The financial advisory industry is witnessing a slow but decisive change. Digital interventions are altering the business landscape. Though a lot of developments are taking place in all aspects of business, the customer service space is witnessing a major disruption.
Digital technologies can help you stay on top of your game by helping you manageyour client relationships better. Read on to know how.
Using Robo-advisors as Assistants
According to a Statista report, Assets Under Management (AUM) in the roboadvisor segment in India is expected to grow at a CAGR of 54.4% between 2018- 2022, resulting in an AUM of USD 116 million by 2022. Automated programmes offering portfolio management suggestions and financial insights, these roboadvisors can be used as smart assistants to carry out back-end activities such as updating databases, managing documents, updating forms, tracking portfolios, etc.
This would free you from repetitive and low-key tasks, thereby allowing you to focus on your client relations and build customised offerings. Also, with the help of these assistants, you would get a holistic view of your client’s future requirements and better analyse his/ her current portfolio to offer strategic advice that helps them achieve their goals in the long-run.
- Create Superior Customer Experience Through Digital CRM
Digital Customer Relationship Management (CRM) helps you enhance customer experience as you get more efficient, pro-active, and accessible for managing client relationships.
Using financial calculators, risk-profilers, and chatbots you can create more value. CRM tools can suggest customer needs. With a history of customer interaction recorded in the CRM, it helps you deliver what they actually want and not what you think they want.
It helps you deliver quick and prompt solutions to queries promptly, thereby helping you to establish as a thoughtful and caring expert. It is also a great tool to receive feedback.
- Involve Clients in the Decision-Making Process
Consumer behaviour is changing fast. Clients often take active participation in the decision-making process and using digital platforms; you can invite active involvement from your clients and remain connected with them 24 x 7. Not only can you answer their queries, but also inform them about major changes or announcement that can have an impact on their financial goals or their overall portfolio.
With news and information flying from all corners, it is essential to filter for relevant information so that clients are not left confused. Digital technology helps you be your client’s eyes and ears, weeding out complications in the process. Combining human intelligence with machine learning would help you offer customised service thereby helping you to stay ahead of the curve.
With advanced tools, IDFC Mutual Fund aids you to be future ready. Subscribe to this page for inputs on various aspects of advisory.
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