In the new year and near future, more and more relationship managers will undertake a digital transformation to meet rising client expectations.
As we enter 2020, a wave of digitization is underway within the financial services industry. Relationship managers are exploring digital opportunities to improve and adapt their business in an ever growing technology environment. Among these changes, the most far-reaching advancement includes the automation of workflows, including those for client onboarding, account opening and management. By adopting digitization, relationship managers can recapture the valuable time it takes to focus on the actual advisor-client relationship.
In the past, financial services companies were one of the slowest industries to adapt to new technologies. Instead of immediately embracing change to tired business processes, these companies relied on antiquated methods including the use of manual processing, paperwork and record-keeping. Even companies who thought themselves well versed in technology depended on additional wasted steps. Where paper moved to PDFs, companies still relied on manual input and corrections via human resources.
Those that have embraced emerging technology have shown incredible success. For example, the company that evolved into TD Ameritrade was a pioneer of incorporating technology to achieve substantial growth. In the 1980s it introduced touch-tone telephone trading, one of the earliest forays into business automation. In the 1990s, the company acquired another firm that executed the very first online trade.
Today, many companies that specialize in wealth management and investment advice recognize the immense rewards they reap when digitizing their business. By offering clients a more digital experience, companies are finally acknowledging the growing wealth shared by tech savvy millennials, Gen X, and other sophisticated investors, and the client expectation of a better, more advanced interface when managing their financial future. Gone are the days when clients are subjected redundant and tedious processes; they now expect a streamlined digital experience, from the very beginning. As a result, companies that traditionally reserved the bulk of their resources for compliance and risk are now seeing the value of investing in APIs and software specializing in workflow automation.
The process of client onboarding and account opening should be a fluid and efficient one. As an industry standard, these requisite processes should never be a series of paper and PDF exchanges, inevitably succumbing to human error and delays.
Digitization results in relieving valuable human capital from the need to build/update/maintain internal systems, and avoid administrative tasks to capture and control the abundance of forms necessary to client management. The result is better operational efficiency, saved costs and speed gains across multiple processes, including client onboarding, conducting due diligence and KYC (“Know Your Customer”) protocols.
Security presents another advantage of implementing technology into financial services. With all the personal data that is gathered, clients require additional protection of their information in order to keep it private. The idea of a lockbox type of single layered security falls short of ensuring the necessary level of protection. Because data management represents a significant source of risk, multi-layered protection through software is key in protecting sensitive client information.
In a fiercely competitive industry like wealth management, technological innovation becomes absolutely imperative. Attracting and maintaining client relationships require more than just good investment advice, but personalization. Clients are educating themselves on alternatives, exploring their options and expecting the same digitization they experience elsewhere in their daily life. Consequently, they expect their relationship managers to provide digital solutions that mirror the technology available in competing companies.
Embracing digital transformation improves how financial services companies connect with clients. By creating a streamlined and highly personalized client experience, relationship managers can distinguish themselves from robo-advisors.
Clients desire the ease of an online interface for day-to-day administrative tasks like onboarding and account opening. Immeasurable time can be saved from back and forth emails, paper trails and PDF debugging, and replaced with real substantive investment advice. Digitization frees up the necessary and invaluable time a relationship manager can devote to the client. Moreover, utilizing seamless APIs and digital automation eases the client burden, enhances the experience, and most certainly differentiates the relationship manager.
Software like Anvil meets the digital expectations of today’s advanced client. It is a prime example of how relationship managers can distinguish themselves with digital transformation. With Anvil, clients have access to web-based resources and mobile capabilities—digitization. Anvil’s dashboard gives the advisor complete control to manage the client relationship, from anywhere, anytime.
Workflows are streamlined and every step of the client-advisor relationship is simplified. The advisor can preselect only the information required from the client, eliminate tedious form-filling, collect and preserve client information, monitor the completion of documents and automatically map over relevant data to requisite forms. In turn, the client has access to an easy and simple platform that makes the onboarding and account opening process feel more intuitive and personal, avoid PDF confusion from messy forms, and effortlessly upload relevant documents. Anvil is digitization at its best.
Check out Anvil to learn more about automating your document-based processes. Everything from gathering information, preparing documents, requesting signatures and updating CRM systems in one simple online workflow. Build your perfect workflow today!