Read the article and learn about:
- What makes a good client experience?
- What does it take to create the “right” client experience?
- Why legacy systems block the way to the connected client experience
- Whether it is too late to start the journey towards meeting new client expectations?
Management Consultant, Wealth and Asset Management – Technology Enablement, KPMG
About the author
Have you ever thought about your favorite customer experience? Was it based on the look-and-feel of the mobile and digital touchpoints alone? It’s more likely to have been about the end-to-end experience, as the pleasure of a well-designed website can easily be surpassed by the frustration of not being able to seamlessly interact and transact. In this article, we investigate what makes a good client experience, why wealth and asset managers have struggled to create the ‘right’ client experience, and whether it is too late to start the journey?
In a rapidly changing world, where generation x and millennial populations are much more tech aware and savvy, the expectation of a good customer experience is being redefined. Immediacy of information (at the click of a search engine button) is heavily influencing decision making. Clients are becoming more demanding and living within the eco-system of phones, tablets and headphones, they expect real-time access to information whilst on the move.
In reality, the wealth and asset management sector has been unable to reach the maturity of digital services offered in other consumer markets or keep the pace required by the digital generation. Retail and entertainment companies have led the charge creating services required by their clients; providing access on the move, enabling one-click purchase, simplifying search capabilities, allowing content to be downloaded (for entertainment), and offering simple convenient delivery mechanisms.
The wealth and asset management challenge
The wealth and asset management industry is keen to embrace digital. However, these firms face a bigger challenge than other sectors due to their rapid expansion through organic growth and acquisitions. In many firms, core technology solutions were implemented over 20 years ago, while functionality has since continued to be added and has diverged across business lines. These solutions were developed in an era when batch processing was seen as innovative. Since then, distributed solutions have been built alongside legacy to accommodate growth and improve access to data. This short-term tactical approach has led to a highly complex, closed, and fragmented application and data architecture. Consequently, scalability and change are a challenge and even the simplest modification needs to be made in multiple places, adding significant workload and complication.