Multichannel management meets the needs of the new generation of wealth management clients
Personal, face-to-face advice is still the most important sales channel. Yet tomorrow's clients already take the mobile internet for granted today. Thus, banks must decide to what extent they want to meet the needs of digital natives in order to intensify their customer relationships.
The success of social networks such as Facebook and LinkedIn is rooted in the understanding that communication is the permanent exchange of explicit and implicit information. In the long term, the finance industry can literally capitalize on this finding, too. If wealth managers succeed in rerouting some of their client activities to new channels such as their website or smartphone apps, they will gain completely new insight into their clients' habits.
How long do clients spend looking up information on the website? On what topics? At what times of day do they prefer to use online offerings? This kind of information lays a firm foundation for effective client advisory sessions, because the advisor already knows what interests the client and can respond by presenting suitable products. Those banks that best understand the needs of their clients are, logically, the ones that can provide the best service.