Firms urged to be proactive in identifying vulnerable characteristics in pension transfer customers
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Ian Ewart has been at the forefront of digital innovation in financial services for more than two decades. Having driven the strategy at c-suite level for some of the UK’s largest financial institutions – including Coutts, HSBC and Barclays Wealth – he’s uniquely placed to bring clarity to the industry’s most pressing discussions surrounding the future of FinTech and RegTech.
With this in mind, we’re delighted that Ian was amongst the participants in our recent webinar exploring the results from last year’s Wealth and Management 4.0 study – where he offered viewers some valuable and actionable insights into the findings’ implications for firms over the next few years.
So, what did we learn?
The emergence of new digital platforms means clients will inevitably touch base with your business across multiple channels. So it’s up to firms to make sure they maintain robust records between departments and communication mediums for their own and their clients’ convenience – otherwise, they could all too often be starting from scratch with every new interaction.
After all, the study revealed that investors are looking for a more extensive selection of communication channels, thus businesses can’t afford to let these hold up the client journey.
New technologies are giving rise to novel ways to request, record and store client data – and so it’s important that firms give clients the knowledge to navigate this new environment with ease.
And not only that, all forms of engagement should be positioned in a constructive, positive way. For instance, instead of a clinical and overbearing ‘this call may be recorded for training purposes’ call centre message, how can businesses present these systems to clients in an empowering, even inspiring, manner that truly portrays the benefits?
Let your clients know that the information they share with you adds value to their journey, meaning they are offered better advice and an enhanced customer experience.
Automation and digital engagement have opened up a host of exciting fresh possibilities – but at the end of the day, customers still want service with a human touch. So how can we ensure your hard-earned brand’s identity doesn’t get lost in translation, and that firms and investors alike get the best of both worlds?
In Ian’s estimation, the key lies in leveraging technology to support your human staff in their day-to-day endeavours – in other words, providing your team with tech-enabled ‘superpowers’.
As Ian explains: ‘We always say the brand is what people say about you when you’re not in the room. In relation to (organisational) culture, it’s how you’re authentic. It’s what you’re doing when nobody’s looking or setting you homework. When the client is not in the room, who represents their interests?’
Ian is a true believer in the power of technology and innovation:
‘Technology has an absolutely crucial role to play here – both in terms of doing the heavy lifting and making sure that all the elements that are captured at the time remain true, so we reflect the essence of the moment. In general, you should be looking for technology to give you “superpowers”’.
To hear Ian’s full take on how to set yourself up for success in the digital era, watch our Five-Minute Insights video now: