative workload or routine phone calls. An automated messaging system that keeps track of and sends general notices to clients about the state of their portfolios, or an educational chatbot that dispenses information about frequently asked questions can take on the burden of 80% of client requests, leaving the advisor to focus on the 20% that requires special, personal attention.

Dorsum’s Wealth Connect provides an efficient solution helping the transformation of the institutions to serve as the center for all the communication that takes place between clients and their advisor. This includes multiple channels, automated communication through an AI driven chatbot, and a sophisticated notification system for automatic advice or manual messages. Additionally, the system handles document sending and receiving from both the advisor’s and the client’s side where the client has an option to sign these using biometric authentication. The HUB also connects to Dorsum’s Wealth Platform which supports paperless business operations and the Wealth Portal mobile application that gives clients a quick and easy overview of their investments.

To find out more about how we can help you in grounding your investment services with a digital investment ecosystem ready for social distancing stay tuned for our whitepaper!

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