As a newcomer to the world of financial technology and management and private banking, the best way to learn is online. There are so many websites with so much information that it’s hard to narrow it down to just a few.
Almost every banking website talks about how their respective banks can make our money grow, save taxes, and invest in profitable markets to get the most out of our returns. Some of the pages are intuitive, easy to navigate, and have lots of informative content.
Wealth management is a difficult subject, and finding the right combination of articles and charts is essential to keep us on the site for a long time. It must be relevant too.
Before COVID-19 hit the world, financial advisors and investors, discussed their long-term plans and goals over a cup of coffee at advisory desks or in the comfortable offices of ultra-wealthy investors. While digitizing bank websites is accessible, advisors still prefer old-school businesses with limited information and transparency and rely more on their knowledge, experience, and managed assets.
BBVA understood the importance of keeping up with the digital banking trend and has seen 18% of new Spanish customers and 38% in the U.S. joining the bank through a digital channel.
Digital reach:
According to the World Wealth Report, HNWIs require digital skills from the wealth management industry regardless of age, wealth status, or need for advice.
That is, both traditional customers (baby boomers) who are affected by COVID-19 and want to immerse themselves in the world of technology, as well as independent and motivated customers (Generation Y (Millennials), born 1980 to 1994; Generation Z from 1995 to 2009) who prefer to do their research to understand and feel more specific and factual information related to financial technology and management and private banking.
In the digital world, traffic to your website offers as much opportunity as you do by attracting new customers and building relationships by serving existing customers.
We’re not just talking about web channels here; we’re also trying to figure out the importance of mobile responsive websites and mobile apps. Mobile applications, in particular, provide instant and more accurate and up-to-date information.
Bank of America increased digital capabilities and has seen record-breaking profits surpassing those earned before the recession. Bank of America made $28.1 billion in 2018 compared to $21.1 billion in 2006. There is no foreseen slowdown in digital investment and financial institutions are expending substantially on technology upgrades. BB&T has spent about $1 billion on a new data center, lending system, and mobile banking upgrades.
Multilingual and multilingual geographic program:
Nowadays, digital channels are mainly used to get information. However, their potential to take advantage of complex transactions and remote consulting has not been fully exploited; with a focus on cross-border banking, this is expected to increase in the near future.
Getting relevant content for your audience from different regions, speaking and understanding different languages can also make your website content more stable and interesting. People may not want to browse different websites of the same bank to read the same content in different languages but prefer to change languages and regions with fewer clicks and navigation.
With the exponential growth of HNWIs in recent years and likely to be even greater in the years to come, especially in APAC states, it is becoming increasingly important for asset financial technology and management banks to focus more on this region and open up their communication channels to specific languages.
Developing a detailed understanding of potential target segments by country by size, business combination, and geographic presence can also help build relationships with relevant investment advisors at the local level.
Power of social media:
Keeping your audience on the portal longer can result in better conversion rates so subscribers can subscribe to your newsletter, download articles or even like/share a CTA with one click, especially if they are from an enthusiastic age group on social media.
Perhaps for knowledgeable readers among wealthy subscribers, the quality and reliability of the content are more important for making actual decisions.
Several social networking tools can create investment portfolios and comparison strategies and offer the best investment based on risk and willingness to invest.
They can also be used to match investment opportunities to identify client needs.
Create a journey for a customer:
Start by creating atomic content. Understand the customer’s location on your website and provide appropriate marketing experiences and resources that match the recipient’s specific needs.
Think about your entire user lifecycle and find ways to deliver a consistent and outstanding experience that builds loyalty, generates advocacy and manages transactions.
Reflect a content strategy with assets that match the user journey and develop content that supports and excites customers with our stories. This will help anticipate and plan the customer journey and then use the concept of automated behavior collection.
Use New Age Technology to Measure and Compare:
Integrate AI and analytics to deliver personalized, contextual, connected and cognitive experiences.
Reinvent knowledge-based businesses to attract digital clients and consultants with contextual experiences based on customer information. Deliver this experience through a conversational interface optimized through cognitive automation and powered by the cloud
Use data and analytics to combine creativity and engagement seamlessly.
Customers expect multi-channel, multi-screen access, possibly wearables / IoT to be the next frontier in the queue.
Measuring the effectiveness of each article and content against benchmarks is critical to understanding what your audience wants to read on your website. While there are many tools for comparing social media and several rankings based on specific criteria, the presence of internal mechanisms makes it easy to track, compare, and leverage the results obtained based on internal criteria and for the intended people.
Customizable charts and metrics for individual accounts and enhanced with internal and external API functions can help identify current market topics or search criteria used by your target segments to get information about financial technology and management or private banking.
Website content can also be displayed or published in digital boards, which can help clients make some investment decisions for them and act as participants, not just financial advisors.
Evidence-based solutions, supported by segmentation, optimized campaigns and the resulting success indicators can deliver better results.
JPMorgan Chase recognized the need to adapt to the changing market and created the mantra, “Mobile first, digital everything.” The result was JPMorgan grew to 48 million digital customers in the second quarter of 2018.
Customer loyalty:
“Out of Sight, Out of Mind” is the right phrase when it comes to the digital world and social media. In order for your clients to regard you as their sole advisor and asset manager, it is important to have more contact with clients and build their trust step by step.
A digital presence across multiple channels gives your customers confidence in your technology approach and thought process to align with global customers.
It also helps to have a unified approach to multiple services. For example, if a customer navigates to your banking area, they also have the option to switch to your asset management page or the main bank portfolio. In principle, one action leads to another and maintains the commitment and interest of your customers.
When customers try to evade banks, digital channels and the information they have at their disposal play an important role in retaining your customers. Develop and deepen relationships through the provision of value-added services.
Experience is the most important differentiator in racing. Current customers can change their bank if they can find a better alternative.
Upgrade your digital infrastructure:
Creating and maintaining a secure and scalable web platform requires a dedicated team. A team that evaluates the needs of relevant customer offerings and continuously strives to improve customer experience and implement security and anti-hacking measures.
Infrastructure as financial instruments or complete market hours available on your digital platform, together with UHNWI, can guide and serve the needs of mid-sized customers. This can help them develop their financial experience, which makes your platform much more reliable.
Digital research platforms also help capture the types of innovations associated with customer loyalty and product performance.
Recognition in the digital world can also help attract better-in-class customers and become a benchmark for banks and other financial technology and management institutions.
Building consumer dashboards with direct access to their investment portfolios and assets builds their confidence and ability to invest in other growth areas or funds.
So finding the right channel to attract and retain them for a long-term relationship can bring more benefits to customers.
Transitioning into a CMS can be a daunting task for any organization, and especially in the banking and finance sector. Katalyst Software Services Limited offer CMS solutions that will support your company on every step of the way. We’ll help you implement the CMS throughout your organization and guarantee for world-class technical support for as long as you’re our client.
