This Heads of Wealth briefing in London saw Dorsum share expertise on how technology is shaping the future of wealth management, looking specifically at how wealth managers can utilise client portal usage data to power their business.
James Goad, Managing Director at Owen James opened the session with a look at how wealth and asset managers are trying to keep up with tech in order to attract new clients and strike the right balance of client engagement.
A live poll revealed how attendees around the table felt concerned about the new regulations in the FCA Consumer Duty Act and not very comfortable with the digital solutions they are currently offering clients. Based on their client’s feedback, the areas that need improving their digital offering are as follows:
Afterwards, Keith MacDonald, Senior Advisor Wealth Management at EY set out the current digital state of the industry, before inviting attendees to share their experiences.
Ákos Szalay, Head of Product – Wealth Portal presented Dorsum’s answers to wealth manager’s key challenges:
Dorsum also shared key findings about communication preferences between clients and advisers, including automated chats with bots, citing Hungarian language versions as an example of the importance of having multiple languages for a bot when dealing with a large international client base (as part of tender 2018-1.1.2-KFI-2018-00006, “Hungarian language recognition, comprehension and reproduction as a chatbot service on multiple platforms”).
Finally, the guests invited discussed the questions raised at the round table discussion. There was talk of the implementation possibilities of digital innovation, the satisfaction of the unique needs of the customers, and the possible bridging of generational differences. We also heard about the importance of personal interactions in digital innovation and the specifics of different markets (USA, UK, Europe).
We learned that after the “covid era”, customers find personal meetings important again. According to what has been said, one of the biggest challenges is to define exactly what we want to build with the help of our tech specialists. Since communication between departments is often difficult, as a result, a product from an excellent environment does not always match customer needs.
Project 2018-1.1.2-KFI-2018-00006 has been realised with the support of the Ministery of Innovation and Technology’s Research and Innovation Fund, through the 2018-1.1.2-KFI tender programme.