Lessons for Wealth Managers from a Global Leader in Customer Service
A troubling trend has emerged in wealth management customer satisfaction. According to a recent EY survey, less than a third of wealth management firms rate their client-related technologies as ‘effective’. What’s more, more than 20 per cent believe it falls short of their customers’ needs.
The thriving success of dynamic, small-scale, and digitally aware advisory services has intensified competition within the wealth management industry, with many long-established firms struggling to keep pace.
To remain competitive, traditional wealth management organisations would be wise to heed the successes of digital-savvy businesses outside the wealth industry. These businesses are prime examples of how customer-centric UX can achieve better business outcomes.
The Westfield Experience
As one of the world’s leading shopping centre chains, Westfield Corporation is renowned for helping businesses under its wing thrive.
To help prospective retail clients meet their business goals, Westfield has developed a custom lease management app to assist its representatives in showcasing inventory directly from their tablets.
This specially designed app allows Westfield’s on-the-road staff to locate malls ideally suited to the client’s location, target demographic and timeframe. The app not only displays space availability within specific locations, but can also quickly generate costs and proposals in-situ, giving clients the information they demand right there and then.
What Wealth Managers Can Learn from Westfield?
Being constantly on the road, financial advisors depend on resources at hand to deliver the best advice and outcomes for today’s highly informed clients. As such, financial advisors must be equipped with the right tools and latest data to effectively guide clients in realising their financial goals.
To learn more, download this complimentary infographic that reveals some of the key operational challenges facing today’s wealth management organisations, and a number of clever strategies to help financial advisors best serve the next generation of clients.
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