Wealth management is becoming increasingly digital

Digital is making its way at high speed in many areas, including wealth management. Gradually, new technological solutions are emerging to improve the working methods of wealth management advisers (CGP) and optimize access to their offers.

Since the beginning of the Covid-19 crisis, the digital transformation has continued and accelerated in the sector. Whether real estate investment, management consulting or tax exemption, many services are now available online. Each of them transforms and simplifies the client experience offered by the firms in order to help you obtain better management of your assets.

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Digital to meet the new needs of the French

Although the digitization of the heritage field is not new, the health crisis has greatly extended its hand. A study of KPMGconducted in April 2021, reveals that 74% of wealth management companies have accelerated their digital transformation, compared to 50% in August 2020.

Faced with the various constraints imposed by the numerous confinements, the digitization of wealth management has accelerated sharply in order to meet the new needs of the French: to have a faster contact and an omnichannel customer experience. Thanks to digital, the latter is really simplified: it is possible to dialogue with an adviser in a few seconds in the event of a question via chat or videoconference, to access multiple resources on financial products, provident insurance, the Pinel law , investments or wealth management and to have all the necessary information at your fingertips in your client area. The digital solutions made available by wealth management firms make it easier to manage an investment in life insurance or a loan. These new tools aim to simplify access to the heritage world, which seemed inaccessible and complicated to many individuals.

For wealth management advisory firms, simplifying these processes allows them to focus on their core business. Customers can compile a file at their own pace on the platform provided, avoiding numerous email exchanges to obtain documents. Since the information is centralized, each employee can access it and work collectively. Advisors can therefore obtain all the elements quickly. This allows them to be able to deal effectively with their clients’ requests: a new financial investment, an asset strategy to be put in place, an asset assessment to be carried out, etc.

Offer a better wealth management experience thanks to innovations

To continue their digital transformation, several wealth management firms or independent wealth management advisors (CGPI) are opting for technological innovations such as data. The data makes it possible to better know its customers, its habits and its preferences. They are necessary to make effective decisions to improve its products and increase customer loyalty.

For this, it is also necessary to offer them good customer service. Industry professionals are now using chatbots and Robo Financial Advisors (automated investment advice platforms) to handle phone inquiries and automate time-consuming tasks, such as answering frequently asked questions. This is made possible by artificial intelligence (AI), which allows wealth management advisors to focus on tasks with higher added value, such as taxation.

It should therefore be said that these multiple innovations are radically modifying the world of heritage, both in terms of organization, management and supply. New digital tools and technological solutions have become essential instruments to better understand their customers. Professionals can respond more precisely to the needs of their customers, reduce their administrative procedures to offer them a simpler, enriched and personalized experience.