The company turned to us for research and insights on the market landscape as it explored whether to buy a digital platform, partner with a provider, or design and build a platform from scratch. We helped our client to weigh the options and then move forward with its preferred route: creating its own bespoke solution.
During the course of the project, we deployed a multi-disciplinary team with expertise in wealth and asset management, digital strategy and technology delivery. We helped the client with every phase of the process, from conceptualizing a business strategy to launching the new platform.
“Unlike many other firms, we were able to offer a one-stop shop because we combine deep sector knowledge alongside digital and account expertise,” says Sinisa Babcic, Ernst & Young LLP Senior Manager. “As a result, our integrated team was able to provide advice ranging from customer experience design to best practice in crafting an algorithm to gauge an investor’s appetite for risk.”
The new digital platform delivers three key benefits to the wealth manager’s clients:
- Insights: timely and relevant customer insights and marketing through mobile and online channels
- Speed of service: automated and self-service processes for faster account setup, funding and ongoing investment management
- Ease of use: enhanced experience for customers, through intuitive design and simplicity across products and services
The digital platform automates many of our client’s existing administrative processes, creating efficiencies and raising service levels. Opening an account takes minutes rather than days and investments can be made with a few clicks rather than reams of paperwork. This means advisors can now devote more time and energy to building customer relationships.
The cost savings achieved through the new platform mean that those with minimal funds to invest now have access to financial advice and investment products that were previously beyond their reach. For example, socially responsible investing, which used to be an option only for high-net-worth individuals, is available to all. This is vital to engage millennials, many of whom want an investment portfolio that reflects their beliefs.