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It’s time to level up and address the needs of the modern investor

As financial service providers (FSPs) try to navigate a post-pandemic world, it’s clear that business models need to be restructured around shifting customer demographics and market influences.

Saturday, September 26th 2020, 12:39PM

by Rachel Strevens

From meeting, greeting and making decisions through to connecting, sharing and engaging, these everyday activities have all had to evolve in the wake of social distancing. Amid all this change, one thing remains constant: the need for financial stability and growth, both from an investor, and a company perspective. The findings from our latest report reveal how FSP’s can leverage technology to address the financial needs of investors across the wealth spectrum.

Navigating market volatility

The economic impact of Covid-19 will be felt for many years to come, and is driving conflicting priorities as consumers and investors seek financial security, while at the same time searching for returns in a low-negative interest rate environment. We’ll start to see HNWIs demanding more personalised product and service offerings, and frequent market updates to keep informed of market activity in real-time. Data-driven customer portals will help companies to provide a more bespoke service that uses intelligent workflows to schedule relevant market performance reports and fund updates.

For those who don’t have access to an advisor, such as KiwiSaver investors and the emerging mass affluent, we'll see pressure for higher levels of service and support to this group coming out of Covid-19 as they start to seek help to make more informed choices. Digital advice, and the use of intuitive prompts and information driven by algorithms is crucial to deliver advice to the masses, while driving internal efficiencies.

A digital front office

Globally, businesses were left scrambling to patch up gaps in their service architecture when the lockdown measures were announced. The operational resilience of a company will be a key differentiating factor going forward, and companies will need to implement strategies and tools to help enhance their service structure to continue servicing their clients without interruption.

Digital engagement and virtual communication tools have come to the fore as reliance on traditional meet-and-greet service models start to fall away. Advancements in artificial intelligence (AI), biometrics and optical character recognition will help to speed up and democratise the investment process. From streamlining administrative processes to providing a more efficient and speedy investment process, these tools will help FSP’s to focus on what they do best - meeting the goals and generating returns for their clients.

Automating the onboarding process not only provides a more seamless customer experience, it also opens up new channels to market while reducing the time and cost it takes to process new clients. Cumbersome compliance documentation is often seen as a barrier to new customer acquisition. Digitalising this process will help to improve customer satisfaction and meet compliance requirements through eKYC and eAML functionality.

Companies that leverage digital tools, such as online profile updates and investment capability, to encourage a more self-service type of approach, will experience the full resource-saving benefits of implementing a digital service architecture. Consumers across the board want more control and flexibility over their investments and information, so give them an engaging digital experience that helps to motivate and educate them to achieve their investment goals.

Client-centricity as the new measure of success

The explosion of technology presents an incredible opportunity for companies to level up to the reality of a post-covid world, while staying focused on improving the financial outcomes of clients. The emerging investor group is more demanding than their baby-boomer parents, and financial service providers really need to tap into and address the needs of this segment on a personal level in order to stay relevant. Implementing technology to help drive a nimble and responsive business model is key to service the modern investor how and when they want, in a personal and efficient way.

Get the latest report from Invsta to discover the top emerging technology trends for financial service providers:

Disclaimer: Rachel Strevens is the CEO and Founder of Invsta. This article is intended to provide information and does not purport to give business advice.

Invsta is a B2B fintech company that provides a range of white label modules and interface solutions for wealth advisers, fund managers and KiwiSaver providers. Invsta’s digital solutions are focused around 2 core areas: providing an interactive and engaging online client experience, and improving back office efficiencies. Through their solutions, they’re helping companies to reduce costs, improving access to financial products and advice, and delighting investors with ease of use and digital engagement.


Rachel Strevens is the CEO and Founder of Invsta.

Tags: Invsta

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