The wealth management industry in Asia is experiencing growing pressure to improve client experiences in an increasingly digital world. However, many firms are falling short in meeting the expectations of investors due to poor mobile app performance and a lack of high-quality channel experiences. In this article, we will delve into the challenges faced by Asian wealth managers and explore solutions to enhance client satisfaction and optimize relationship manager productivity.
Asian Wealth Managers Falling Short in Delivering Improved Client Experiences
Asian wealth managers are struggling to provide enhanced client experiences, primarily due to their inability to deliver efficient and user-friendly digital platforms. A recent survey revealed that less than half of investors expressed satisfaction with their firms’ mobile app performance. This dissatisfaction poses a significant challenge for these managers in retaining clients and attracting new ones.
Poor Digital Experiences Burden Relationship Managers
The shortcomings of digital experiences not only frustrate investors but also place an undue burden on relationship managers (RMs). Instead of focusing on high-value client work, RMs often find themselves dealing with manual tasks that should be automated. As a result, RMs grapple with low productivity and struggle to meet the expectations of clients due to limited time and resources.
RMs Struggling with Low Productivity and Lack of Digital Tools
The primary reason behind the low productivity of RMs is their broad job scope and lack of digital empowerment. Many RMs are weighed down by administrative tasks that can be automated, resulting in a significant waste of time and resources. Moreover, without the necessary digital tools and systems, RMs find it challenging to effectively meet the evolving demands of their clients.
Fixing the Broken RM Model through Digital Tools and Automation
To address the challenges faced by Asian wealth managers, it is crucial to equip RMs with the necessary digital tools and automate non-revenue-generating tasks. By streamlining operations and reducing manual work, firms can achieve higher productivity, improved loading ratios, and cost savings. In fact, industry experts suggest that businesses could potentially save up to 50% on RM costs, a significant portion of the overall cost base.
Enhanced Client Service Experience as the Key Driver for Success
Apart from cost savings, empowering relationship managers (RMs) with digital tools and automating administrative tasks leads to an enhanced client service experience. A well-designed, reliable mobile app with a wide array of features and functionality is imperative to achieving the growth and retention goals of wealth management firms in Asia. A seamless and intuitive mobile app enables investors to access real-time portfolio information, personalized investment recommendations, and interact with their RMs effortlessly.
The Role of Mobile Apps as the Fundamental Channel for Client Interaction
The mobile app has become the most common channel clients utilize to engage with their wealth management firms. In today’s fast-paced environment, investors expect easy access to their financial information, the ability to execute transactions, and seamless communication with their relationship managers (RMs). Firms must prioritize the development of sophisticated mobile apps that cater to these needs and allow investors to enjoy a frictionless client experience.
Asian wealth managers face significant challenges in meeting the evolving demands of their clients. By improving the digital experiences they provide, automating non-revenue-generating tasks, and equipping relationship managers with the necessary digital tools, firms can deliver enhanced client experiences and boost productivity. This, in turn, leads to cost savings, higher client acquisition ratios, and increased client satisfaction, making it a win-win situation for both wealth managers and their clients in the highly competitive Asian wealth management industry.