A select panel of senior superannuation and wealth management industry representatives has nominated simplicity, identifying customer needs, developing holistic services and providing clients with control as some of the key ingredients to future wealth management business success
Bravura Solutions Pty Limited (Bravura) – in conjunction with FST Media – recently hosted an executive round table entitled Exceeding Expectations of Tomorrows Wealth Management Customers.
Led by Bravura’s Head of Strategic Engagement John Burke, the event brought together heads in technology, digital, marketing, strategy and operations to discuss strategies for managing and exceeding the expectations of tomorrow’s customers.
John Burke noted that there was broad agreement among the panel that future success in the wealth management business would be achieved by those that developed direct and responsive relationships with their customers, greatly simplified their products and made the customer journey easier than ever before.
Hayden King, COO, BT Investment Management, commented: “Banks have a lot of clients, but they also have a lot of complexity. As an industry we have consolidated because the money was there, but how we engage with our customers is the biggest question.”
Possible strategies discussed by panel members included integrating superannuation and insurance with banking, providing a consolidated, holistic view of a customers’ financial situation and easy portal integration to third party applications.
John Burke elaborated: “In tomorrow’s world, utilising technology that makes the complex simple will prove critical. It will deliver a defensive strategy against disruptive start-ups, support innovation in the retirement income space and allow providers to become more effective in educating members enabling them to make informed decisions about their investments.”
The panel recognised that the industry faces substantial barriers to delivering these solutions due to legacy platforms. There was general consensus on the need for funds and wealth administrators to move to modern, agile administration systems capable of supporting the new forms of highly targeted and personalised digital service delivery.
AMP’s Scott Barnett, Head of Technology, SMSF and CRM confirmed: “Building on the collaboration piece, and also listening actively and effectively to our customers is a key theme for many of us. We also talk more broadly in terms of enterprise agility and how we make the business more agile on an end-to-end basis to enable us to respond to the requirements for change.”