Deloitte Research: Why wealth managers must act on customer experience today

Deloitte Digital research, sponsored by Salesforce, has found 30 per cent of wealth management customers intend to switch providers within the next two years. The reason for this as identified by the report is trust is at all time lows and customers are dissatisfied with the experience delivered by their advisor.


On a daily basis customers are coming across stories from the Hayne Royal Commission and using apps from companies that deliver outstanding customer experience, like Airbnb. It would have been impossible to predict until recently but both influencers are changing the expectations of customers.


To serve customers in this changed marketplace, financial advisors need to pivot their business and technology approach to focus solely on rebuilding trust and improving customer experience.


Transparency is the foundation for building trust

The same Deloitte Digital research found just one in three customers believe that the financial services industry can be trusted. This had had a flow on effect, with 29 per cent of customers less willing to share personal information and data than six months ago.


Without the trust and willingness for customers to share data and engage with their business, advisors face a difficult battle to attract and retain customers.


In order to build trust, financial advisors must focus on its key drivers; to protect data and privacy, ethics and social responsibility and the belief that the firm is putting customers’ interest’s first.


Crossing the customer experience chasm

Customers have been trained by companies like Airbnb to expect all of their interactions with a company to be always on, in real time and with all of their previous interactions visible to all employees.


The industry isn’t quite there yet. The Deloitte Digital research found customers believe their financial services providers are failing in providing personalised products and services, proactive advice and alerts. Twenty per cent of those surveyed believe the financial services industry fails to meet most or only meets some expectations.


The good news is customers are interested in giving advisors the data to power better experiences. The report also found 58 per cent of customers would share personal and financial data with their own financial providers to access higher quality products and services.


Moneytree, a financial data and portability platform is a trailblazer in the industry. It has used customer data, an artificial intelligence engine and an amazing app experience to put its customers at the heart of their business.


Built on the Salesforce platform, Moneytree’s app links directly to users’ bank and credit card accounts, superannuation funds and loyalty programs to display real-time financial information in one easy-to-use app. It offers users a simple way to track their spending and get a detailed picture of their financial health in real time.


By focusing on trust and customer experience as their two most important priorities, financial advisors will be putting themselves on the right track.


Download the Deloitte Digital report Restoring Trust in Financial Services in the Digital Era report to find out more.



Add new comment