Personalise and customise: the balance of tech and a human touch

Personalise and customise: the balance of tech and a human touch

With the emergence of new Fintech technologies, and shifting private and institutional investor attitudes towards how they interact with asset managers, wealth managers and pension funds, the industry is embracing change by personalising the services they offer. But what two actions do firms need to address to deliver a superior individualised experience for clients? Andrew Frost, Client Relationship Director at Paragon Customer Communications, shares his thoughts.

As retail investors increasingly embrace digital technology to gain a better interpretation of how their capital is handled, firms are having to adapt strategies to assure private investors about their portfolios and the security of family legacies via previously unexplored channels.

Similarly, the instability of the ongoing pandemic has undeniably impacted on clients, and in turn, the overall institutional investor landscape. Maintaining stakeholder trust, including the trust of board members has become a priority for many institutions in a fluctuating market characterised by economic downturns.

In an increasingly challenging environment, asset managers now more than ever must continue to display their value to all investors and instil confidence by providing critical insights and leveraging technology to communicate those views.

While the traditional forms of engagement remain important – be that meetings or conference calls and events, amongst others – digital technology offers an opportunity to more rapidly and efficiently provide strategic views and forecasts.

This acceleration of digital transformation undoubtedly offers unparalleled opportunities for growth; however, it will not come without significant adjustments.

The wealth management industry is a sector traditionally known for its conservatism and reliance on in-person interactions. Embracing digital advancement, therefore, will require a fundamental change in the way firms operate in order to create convenient, personalised, data-intuitive front office products and services, each underpinned by effective back office systems.

While there are certainly many underlying drivers that can lead a firm’s transition towards positive personalised client experiences through digital channels, there are two fundamental areas that, without attention, could broaden the gap between expectations and delivering truly progressive change.


Personalise and customise

Emerging technologies have lowered the barriers to entry for many firms seeking to provide personalised services, providing a low-cost way to embed hyper-personalisation into their strategic operating models.

Leveraging fintech such as artificial intelligence (AI) – a technology expected to power 95% of all customer interactions by 2025 – and Internet of Things (IoT) enabled technologies have the transformational capabilities to deliver personalisation in an era increasingly focused on heavily data-rich customer communications management (CCM) delivery models.

AI’s ability to seamlessly collate and accurately interpret large swathes of transactional and other data can aid firms in their understanding customer behaviours, empowering digital wealth, asset and pension managers to provide a superior experience.

While, at the same time, allowing professionals to maintain consistent contact with mutual funds (retail), institutional investors, or high net worth clients by automating daily customer communication tasks such as financial statements, business activity reports and forecasts.

Indeed, data driven insights and decision making, underpinned by fintech and big data, are critical for firms seeking to shift from product push to customer pull strategies.


Balancing technology and the human touch

Despite its apparent value, nonetheless, the propensity of many firms to ‘over-automate’ their communication strategies can lead to greater disconnect and a poor overall customer experience.

Firms, therefore, must be careful to not lose sight of the fundamental value and critical need for human-to-human interactions with clients. Access to an actual adviser for key decisions, for instance, can reassure both high-net worth investors and less affluent retail investors of some critical oversight.

This prerequisite for a unified balance between human and machine interactions has resulted in the advent of hybrid traditional and robo-advisor strategies. By blending the ideal mix of technology and human expertise, firms can cost-effectively provide low-cost automated services to the masses – be that “direct execution” platforms, or "digital advice platforms".

As Paragon Group’s digital consulting and agency businesses, DCX offers online financial and trading services an alternative partner to tackle business, technology and marketing challenges.

By combing industry-leading services, together with advanced capabilities in data and analytics, creative communications and experience, as well as technology and automation – our expert team empower digital wealth managers to adapt and thrive in today’s world.

Andrew  Frost


Andrew Frost 
Client Relationship Director


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