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Digitising and personalising client experience in the financial services industry

Replicating the offline experience across digital channels

The financial services landscape has undergone a significant transformation in recent years, with digitisation and personalisation emerging as key drivers of success in the industry. This article delves into the strategies and insights necessary to seamlessly transition from offline to digital client experiences, while maintaining the core elements that make these interactions valuable.

While digital has brought about incredible convenience and efficiency, the challenge lies in replicating the human touch and personalised experiences that clients value in offline interactions.

Replicating the offline experience: a necessity

Financial services encompass a wide range of businesses, including asset management, wealth management, private banking, and commercial banking, all of which have a common thread: a strong element of personal client service. Clients seek the concierge-like service and tailored advice they receive from relationship managers, who serve as trusted guides in their financial journeys. However, as digital channels gain prominence, the question arises: how can financial institutions maintain the essence of these relationships while embracing technology?

Delivering remarkable client experience in financial services McKinsey and Company | Ratio Partners

The role of the single client profile view: a digital bridge

A cornerstone of the digital transformation is the concept of the single client profile view. Just as relationship managers gather comprehensive insights about clients through offline interactions, a digital single client profile captures a holistic view of clients’ investment goals, preferences, transaction history, and digital interactions. This unified profile empowers financial institutions to understand individual clients in depth, thereby enabling personalised interactions across various channels. It acts as a bridge, connecting offline and online experiences, and ensures that clients receive consistent, tailored experiences throughout their journey.

Bridging the gap between offline and online: a unified approach

One of the challenges in the financial services sector is seamlessly transitioning clients between offline and online touchpoints. Clients engage through multiple channels and expect continuity in their experiences. The single client profile view serves as the linchpin in bridging this gap.

By providing relationship managers with insights into clients’ digital behaviours, organisations can deliver more meaningful interactions.

For instance, if a client is researching sustainable investments online, relationship managers can use this information to initiate relevant discussions offline, thus creating a cohesive experience that spans both worlds.

Personalisation at scale: leveraging data insights

The real power of the single client profile view lies in its ability to facilitate personalisation at scale. Financial institutions can leverage the wealth of data within the profile to tailor content, advice, and recommendations to individual clients. The profile informs organisations about clients’ interests, goals, and preferences, enabling them to create hyper-relevant experiences. For example, a client interested in retirement planning can receive content and insights tailored to their specific needs, both online and offline. This seamless integration enriches client experiences and fosters stronger relationships.

Single client profile diagram | Ratio Partners

 

The confluence of data and technology: unleashing potential

While data is the foundation of personalisation, technology is the catalyst that drives its implementation. Financial institutions must invest in the right technological infrastructure to harness the potential of data-driven personalisation. The integration of data insights into digital platforms enables the delivery of highly relevant content, services, and recommendations. This technological synergy ensures that clients receive the same level of attention and personalisation they expect from relationship managers, regardless of the channel they choose.

Closing the gap for tangible business impact

In the financial services industry, where trust and relationships are paramount, the ability to digitise and personalise client experiences is a game-changer. By adopting the strategies discussed in this article, financial institutions can position themselves at the forefront of innovation and customer-centricity, ensuring that they meet and exceed their clients’ ever-evolving expectations.

The ultimate goal of digitising and personalising client experiences is to bridge the gap between digital efforts and tangible business impact.

By seamlessly integrating data insights with digital interactions, financial institutions can drive customer satisfaction, engagement, and loyalty.

Clients benefit from personalised advice, recommendations, and content, resulting in an elevated overall experience. Moreover, the alignment of digital efforts with offline interactions enhances the value proposition of relationship managers, empowering them with real-time insights to drive more meaningful conversations.

In conclusion: a new era of personalisation

The financial services industry is at the cusp of a new era, where technology meets personalisation. This article highlights the transformative potential of the single client profile view. It is this profile that enables financial institutions to replicate the essence of offline relationships in a digital landscape. As institutions leverage data-driven personalisation to create seamless, tailored experiences, they not only meet client expectations but also drive business growth. The journey towards digitising and personalising client experiences in the financial services industry is a journey toward deeper client relationships and enhanced customer satisfaction.