Market Insight by Sylvaine Paolucci-Simms - Improving human interaction, not replacing it

Who could have predicted the extent of the changes to our lives in the last ten years? Technological advances have powered progress in artificial intelligence, healthcare, the transition to a green economy and how we live our everyday lives. 
While we might not be able to accurately predict what comes next, we can probably agree that the acceleration and pace of mass adoption, innovation, and differentiation are all essential to remain competitive. Companies that can harness the potential of rapid innovation will increase their efficiency, productivity, and competitive advantage to develop their industry within a fast-paced environment. 

Greater profitability and client engagement


The wealth management industry is not exempt from these concerns. Its client base is moving fast with new, more digitally savvy clients, who are increasingly interacting with both the tools provided by financial Institutions, and freely available technological tools such as robo-advisors and risk profilers. This increased use of technology has resulted in different client expectations regarding their investments, as priorities change.


As a result, client engagement now needs to be balanced between the technological enablers that free up resources from repetitive, mandatory but non-added value tasks, increased client access to tools and market information, and the human relationships and know-how that differentiate wealth management providers.


Assuming a strong commitment to digital infrastructure and omnichannel platforms, given the current trajectory of client demand, it is the differentiation in client offerings, including expertise and human relationships, that are the key factors in client retention.