Does embracing innovation mean losing the personal touch?

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Posted: Wednesday 5 June 2024

Nick Mahy, our Head of Business Development, explores automation in the Private Wealth Management sector.

The world of private wealth management thrives on personal relationships. Understanding and tailored advice are the cornerstones of client servicing.

However, as the industry evolves in the digital age, there’s a growing need to balance this cherished personal touch with the efficiency and convenience that technology brings.

Client expectations have changed too, High street banks went from cheques to online banking, and now digital onboarding and contactless payments and apps such as Apple-pay are the norm. Private wealth clients are expecting a similar experience.

In wealth management, where every client's financial journey is unique, personal relationships have, and always will play a part in delivering bespoke solutions tailored to each client, but with the advent of automation, there's an opportunity to enhance client experiences while optimising operational efficiency.

Automation doesn't seek to replace personal relationships; rather, it aims to augment them by streamlining processes, enabling advisors to focus more on high-value interactions and strategic insights.

These are just a few examples of areas where automation can enhance the client experience:

Onboarding and Account Opening: Automation streamlines the onboarding process, making it faster and more convenient for clients while ensuring compliance with regulatory requirements. Digital account opening, e-signature and IDV capabilities enable clients to start their wealth management journey seamlessly, while advisors focus on building relationships and understanding their unique needs.

Periodic Reviews: Creating bespoke questionnaires, pre-populating forms with CRM data and providing and automated risk scoring system, can help Relationship Managers process periodic reviews in a fraction of the time and ensure risk compliance and accurate alignment of products with clients' financial objectives.

Convenient, Secure Communication: Providing clients with access to next generation portals allows them to communicate securely as and when they want to. From interactive dashboards to easy-to-use online forms, automation tools can pull in information from across the business transforming paper into process and streamlining journeys so clients can interact wherever they are and whenever they want to.

At Vega Technology we have developed DigiHub, an innovative client data management platform that can help wealth managers automate processes and enhance client experiences across all of these of touch-points. It can connect CRMs and admin systems to each other and to clients, allowing them to interact in the way they want to, when they want to. DigiHub will also easily convert old paper forms and pdfs into streamlined, online processes - and that is just a fraction of what it can do, it is incredibly versatile and a real problem solver for wealth management industry. Think of DigiHub as the Swiss army knife of data management software!

There is, quite justifiably, a huge buzz around AI at the moment, but AI needs to be able to work with digitised and automated processes so by adopting DigiHub, businesses can reap the benefits of automation now whilst also laying the grounds for the adoption of AI in the future.

If you would like to learn more about how automation can elevate your business, contact Nick via Tel: 01481 721031 or email:

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