Objectway offers Licence Free Period for WealthTech Suite to help the digital transformation during the Covid-19 crisis

Objectway offers Licence Free Period for WealthTech Suite to help the digital transformation during the Covid-19 crisis


at Objectway

Views 398

Objectway offers Licence Free Period for WealthTech Suite to help the digital transformation during the Covid-19 crisis

14.04.2020 03:00 pm

Objectway is a leading software provider of wealth management digital solutions with customers distributed across four continents.

Being headquartered in Italy, we were early to deal with the COVID-19 emergency in the EMEA region. The rapid escalation of COVID-19 outbreak has forced us to test our business continuity plans, in Italy first and soon after that in our UK and Belgium operations.

Fortunately, we are a natively digital company with an existing smart-working policy; we use agile development and dev-ops methodologies, with teams spread across Europe. Therefore, soon after the initial shock of having to implement our contingency plan, we were back and ready to deliver as usual to our customers. It was now time to immediately start thinking about how this emergency would affect our customers' business and how we could help them cope with such a disruption.

Wealth Management and Private Banking have historically emerged as highly personalised professional services with customers demanding special attention and highly skilled relationship managers for frequent and intensive face-to-face interactions. Satisfied with their level of customer centricity, many firms in the sector had overlooked the importance of critical changes happening in the market, such as digital transformation, where financial services have clearly fallen somewhat behind the progress being made in other sectors.

Recent research by the Scorpio Partnership has shown that 47% of HNW investors, if they were CEO for a day, would prioritise innovation in digital services to improve their client experience, with digital engagement currently happening mainly through static website content (44%) and e-mails (40%) with only 21% via Client Portals and a meagre 8% happening through Mobile Apps (WealthBriefing research published 2020). There is a clear digital gap in the Private Wealth sector.

Now Covid-19 measures have first restricted and then completely locked-down any face-to-face meetings between advisors and investors, and there are no clear plans and dates as to when it can safely happen again. Many investors are, as a consequence of the digital gap, panicked; stuck at home without direct access to their portfolio information, apart from a phone call from their advisors.

This emergency is unfortunately exposing the delay in digital transformation accumulated today in the wealth management industry, and investors who do not feel properly served in these emergency times, will soon start looking elsewhere.

At Objectway, we have always believed in the need of ensuring the ability for Advisors and Clients to interact and collaborate digitally, and our existing customers who have implemented our Objectway WealthTech suite, are able to leverage its digital core functionalities to deliver a timely, personalised high-touch service even in such difficult times:

  • Remote advisor-client digital collaboration with secure chats, remote video face-to -face meetings, secure screen sharing in full privacy where the advisor can not only talk with clients but also walk them through their updated investments showing graphs, trends, or assist them in learning how to use the self-service channels.
  • Real time multi-device access to investments, market research papers and news for investors through portals and mobile apps.
  • Proactive alerts and notifications generated by our integrated CRM module will alert the Advisor that a certain client’s portfolio needs attention and the client should immediately be contacted, or notify client via their apps that, for instance, a new paper on how to make your investments survive in the COVID-19 emergency has just been published in their document inbox.

We are also aware that this emergency will strain the available budgets of all companies in our market. So, we understand it’s time for us to help our customers to start or complete their digital transformation now!

We are now offering that any new subscription to our digital offering committed to in 2020, will attract a licence-free period to help our customers mobilise their investment, address the digital gap and deliver best service to their own customers during this challenging period.

Aware of the need for quick go-live plans we have set-up a fast-track approach, with a cloud-based, ready-to-use deployment model, open APIs for quick integration, focusing on rapid live delivery of your highest priorities (e.g. the investor mobile app) within a few months, and incrementally extending the service to a wider set of components.

Our mantra now should be, “Stay Safe, while making our business Stronger!”


Latest blogs

Nish Kotecha and Noslen Suárez PhD Finboot

How blockchain can help us have trust in the food we eat

Today’s food supply chains are global, connected and generally efficient, but the COVID-19 pandemic has shone a spotlight on areas of weakness. The urgent need for robust and resilient systems and processes has been brought sharply into focus, and Read more »

Chris Miller RSA Security

Back to Normality: Five Steps to Stay Resilient After Disruption

The financial services sector has lived through many global disruptions, but the nature of recent events has put an unprecedented strain on operational resilience; from needing to ensure critical functions could continue with skeleton staff and Read more »


How Technology Has Disrupted the Used Car Buying Experience

We’ve seen many fields change rapidly as a result of the integration of modern technological advancements over the last couple of decades. And it looks like more is coming on the horizon as well, judging by current trends. One of the markets that Read more »

Shuvo G. Roy Mphasis

Reboot 1.0: How financial services technology can enable the supply chain to support a post-lockdown boom

Ground control and Captain Tom When veteran Captain Tom Moore decided to walk one hundred laps of his garden before his 100th birthday to raise funds to support NHS heroes battling Covid-19 from the frontline, he never imagined that he would Read more »

Lisa Gutu Salt Edge

Building a PSD2 compliant channel: challenges and opportunities for financial institutions

PSD2 obliges ASPSPs including banks, e-wallets, prepaid cards and other companies that offer payment accounts to provide at least one channel for secure communication with third party providers (TPP). Even neobanks or e-money institutions, including Read more »

Related Blogs

Ray Brash PPS

“Repair the roof while the sun is shining” – why fintechs were COVID ready

During his 1962 State of the Union Address, John F. Kennedy declared: “The best time to repair the roof is when the sun is shining”. While the original philosophy behind the sentiment wasn’t intended for organisations, per se, it’s an apt quote when Read more »

Owen Kilbane Kofax

Post COVID-19, a “Remote First – Remote Validate” Mindset is Needed

The COVID-19 pandemic has highlighted the need for financial services companies to have a “Remote First” mind-set. When we look over the past number of weeks, consumers are interacting and doing more and more business online, using a new set of Read more »

Marcus Treacher Ripple

Supporting vulnerable communities during the COVID-19 pandemic with faster and more affordable remittance payments

There’s no denying that COVID-19 has disrupted the global economy as hundreds of millions of people around the world have had to grapple with job losses, business closures and lockdowns. Read more »

Denise Dunne Ding.com

Riding the Wave of Demand for Online

Undeniably businesses all around the world today find themselves grappling with the profound changes we are experiencing as the world comes to terms with the impact of the first wave of this pandemic.  All across the world, businesses - from the Read more »

Vishal Pandya FlexTrade Systems

March madness – adjusting to the new normal

Actions speak louder than words. If there is any silver lining to the Covid-19 pandemic, it would be that uncertainty and volatility reveals truth about how financial technology firms function and respond in turbulent waters. Our technologies are Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel