#dedicatedtowealth
WealthTech
Views Report
Using technology to
engage with clients
June 2020
www.thewealthmosaic.com
Welcome
In March this year we published our first WealthTech
Views Report, ‘Looking into 2020’. This featured a range
of views from leading technology vendors to the wealth
management sector on the technology trends for the
year ahead. They provided their views on the challenges,
opportunities and what they were looking to focus
on in 2020. However no-one foresaw the dramatic
impact the COVID-19 global pandemic would cause.
Just a few months later and, now, our second WealthTech
Views Report, 'Using technology to engage with clients',
is focused on the technology that helps wealth managers
better engage with clients. Given the current challenging
backdrop it is clear that these software tools are needed
by wealth managers more than ever before as social
distancing measures and restrictions on travel mean that
the firms can no longer rely on the traditional methods
of engagement. Investing in digital engagement tools
was once considered by many to be a nice-to-have, it has
now become a must-have for all wealth management
companies who have direct relationships with end clients.
It is worth mentioning that given the level of on-going
innovation of technology and services to the wealth
management sector we are increasing the number of
reports we create each year to cover important themes
such as investment tools, distributed ledger technologies
and blockchain, RegTech, Artificial Intelligence ('AI') and
data. In addition to this, we are expanding our Landscape
report series to cover new areas such as the US, APAC and
Family Offices. The aim of our reports is to enable wealth and
asset management firms to keep on top of what is going
on in the sector and learn more about solutions that can
solve their business needs so they can survive and thrive
in this increasingly complex and competitive market.
The Wealth Mosaic is the digital marketplace & intelligence
resource for the global wealth management sector.
Find out more
A TWM Insight Report
Interactive PDF
Contents
Click on page arrows
and buttons below to
jump to relevant section
Introduction
additiv
Adviscent
aixigo
3
8-10
4-7
12-15
Appway
Finantix
ForwardLane
IMVS
moneyinfo
Moxtra
New Access
Objectway
TechRules
Unblu
Wealth Dynamix
Our Report Programme
16-19
26-29
35-38
42-45
51-54
59-62
21-25
30-33
39-41
46-49
55-58
63
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2
This WealthTech Views Report: Using technology to engage with clients, includes the views from 14 solution
providers and thought leaders from across the globe, with participants from the UK, US, Switzerland, Italy and
Luxembourg. To enable each thought leader to present their views on this particular area of the market and
highlight how their solutions can help wealth management firms achieve their objective of providing the best
client service possible, we asked each of them the following two questions;
1. MARKET: What is your view on the current state of the market with regards to how wealth managers manage
their engagement with clients? What are they doing well, what are the challenges and what areas could be
improved?
2. SOLUTION: What solutions do you offer the market and how do you help wealth management firms meet the
increasing needs of their clients?
As you will read as you go through the report, there are some common approaches being taken by these solution
providers to help wealth managers improve their engagement with clients. However, you will see that some
companies are using Big Data and Artificial Intelligence more than others to try and provide the most tailored
service. The main views on the market from the participants are as follows:
Covid-19 is accelerating the investment made by wealth management firms in digital solutions to enable
them to better engage with clients. It is now considered a must-have, as opposed to a nice to have.
There is a common view that wealth managers need to offer an omni-channel approach to ensure they
cater for their clients need, depending on their circumstances and individual preferences.
Some wealth managers are seeing the on-going reduction in their margins as a barrier to investing in
technology to help them improve their service and operations.
The use of technology can free advisors up from the many manual tasks they currently have to perform so
they can concentrate and adding value to their clients.
On-going client engagement can be enhanced by the use of targeted marketing and messaging from the
use of AI. However, it is understood that human interaction (physical or digital) remains key.
We hope you enjoy reading the report and look forward to hearing your thoughts!
Simon Ramery
Stephen Wall
Co-founder & Director
Co-founder & Director
Email: simon@thewealthmosaic.com
A TWM Insight Report
Email: stephen@thewealthmosaic.com
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3
1. Introducing additiv
Key business facts;
Founded
1998
HQ Address
Riedtlistrasse 27
8006 Zürich
Switzerland
Company Size
51-200
Website
www.additiv.com
Regional Presence
Africa, Asia, Eastern Europe,
Middle East, Oceania,
Western Europe
Company overview
Established in 1998, additiv partners with the
world’s leading financial institutions to help them
capitalize on digitization. Its market-leading DFS®
(Digital Finance Suite) is an orchestration engine
that lets financial institutions quickly launch new
propositions as well as giving them the intelligence
to maximize customer engagement. Headquartered
in Zurich, additiv is supported by a broad ecosystem
of implementation and solution partners that enable
it to deliver unparalleled customer success to wealth
managers and credit providers globally.
Thought leaders
Silvan Schriber – Head of Corporate Development,
Group Executive Board Member
Email: silvan.schriber@additiv.com
Silvan joined the additiv executive board in 2017. He
heads corporate development. Additionally he is
on the Board and the Risk and Audit Committee of
Zuger Kantonalbank. Silvan brings over 20 years of
business experience as former Head of Executives and
Entrepreneurs at UBS and Wealth Management Head
Zürich and Central Switzerland at Notenstein La Roche.
Christine Schmid – Head of Strategy, Group
Executive Board Member
Email: christine.schmid@additiv.com
Since 2020, Christine runs the Strategy unit at additiv. She
has over 20 years experience in financial services having
served as Head of Investment Solutions and Global Head
of Equity and Credit Research at Credit Suisse. Christine
brings extensive board experience as a former member
of the Swiss Sustainable Finance Board and the InvestLab
Board. She is currently on the Board of Redesigning
Financial Services.
A TWM Insight Report
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4
*Q&A Christine Schmid / Silvan Schriber
Q1. MARKET: What is your view on the current
state of the market with regards to how wealth
managers manage their engagement with
clients? What are they doing well, what are the
challenges and what areas could be improved?
1.1. Current status & challenges
Before the pandemic, the ripples of digitization were
there to see, but the pressure for decisive change
was limited. Incumbents considered digitally-native
competitors as niche players attracting digitally
interested clients, thereby starting to put revenue
margins under pressure. Increased compliance
requirements and a legacy technology stack caused
production costs to rise. The growth in assets mitigated
the situation, but didn’t fully offset these effects,
so overall profits were stagnant. Hence, a worrying
picture for the wealth management industry, but not
disastrous.
The crisis has aggravated the velocity and the impact
of these trends. This has led to a fundamental shift
in client expectations and market player awareness,
which constitutes the outset of an unprecedented
transformation in operating, servicing and sourcing
models. Wealth managers will need to quickly match
up to the demands of customers.
“Wealth managers entering the Covid-19 Crisis are
worse off than before the global financial crisis.”
BCG global market sizing and wealth manager
performance benchmarking databases
A TWM Insight Report
Wealth managers will have to conform to growing
demands for fairness and transparency that, post-crisis,
will certainly increase as people call for better omnichannel advice and greater value-add in managing
their commercial and financial affairs. So, in short, the
pandemic is introducing the need for substantial and
resolute change, and at the same time is stripping
wealth managers of the financial resources and runway
to make the required change happen. Consequently,
this may create an impossible balancing act. But this
is why we have introduced our additiv KickStarter™
package for the wealth management industry to
resolve this seemingly irresolvable challenge in a short
space of time.
1.2. Impetus to change & potential benefits
"75% of clients currently prefer digital interactions or
phone calls as their primary method of engagement.”
EY 2019 Global Wealth Management Research Report
Establishing and maintaining a remote relationship
has never been more important. Clients expect to
access their wealth managers and their services
instantly at any time, from anywhere, through any
channel, seamlessly. And in times of crisis, this access
is even more essential. Clients increasingly demand an
omni-channel interaction model that includes digitalonly as well as digitally supported interaction models,
namely real-time online advisory. The importance of
digital interaction models is levelling in importance
with face-to-face meetings and phone interaction.
With traditional relationship management channels
such as physical meetings currently suspended
indefinitely, many wealth managers and independent
financial advisors are ill-equipped to support their
clients’ needs. This inability to support is creating
inefficiencies and relationship tensions during an
already stressful time when advice is in high demand.
Market players that can offer omni-channel interaction
are at a competitive advantage for establishing
presence at a low cost and gaining market share.
1.3. Opportunities & actions
As many struggle to meet the challenge of remote
working and the stress of fast-declining margins,
there are some market players that do see this as
a real opportunity. Despite operational disruption
and changing demand, a global crisis can often
trigger radical innovation, new operating models and
emerging distribution opportunities.
We believe that any player in the wealth management
industry has the possibility to profit from changed
client expectations and the opportunities that are
offered by technology in wealth. The optionalities are
wide, ranging from transforming or complementing
the existing advisor-lead business model, to the launch
of a fully-fledged self-service digital value proposition,
winning a new client segment not serviced before, or
entering into a new region.
...
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5
*Q&A Christine Schmid / Silvan Schriber
For all wealth managers, the flexibility regarding how
they can run their operating model has increased
dramatically. The ecosystem opportunity that first
materialized in technology and other industries has
visibly arrived in the financial services industry. All
market participants should challenge their operating
models in order to fully leverage the opportunities that
are emerging in a “everything-as-a-service” economy.
Q2. SOLUTION: What solutions do additiv offer the
market and how do you help wealth management
firms meet the increasing needs of their clients?
2.1. Overview
additiv KickStarter™ is available for multiple additiv
solutions including its market-leading Hybrid Wealth
Manager, thereby combining three components. Each
is compelling, but together they become a game
changer.
A user experience platform. This allows wealth managers
to launch new digital channels and functionality
extremely quickly – across multiple platforms. It also allows
wealth managers to embed their services into thirdparty channels. In addition, for advisor-client interaction,
it has highly differentiating features such as secure cobrowsing, texting, live chats and videoconferencing
which bring in-person intimacy into the online world
while remaining fully compliant with regulation.
An orchestration platform. KickStarter™ is underpinned
by our award-winning DFS system of intelligence
that allows for personalization at scale. It conducts
the analytics to create individual portfolios, exactly
matched to that individual’s context and risk profile,
and constantly optimized for changing market
conditions. The same analytics serves up the right
A TWM Insight Report
advice and recommendations to customers at the right
time and over the right channel to maximize engagement
and value-add. And lastly, it is micro-services based,
allowing the organisation to adapt to changing customer
needs to launch new services extremely quickly.
Free, rapid and risk-free deployment. Deployment of
the KickStarter™ solutions takes 3 months or less. It is
optimized to multiple use cases, such as hybrid wealth
management and robo advisory. It is risk-free in that the
solution can be turned off at any time without penalties.
Essentially, if it doesn’t create value for your business, you
can stop it. And the best part: the deployment is free.
The KickStarter™ package is also optimized for wealth
managers seeking to reach a broader demographic of
customers, some of 1.8 billion people with investable
assets but no access to professional advice. The out-of-box
functionality covers preconfigured, end-to-end customer
journeys, from onboarding to risk profiling to funding
to proposal to e-signatories, and supports a wide range
of asset classes, not just ETFs. The solution also boasts
best-in-class engagement tools, such as simulations,
dashboards, alerts and secure instant messaging.
2.2. Benefits
The way wealth managers generate customer success,
and the nature of that success, will never be the same
again. Digital-era wealth management is inclusive,
personalized and advised at scale, sourced from an
ecosystem of providers, delivered online or seamlessly
embedded in other channels, and goes beyond safety
and discretion to deliver massive and compounding
value-add by helping customers to make smarter
financial and commercial decisions.
additiv’s Hybrid Wealth Manager solution is offering
the best possible experience whether self-service, in
person, or a hybrid of the two. The self-service Client
Cockpit offers users a data-rich, interactive view of the
positions and performance; engagement tools, such as
content, to generate new ideas; and one-click consent
management for the proposals made by relationship
managers.
When the clients wish to interact remotely with the
relationship manager, there are fully integrated secure
chat, videoconferencing and co-browsing features
in the Client Cockpit which give a highly immersive
experience. The Mobile Advisor is well suited for physical
and virtual meetings. It has workflows and simulations
optimized for in person interaction, as well as access
to full client history and the ability to generate instant
proposals.
For the advisor working on their own, additiv offers
the Workbench, which is chock full of productivityenhancing CRM and workflow tools to optimize their
performance.
...
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6
*Q&A Christine Schmid / Silvan Schriber
A time for leadership
KickStarter™ gives the ability to enhance client
servicing, offering rich, seamless digital interaction
whether self-service or advisor-assisted, to source
insights and services from a curated ecosystem of
third parties, and to drive down operating costs. It is
a winning offering that combines the highest levels
of back office automation with the richest customer
interaction and community-generated value-add.
The temptation in any crisis is to defer action. To pause
and reflect. However, this crisis calls for a different kind
of leadership. While it’s not a financial crisis in name,
its effects will likely be bigger and more widespread
than the last financial crisis of 2008/2009. It calls for
immediate action if wealth managers’ businesses are to
prosper post-pandemic. It may not sit easy to be kicking
off new projects during a crisis, but now is the time to
enhance the business model to underwrite your future
competitive advantage. With no implementation costs
for the project, followed by materially and sustainably
lower IT and operating costs and the best digital client
experience, we’ve made the decision easy for any
wealth management provider.
Forget managing implementations, forget software
KickStarter™ is a SaaS solution. Whether used for a new
business line or to support the existing business, we’ll
have you up and running in three months. After that,
we keep your running costs to a minimum because
we profit from cost-effective cloud or hybrid cloud
environment. And we also remove all the burdens
that come with running your own systems. With
KickStarter™, there’s no more software to manage and
deploy and no more upgrades.
KickStarter™ is a risk-free call on doing the right thing.
“
The crisis has aggravated the velocity and
the impact of these trends. This has led to
a fundamental shift in client expectations
and market player awareness, which
constitutes the outset of an unprecedented
transformation in operating, servicing and
sourcing models. Wealth managers will
need to quickly match up to the demands of
customers.
“
2.3. Deployment and future developments
Find out more about additiv
No regrets, only rewards
With over 20 years of customer trust, we know the
importance of offering the right solution at the
right time. KickStarter™ is new. Developed at an
unprecedented time, it is already being adopted by
clients who realise the importance of acting through
the cycle and who want to act quickly to capitalize
on its aftermath. Enterprise-ready, integration-ready,
cloud-ready. With minimal risk and maximum reward.
A solution designed to enable wealth managers to
weather the storm and thrive.
A TWM Insight Report
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7
2. Introducing Adviscent
Key business facts;
Founded
2010
HQ Address
Binzstrasse 23
8045 Zurich
Switzerland
Company Size
11-50
Website
www.adviscent.com
Regional Presence
Western Europe
A TWM Insight Report
Company overview
Adviscent was originally established in 2010 as a
consultancy firm for technology projects in the
areas of investment, sales and advisory solutions.
In 2015, the company launched the first version of
its Interactive Advisor Framework which was sold
to a private bank in Switzerland. Interactive Advisor
was built to enable banks to successfully engage
their clients throughout the advisory process with
the right content, at the right time, and in the right
format. Interactive Advisor supports content owners
such as research analysts and sales managers in
creating, managing and distributing content. The
company’s target clients are major private banks and
universal banks with large research departments,
investment offices and sales teams. Adviscent
partners with core banking systems such as Avaloq
and implementation companies such as Luxoft/DXC.
Thought leader
Thomas Bosshard, CEO
Email: Thomas.bosshard@adviscent.com
Thomas Bosshard is the founder and CEO of
Adviscent. As a former consultant, he advised
international wealth managers in the design and
implementation of investment and sales processes.
Based on this experience he launched ‘Interactive
Advisor’, a framework that integrates people,
processes and content from the investment- and
sales process into the advisory process.
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8
*Q&A Thomas Bosshard
Q1. MARKET: What is your view on the current state
of the market with regards to how wealth managers
manage their engagement with clients? What are
they doing well, what are the challenges and what
areas could be improved?
1.1. Current status & challenges
The new regulatory requirements, which aim to ensure
financial professionals work in their clients’ best interests,
are leading away from a sales-based approach and the
conflicts of interest this potentially generates. Wealth
managers must now determine the level of protection
needed in accordance with investment types, assess client
compatibility with products and services, and facilitate an
audit trail for compliance reporting. These processes can
be fully automated, and many wealth managers have
followed suit.
However, they are still grappling with the downsides. As a
whitepaper I co-authored argues, one of the consequences
is that there are no more stories to tell. For example, stories
about exciting companies, their great ability to innovate or
promising product pipelines, top-notch management, and
whatnot. Besides “the numbers” such as earnings, these
stories used to be the information that helped portfolio
managers assess how a company would perform or, more
importantly, its stock. Financial advisors would then relate
these stories to clients, for example to explain the risk of a
portfolio relative to its return and better relationships were
built. These stories unfortunately have in most instances
now been replaced by mathematical risk models that do
not resonate the same way with clients.
A TWM Insight Report
1.2. Impetus to change & potential benefits
1.3. Opportunities & actions
Today, complex statistical models do the differentiating
and investment decisions are left to an algorithm, which
are completed far more quickly and cost-effectively
than humans, as well as compliantly. However, these
decisions are difficult to communicate. Try explaining
a mathematical model or modern portfolio theory to a
client. The problem is the abstract nature of numbers
or communicating purely mathematical decisionmaking based on probabilities.
Research suggests that digital solutions that address
more complex problems need to evolve into what can be
called “interactive problem-solving” solutions. Interactive
problem-solving requires both parties, the advisor
and the client, to interact with each other when trying
to understand the situation and elaborate a solution.
Interacting means engaging in mutual communication
to increase traceability and create awareness about how
actions are linked to the overall goal of a client.
At Adviscent, we see four main challenges:
In essence, this means that digital advisory solutions are
seen as a support for interactive problem-solving and
should instigate a “dialogue” between the advisor and
the client by bridging the gap between the investment
technology, the advisor and the client. The problem
with pure robo-advisors is that they do not foster such a
dialogue. In hybrid advisory settings, use of technology
does not intensify the information exchange between
the participants; in fact, it disrupts communication
between the advisor and the client. As they do not deliver
explanations as to how a decision is reached, blind trust
in technology is required. Understanding and being
understood are both key when it comes to building trust
and the development of loyalty.
1.
Paradigm shift for wealth advisors: There is less
freedom for the advisor. The machine is doing the
job, and the advisor follows the machine.
2.
Black box: The drivers for portfolio construction
and optimization are more frequently not known
either to the advisor or the client and, therefore,
beyond comprehension.
3.
Lack of emotion: Fully automated processes are
low-touch while many clients still expect a hightouch experience, with the advisor playing a crucial
role.
4.
Robo-advisors do not improve loyalty: Roboadvisors, per se, do not create customer loyalty
by themselves. In fact, clients may find it easier
to change their wealth manager based on a
commoditized capability.
Adviscent therefore believes that a dialogue must be
placed in the center of every digital advisory solution,
so that the joint identification of the problem, the
exploration of alternatives and the decision itself can
be supported. However, what are the design principles
of such a solution? A dialogue in an interactive session
basically requires two things:
1.
personalized information: information that is
meaningful and relevant
2.
task awareness: activities that relate to the client’s
overall goal and clarify the client relationship
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9
*Q&A Thomas Bosshard
Q2. SOLUTION - What solution does Adviscent
offer the market and how do you help wealth
management firms meet the increasing needs of
their clients?
•
For channel managers: Content distribution
capabilities to personalize content, to create
channel-specific renditions and Smart APIs for
push and pull of content to front office applications;
2.1. Overview
•
For clients, prospects and advisors: State of the art
advisory front-ends
•
For Sales managers: In-depth analytics about
content consumption behavior and usage behavior
Adviscent’s Interactive Advisor solution is an
investment and sales content and personalization
hub. Its intelligent recommendation engine enables
investment and sales teams to deliver content that
fully matches with user profiles and preferences at any
point within the client journey.
Adviscent partners with core banking system providers
such as Avaloq and implementation partners such as
Luxoft/DXC for standardized integrations into existing
landscapes.
Take for example the macro-risk research from a
chief investment officer or a research department.
Traditionally, this information is presented in an
impersonalized fashion, i.e., generically, such as a
PDF file. Documents like these do not support an
interactive session – rather, they are designed for oneway information provisioning or “selling”. Another
problem is that the piece of research may not even be
relevant to the overall goal of the client.
Our state-of-the-art digital advisory solution supports
interactive problem-solving, using the same content
(i.e. macro research) but creates a personalized
experience. The investment content is personalized
and therefore relevant, and it is linked to the client’s
own portfolio and investment goals. Immediately the
advisor and the client can see what a certain macro
risk means for a specific portfolio or goal. A negative
or positive impact of the risk to the portfolio triggers a
dialogue. A story can then be presented based on how
the situation can be assessed, and solutions can be
discussed. An appealing presentation of the content
and the portfolio can further support this dialogue.
A TWM Insight Report
“
2.3. Deployment and development
Interactive Advisor Framework (IAF) integrates
processes and people from the investment and sales
process into the advisory process:
•
•
For Investment Writers and Product Specialists:
Content creation capabilities such as editors,
spellcheckers and chart libraries for content
owners to create investment content;
Adviscent believes that a dialogue must be
placed in the center of every digital advisory
solution, so that the joint identification of the
problem, the exploration of alternatives and
the decision itself can be supported.
“
2.2. Benefits
Find out more about Adviscent
For editorial teams: Content management
capabilities such as workflows, channel previews,
master data management, predefined data
structures for House Views, portfolios and financial
instruments;
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10
Focusing on The Adviser
tech
Thursday 24 september 2020
The Rise, London eC2A 4dP
M aT T e r s
Focusing on The Business
Wednesday 11 november 2020
BeRkeLey hoTeL, London sW1X 7RL
Following the successful launch of our ‘WealthTech Matters’ series back in
March, we would love to invite you to join key decision makers from the
private wealth industry alongside leading technology providers to discuss and
discover the latest technology solutions that solve key business challenges.
Each event will run from 0830-1400 and will bring together over 50 COOs, CIOs, CTOs and their teams from the top UK Private Banks, Wealth Managers, Financial Advisers
and MFOs. The format is a blend of inspiring presentations; strategic roundtables; and networking at the highest level – designed to help key decision makers hear from
industry experts and about the latest thinking around the technology challenges facing their business.
Who Are you?
decision maker from a Private Bank or Wealth Manager
representing a technology solution provider
Why should you parTicipaTE?
Why should you parTicipaTE?
n Strategic engagement - Share best practice
n Meet your peers - Networking at the highest level
n Hear new thinking and explore the latest trends and solutions
n Inspiring insights from external keynote speakers
n Platform for change - An opportunity to work through the key challenges facing both
your business and the industry, with a view to find collective ways of driving change
forward
n Bespoke and tailored - An opportunity to build your own itinerary enabling you to
participate in roundtables focusing on those subjects which matter to you
n CPD accredited
n Participant data
n Brand awareness
n Networking at the highest level through one to ones and hosted mealtimes
n Opportunities to present
n Positioning as a thought leader
n Content creation and hosting opportunities
n Post event follow up opportunities
WhaT Will iT cosT? – There is no cost to participate, only your time and we will
ensure it is well spent.
WhaT Will iT cosT? – Prices to sponsor start at £2.5K (plus VAT). Sponsorship
packages can include the following options: thought-leader tutorials; panel discussions;
exclusive roundtables and receptions; session chairing; extensive branding and
promotion; on-the-day and follow-up distribution of interviews, white-papers and
marketing material; and prescheduled one-to-one meetings.
Get in touch!
E jamesgoad@owenjamesgroup.com W www.owenjamesevents.com
E stephen@thewealthmosaic.com W www.thewealthmosaic.com
3. Introducing aixigo
Key business facts;
Founded
1999
UK Address
41 Luke Street
London
EC2A 4DP
United Kingdom
Company Size
51-200 employees
Website
www.aixigo.com
Regional Presence
Western Europe
A TWM Insight Report
Company overview
Thought leader
aixigo AG was founded in 1999 and has grown to
become an established provider of digital wealth
management solutions for financial service providers.
Clients across Europe include Hargreaves Lansdown,
Bank Vontobel, BNP Paribas and Commerzbank.
aixigo provides financial institutions with the world‘s
fastest API-based wealth management platform to
serve every business model and customer type. From
mass-retail to UHNW, self-directed to discretionary
and advised, aixigo delivers customised end-toend, regulatory compliant digital wealth solutions,
supported by state-of-the-art portfolio and risk
management, analytics and reporting.
The platform’s unique combination of flexibility,
scalability and speed allows aixigo to work with firms
to create innovative, future-proof solutions which
dramatically improve customer experience and
adviser efficiency.
Jamie Keen – Country Manager, UK & Ireland
Email: jamie.keen@aixigo.com
Jamie Keen is Country Manager, UK & Ireland
at aixigo. Jamie has over 20 years’ experience in
financial services, holding senior sales positions at
both Standard and Poor's and Morningstar, where
he managed the global relationship with tier one
banks and asset managers. Most recently Jamie
was Director of Sales & Partnerships at UK fintech
firm WealthObjects, where he led the development
of the brand and sales strategy across EMEA.
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12
*Q&A Jamie Keen
Q1. MARKET: What is your view on the current state
of the market with regards to how wealth managers
manage their engagement with clients? What are
they doing well, what are the challenges and what
areas could be improved?
•
There is a surge in the number of people seeking
advice from their mid-40s and approximately
every 10 years thereafter, but the advice experience
is not being adapted to reflect the communication
preferences of different generations.
•
1.1. Current status & challenges
•
More and more people are in need of advice, and
the ability to accurately profile and segment them
is increasing, but firms are typically still offering
investment solutions based purely on their risk
profile. Furthermore, it is proving difficult to serve
‘retail’ clients efficiently and profitably.
We work on these areas by implementing a holistic
strategy that incorporates:
Customers now expect highly individualised
wealth management services because they are
so used to receiving such service in other areas of
their digital life.
Digital Product Development: Creating products and
services that provide an individualised and inspiring
customer experience.
It is an ongoing challenge for wealth management
firms to efficiently utilise technology to provide the best
possible services for both the adviser and the customer.
There is a huge amount of information known to firms
about customers’ lives, attitudes, preferences etc.,
but providing the adviser with the tools to act upon it
efficiently, and digitising the appropriate elements of
the solution, are still proving difficult.
We at aixigo summarise the main challenges as follows:
•
•
Advisers are still undertaking far too much
manual work, which is very inefficient and leaves
insufficient time for value-adding services to the
customer. The use of multiple systems and paperbased process leads to high error rates, and limited
availability of management information prevents
the adviser and the firm from gaining sufficient
insight into the customers’ needs.
Customers experience major ups and downs during
both the accumulation and decumulation phases,
but technology is not being sufficiently utilised
to help advisers to identify and anticipate these
changes and advise the customer accordingly.
A TWM Insight Report
•
1.2. Impetus to change & potential benefits
At aixigo we firmly believe that technology can meet
all of these complex challenges to provide the best
individualised advice possible to every customer, whilst
still allowing both the firm and the adviser to operate
in an efficient and profitable manner. Some current
areas of focus with our clients, from the perspective of
the customer and the adviser, are as follows:
•
Providing personalised, targeted products and
services to every customer, including customised
investment products and reporting across multiple
channels and formats, and even with the way the
adviser interacts with them.
Working to drastically increase adviser efficiency
across the whole workflow, allowing them to spend
considerably more time providing value-adding
services to the customer and allowing them to
serve more customers efficiently
Digitisation: Adapting manual processes to function
automatically, whilst being regulation-compliant and
cost-effective.
Hyper-Personalisation: the use of data and information
to provide more personalised and targeted products,
services and content.
The goal of combining the above is to provide efficiency
and profitability for the adviser and the firm, and a highly
individualised, habit forming and sticky experience for
the customer.
1.3. Opportunities & actions
Utilising technology for digitisation and digital product
development will not only provide tremendous
opportunities to wealth managers; it will ensure their
survival in the digital world of the future. Examples that
can deliver immediate, tangible results are as follows:
...
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13
*Q&A Jamie Keen
Digital product development: Combining existing
investment portfolios with a range of optional
alternatives, such as themes (ESG, tech stocks,
commodities etc.) or simply the ability to substitute
existing elements with suitable, pre-approved
alternative funds or stocks to provide truly individualised
portfolios for customers.
Digitisation: if the Portfolios are personalised in this
manner, the reporting should be too. By automating
the creation of documents and generating them in a
much shorter timeframe, there is again much more
time for value-adding activities by the adviser (that
themselves are highly personalised).
Q2. SOLUTION - What solution does aixigo offer the
market and how do you help wealth management
firms meet the increasing needs of their clients?
2.1. Overview
aixigo provides digital wealth management solutions
for financial service providers across Self-Directed,
Discretionary and Advised Investment models. Our
platform consists of flexible microservices which can
be seamlessly embedded into existing processes and
architecture to ensure exact customer, adviser and
firm requirements are all met.
Both allow for a much more efficient advice process,
and customers will benefit from transparent,
personalised services that encourage trust and loyalty
over the long term.
A TWM Insight Report
Portfolio Analysis and Reporting: The software enables
extremely flexible, real time analysis of portfolios by
the customer, adviser and firm. The reporting engine
eliminates manual processes, from initiation through
to generation, and allows the customer to enter
relevant information themselves prior to the initial
advice session, leading to efficient data evaluation and
the elimination of errors.
Risk Engine: a tool for in-depth portfolio risk
management and risk analysis that can be easily
tailored for use by the customer directly, the adviser,
or for company-wide risk management or risk/return
strategies.
We also find that this makes portfolio management
more flexible for any business model, and for the
transition of customers from one to another as their
situation changes. It becomes possible to serve a much
higher number of mandates and relieve pressure
on margins, and it becomes economically viable for
wealth managers to provide services to the retail sector
with much lower investment volumes per mandate.
Personalised, automated reporting leads to reduced
errors, less time needed for compliance checks and
lower costs, directly freeing up adviser time. The
efficiency gains that can be seen across onboarding,
aggregation of customer information and compliance
checking means more time for the customer and
for the adviser to be able to efficiently serve more
customers. And again, customers will receive a much
better experience, directly based on their personal
requirements and preferences.
Digital Portfolio Management: Versatile wealth
management software, suitable for use in any business
model, from a fully digital advice process to handson portfolio changes made by the adviser in a oneto-one client session. The software handles any/all of
the portfolio management processes, from portfolio
creation to ongoing monitoring, rebalancing and order
handling. As noted above, this allows for the provision
of individualised client portfolios much more efficiently
and cost-effectively than ever before.
2.2. Benefits
Broadly speaking, our services can be categorised as
follows:
In addition to those we have mentioned above we see
the following benefits:
Investment Advice: Our software delivers significant
increases in adviser efficiency through digitising and
automating investment advice processes, enabling
the adviser to fully focus on providing value-adding
services to the customer, and to scale the business by
efficiently serving more customers.
Client: Highly personalised investment products and
reporting delivered via the clients' preferred channels
ensure that they benefit from transparent, tailored
services that encourage trust and loyalty over the long
term. Customers will also receive better, more tailored
advice from the adviser, thanks to the efficiency added
into the advice process, plus the new analysis tools,
alerts and nudges the adviser will have access to.
...
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14
*Q&A Jamie Keen
Adviser: We've seen a wide range of benefits for
advisers, not least an increase in motivation as they
are finally able to focus doing what they love the most:
advising! Advisers spend considerably less time creating
reports, manual processes are virtually eliminated,
which minimises errors and avoids re-keying. The
time from initial client contact to proposal delivery
is also drastically reduced. Actionable management
information becomes available, allowing advisers to
better understand and serve clients.
These factors (combined with the additional benefit
that they are now able to serve more customers) mean
that the adviser can expect increased conversion rates,
assets under advisement and profit margins.
Firm: The benefits to the client and adviser will of course
create tangible benefits for the wealth management
firm as well. In addition, aixigo’s integration expertise
ensures that solutions can be built on - and without the
need to change - existing legacy architecture. This leads
to faster deployment of solutions, which are delivered
with low latency and high throughput capabilities.
2.3. Deployment and development
aixigo's wealth management software platform forms the
basis of all of our client solutions, delivering a combination
of flexibility, mass-scalability and speed which allows us to
seamlessly integrate with existing processes and implement
the exact workflows, functionality and algorithms required.
The platform consists of high performance APIs which
provide over 100 different microservices for customers,
advisers and the firm. The modular structure of the
services, combined with the appropriate integrations
create a flexible combination of standard functionalities
that can be configured and extended to meet individual
client requirements, to create solutions that meet exact
requirements.
Through 2020 we will continue to develop capabilities that
allow firms to provide highly individualised services to their
clients, such as building out additional services to those
already available that make our portfolio management
software compatible with voice recognition services like Alexa,
allowing customers to get real time updates on their portfolio.
“
Advisers are still undertaking far too much
manual work, which is very inefficient and
leaves insufficient time for value-adding
services to the customer. The use of multiple
systems and paper-based process leads
to high error rates, and limited availability
of management information prevents the
adviser and the firm from gaining sufficient
insight into the customers’ needs.
“
Furthermore, the client will now have choice regarding
how they are communicated with – whether they prefer
PDF reporting, accessing a customer portal, using an
app on their phone or even using voice services such as
Alexa to get an up to date portfolio valuation - as well as
direct contact with the adviser at the right times.
Find out more about aixigo
Portfolio management functions are future-proofed by
offering the flexibility to transition customers to different
journeys or business models. Because of the efficiency
and speed of the software, it becomes possible to serve
more customers whilst reducing workloads, relieving
pressure on margins. As noted earlier, this makes it
economically viable to offer wealth management
services to a much wider client base - even those with
much lower investment volumes.
A TWM Insight Report
www.thewealthmosaic.com
Call us on: +44 20 3026 1587 or email: office@thewealthmosaic.com
15
4. Introducing Appway
Key business facts;
Founded
2003
UK Address
55 Baker Street
London W1U 7EU
United Kingdom
Company Size
201-500 employees
Website
www.appway.com
Regional Presence
North America, Western
Europe, Asia
Company overview
Thought leader
With over 15 years of industry experience, Appway
enables financial institutions to reach their goal
of becoming truly client-centric and operating
efficiently, while remaining compliant across
jurisdictions.
Our scalable software solutions cover the entire client
lifecycle: prospecting, onboarding, KYC and customer
due diligence, client update and maintenance,
regulatory and periodic reviews, and more. Via
intelligent orchestration, we connect systems,
data, and people across and beyond organizational
boundaries, thereby allowing them to collaborate at
peak effectiveness for optimal value.
Appway’s award-winning software is trusted by 10 of
the top 25 wealth managers and serves over 510,000
users worldwide. Headquartered in Switzerland with
offices around the globe, we have several hubs at
the intersection of finance and technology, and an
international presence reinforced by a strong partner
ecosystem.
Chiara Gelmini - Senior Wealth Management
Industry Marketing Manager
Email: Info@appway.com
Chiara Gelmini is a passionate thought leader and
strategist focusing on financial services institutions
and, particularly, on client lifecycle management.
Chiara brings over 10 years of experience working in the
following sectors: private banking, wealth management,
retail banking, and regulatory compliance. She drives and
oversees all aspects of marketing and communications
for Appway’s wealth management offering which covers
the full client lifecycle.
In her time at Appway, Chiara covered the role of
Business Practice Manager, driving business-side
development of the Appway Solutions portfolio,
and served as Business Consultants Function Lead,
raising and leading the Appway Business Consultants
global team and overseeing the Appway consulting
methodology tools from conception to evolution.
Prior to joining Appway, Chiara served as Front and
Compliance officer for an international external asset
manager based in Switzerland.
A TWM Insight Report
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16
*Q&A Chiara Gelmini
Q1. MARKET: What is your view on the current state
of the market with regards to how wealth managers
manage their engagement with clients? What are
they doing well, what are the challenges and what
areas could be improved?
In the past years, the financial services industry has
been hit by multi-dimensional, dynamic disaggregation
with impacts across the value chain, channels, data and
systems, and the regulatory landscape.
Now, the new coronavirus (COVID-19) is challenging the
industry on a whole new degree of disruption, compelling
all of us to do what innovation programs and initiatives
failed to do before: It has forced us (and will continue to
force us) to revise and revamp digitalization strategies, as
well as the corresponding tools and equipment.
Innovation and transformation dominated strategic
priorities in the pre-COVID-19 era, though with
“arbitrary” and shifting emphasis. Although more hybrid
models of interaction were emerging, the high-touch
physical interplay was seen as the “Plan A”, while digital
engagement was the “Plan B”.
In the post-COVID-19 era, priorities will align with the
challenges of the most recent crisis: operational agility,
alternative working environments, and an acceleration
of investments in digital tools to connect firms with their
clients and employees.
Digitally-empowered human engagement is now the
default “Plan A”.
Although the full range of COVID-19 impacts has yet
to be fully understood, firms have to start thinking
acutely about the needs of a population that chooses
to, or is forced to, interact in a paperless and physically
disconnected world.
A TWM Insight Report
The ‘new normal’ must include modern ways (remote
channels and digital products) to engage with investors,
allowing for business continuity and resilience, while
addressing client needs from the simple (e.g. opening
an account for individuals, small business owners,
or small-medium enterprises) to the complex (e.g.
onboarding trusts and complex structures with crossjurisdictional legal impacts).
We see three main challenges for the financial services
industry:
1) Implications of a ‘bear’ market
Wealth management clients’ needs are sophisticated
and their goals are fluid, strictly correlated to changes
in life circumstances; 80% of HNWIs state their
investment goals will change in the next 5 years. The
unpredictable coronavirus pandemic has already had
impacts on clients’ priorities: Recent statistics show an
increase in prospects’ demand for financial planning
advice, as many investors are now living with indefinite
volatility.
In order to stay competitive, firms need to engage
with existing and potential clients along their entire
life journey, and help them navigate major events
and market fluctuations as intelligently as possible. To
do so in the post-COVID era, the right engagement
technology (and more broadly CLM technology) is
essential.
The ‘right’ technology is one that allows for both
internal collaboration across a firm’s departments
and seamless interaction with clients from within the
tool itself, thereby enabling advisors to identify critical
moments in the customers’ lives and automatically
trigger the necessary workflows to support them.
2) Increasing need for digital collaboration
Our research shows that, at the end of 2019, HNWIs
of all ages saw their digital footprints as extensions
of their face-to-face relationships with wealth firms,
yet most clients were not satisfied with their digital
experience. The industry needed to upgrade that
digital experience by recording and integrating client
preferences into business strategies.
Firms must look to digital and real-time collaboration
tools – video conferencing, digital document
management, digital signature, video identification
and biometrics, cloud services – and should apply
intelligent automation to lessen operational burden,
while enabling the agility to apply changes, manage
risks, ensure compliance, and protect against fraud.
It is now compulsory that wealth managers digitalize
client engagement and make high-touch service
available in a virtual, remote way. Clients can then
choose the channel best suited to them.
3) Demand for the marketplace model and greater
operational agility
When it comes to client engagement and lifecycle
management, our research in 2019 showed that HNWIs
want their wealth manager to take inspiration from the
ethos and initiatives of Big Tech companies; Amazon
was ranked as the top firm for WMs to emulate.
Investors want access to a broader marketplace
from the outset, as they do with Amazon. Wealth
management firms can differentiate themselves by
offering a more diverse suite of products and services
from a wide variety of sources which can be easily
accessed in one convenient place.
...
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17
*Q&A Chiara Gelmini
The new coronavirus crisis highlights examples of banks
implementing the ‘one-stop shop’ model wherein
they offer health- and education-related tools, such
as online doctor consultations, or online video-based
lessons for kids. These services were tremendously
popular: DBS Singapore’s free COVID-19 hospital cash
insurance policy, for example, recorded more than
52,000 sign-ups a day at its peak; 475,000 customers
had viewed Ping An Bank online lectures on mutual
funds, PE investment, and financial laws and taxation.
this new ‘virtual reality’ to stay close to their clients
and advise them proactively by presenting hyperpersonalized products and services that align with their
life events while adapting to changing circumstance
and solving challenges.
In order to provide clients with broad marketplace
access, it is crucial to adopt intelligent orchestration
within the firm’s IT framework, which translates to
greater operational agility and resilience. This approach
allows firms to seamlessly integrate third-party services,
while streamlining digital client interactions. Products
and services offered from a wider marketplace will be
relevant and client-centric, thanks to a 360˚ view of
client data.
Our complementary solutions for the financial services
industry cover every aspect of digitally-empowered,
empathic client lifecycle management.
Post COVID-19, organizations must reinvent their
offering to secure clients’ participation in long-lasting,
profitable advisory relationships. They need to leverage
Q2. SOLUTION: What solutions does Appway
offer the market and how do you help wealth
management firms meet the increasing needs of
their clients?
Client Onboarding in Wealth Management and
Private Banking
Supports private banks, wealth managers, brokerdealers, multi-family offices, and universal banks to
cover all the complexities involved in opening client
relationships with (U)HNWIs, corporate customers, and
complex structures – trusts, foundations, and funds
– while guaranteeing compliance with all existing
and new applicable regulations, with seamless crosschannel reliability through different interaction modes.
KYC and Regulatory Reviews
Facilitates ongoing compliance checks and client
dossier scrutiny beyond the initial onboarding stage by
automating processes like KYC, AML, Periodic Reviews,
CRS, and FATCA profiling. Empowers experts to take
holistic control over reviews, in line with the latest
applicable regulations, while transparently managing
risks, minimizing operational costs, and enabling
regulatory compliance across jurisdictions – both
global and local – quickly and comprehensively.
A TWM Insight Report
Smart Client Update and Account Maintenance
Boosts advisor and operational productivity with
a set of tools and templates that facilitates hyperpersonalized, holistic management of clients’ changing
circumstances and ongoing account maintenance
across all channels. Enables cross-departmental
collaboration with subject matter experts, allowing
them to solve multi-faceted tasks which result from
material changes in the most efficient and costeffective way.
Digital Mortgage
Allows institutions to streamline the loan origination
process by coordinating client interactions across
touchpoints, thereby delivering a transparent and
frictionless customer experience, whether online or
through physical channels.
A preview of the tangible benefits our customers
experience
Onboarding and CLM times for our customers have
been reduced by up to nearly 90%, along with a
significant improvement in the customer experience,
resulting in a more than 10% increase in profit margins
of the revenues per customer.
...
www.thewealthmosaic.com
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18
*Q&A Chiara Gelmini
Compliance and back-office functions perform more
efficiently, as well. Different departments can work
and collaborate on the same client dossier in parallel.
Updating compliance requirements is also expedited
as all the business units of the firm are in alignment.
Our goal is to enable our customers to address, master,
and stay ahead of the fast-evolving challenges in the
industry. To keep our offering relevant and compelling,
Appway’s team of experts constantly:
•
Creates touchpoints with existing customers and
perform workshops to assess new needs and take
new directions
working with their existing vendors. We focus on
expanding integration capabilities of our technology,
creating connectors to best leverage our valuable
partnerships. For example, we have partnered with
Salesforce to offer our CLM for Wealth app, which gives
relationship managers a ‘one-stop shop’ experience for
all aspects related to the onboarding of new customers
by combining the power of Salesforce’s CRM capabilities
and our CLM technology, thereby turning the prospectto-client phase into a competitive advantage for
financial services institutions. The CLM for Wealth app
is available on the Salesforce AppExchange.
Our delivery approach relies on Appway’s mix of
products, leadership, toolsets, and methodology. It is
continuously refined and perfected over time, and is
fully adaptable to fulfill clients’ needs and goals. We
use a four-phase approach:
•
•
•
•
“
...the
new
coronavirus
(COVID-19)
is
challenging the industry on a whole new
degree of disruption, compelling all of us to
do what innovation programs and initiatives
failed to do before: It has forced us (and will
continue to force us) to revise and revamp
digitalization strategies, as well as the
corresponding tools and equipment.
“
Activities are streamlined, which dramatically reduces
dropouts during client acquisition activities and gives
customers more confidence. Relationship managers
avoid losing momentum, and are better enabled to
upsell. Furthermore, the advisors are more efficient,
can better position the portfolio, and are better able to
target higher-value customers. Research showed that,
for a mid-sized firm over a four-year period, the Appway
Onboarding and CLM solution delivers double-digit
Present Value.
Find out more about Appway
Analysis and design
Development
Customer testing
Go-live and post go-live support
•
Looks closely at the opportunities new technologies
can bring
Our team, together with our customers and
international and local partners, will guide firms
throughout the entire project cycle, including the
handover to the client’s delivery center.
•
Engages with respected analysts to review trends
Deployment is supported on cloud and/or on premise.
In response to the broad disaggregation in wealth
management, we believe one of the key functions
of the Onboarding and CLM solutions is to connect
the disconnected. Our large technology ecosystem
provides our clients with access to a broad array of
partners and third-party service providers, while
allowing for flexibility if clients prefer to continue
A TWM Insight Report
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19
The Wealth Mosaic
is building the global
desktop research
tool for the wealth
management sector.
•
•
•
•
•
2 Directories (Technology & Data and Consulting, Research & Support Services)
5,000+ Solutions
2,000+ Solution Providers
1,800+ Knowledge Resources
Users from over 180 different countries
Find out more about The Wealth Mosaic
A TWM Insight Report
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20
5. Introducing Finantix
Key business facts;
Founded
2000
HQ Address
11 Place Saint Pierre et Paul
L-2334
Luxembourg
Company Size
201-500 employees
Website
www.finantix.com
Regional Presence
Asia, Central America,
North America, Oceania,
Western Europe
A TWM Insight Report
Company overview
Thought leader
For over two decades, clients and analysts have
recognised Finantix as the leading provider of
trusted technology to the worldwide financial
industry. Applying deep sector knowledge, we
empower wealth managers, insurers and banks to
digitally and intelligently engage with clients and
provide insightful and compliant advice. By injecting
artificial intelligence into a comprehensive yet
modular, API-first platform, our proven technology
enables holistic customer intelligence, sales and
servicing productivity and individualised omnidevice experience.
Alessandro Tonchia, Co-Founder & Head of Strategy
Our flagship platform can run in the cloud or be
deployed as services that can help turn routine
transactions
into
valued
and
collaborative
interactions. It serves multiple actors across financial
services organisations and is proven across multiple
devices, languages, currencies, jurisdictions and
regulations. We operate from offices across Europe,
North America and Australasia.
Email: contact@finantix.com
Alessandro is a co-founder of Finantix and the Head of
Strategy, focusing on the company’s growth and longterm product direction, with the goal of improving sales,
advice and client management in financial services via
digital technology and artificial intelligence.
Before establishing Finantix, he was a consultant
specialising in the areas of process management,
collaboration and CRM.
www.thewealthmosaic.com
Call us on: +44 20 3026 1587 or email: office@thewealthmosaic.com
21
*Q&A Alessandro Tonchia
Q1. MARKET: What is your view on the current state
of the market with regards to how wealth managers
manage their engagement with clients? What are
they doing well, what are the challenges and what
areas could be improved?
Timely, relevant, personalised service is much easier
said than delivered. Higher client-to-banker ratios, an
increasing universe of products, regulatory constraints
and a wider range of communication channel options:
they all add up to wealth managers today having more
to deal with than ever before, while in parallel being
subject to increased competition. And in times where it
is not always possible to go to the office or meet a client
in person, all this complexity needs to be managed in
an entirely digital and remote fashion.
The same levels of high touch service are expected
by clients even in the context of lower fees. Low or
very infrequent touchpoints and generic information
are no longer effective. Clients today and in the next
generation will vote with their feet if they feel they
will get a better service elsewhere. The industry today
is too competitive for the old approach to be viable.
We therefore believe that the ways in which wealth
managers engage with their clients and curate
information must have a real value-add to ensure they
retain them.
New Model of Engagement – three key drivers
Finantix believe the three key drivers for engagement
today are as follows;
1: Clients are asking for better communications
2: Communication should be relevant, timely and
personalised
A TWM Insight Report
3: Delivering high-touch and effective communication
should require very little time and effort from the
advisor / Relationship Manager
The new model of engagement must be based on a
regular rhythm of value-add content and services,
delivered through multi-channel communications
to clients. In circumstances where markets are
very volatile, this rhythm has to become more
frequent, and ideally be event-driven, to ensure that
guidance and alerting are delivered in a timely way.
Wealth managers want to become better equipped
to inform, impress and positively influence their
clients. This desire is also shared by those who provide
discretionary portfolio management even though this
mandate typically implies less regular communication
than the advisory role. Yet industry players feel that
improved contact can support loyal relationships
in the discretionary context too. Substantial loss of
capital is one situation where communication signals
alertness and wealth manager/client empathy. Better
to ‘own’ bad news than to put the responsibility on to
the client to contact their adviser after it happens, or
leave reporting it until the next annual review which
could be weeks, or even months later. In taking the
initiative, the wealth manager can explain its context
and causes, along with any action being taken
to mitigate it, and as a result, timely, transparent,
actions-based communication has a real value.
CRM and Wealth Management – What’s Happening?
CRM remains the catch-all term for client engagement
among many wealth managers and CRM tools rank
consistently as the most widely used technology
among independent advisers. Yet four in ten of the
firms we surveyed for a recently published research
report are falling behind the CRM investment curve.
Finantix believe that understanding clients’ unique
profiles and specific requirements is the foundation
for personalised engagement. Where are wealth
managers getting their client profile and preference
information today? And how are they missing out,
potentially? Our research suggests that client profiling
and preference setting remain dominated by what
happens at onboarding, and by subsequent feedback
from relationship managers. But important changes
in client circumstances and aspirations can happen at
any time. Parameters set at onboarding can become
out of date. Relationship managers cannot guarantee
to capture every change. And fewer than half of
our survey respondents’ clients make adjustments
themselves. More personal, relevant and responsive
communication will depend on greater uptake of other
routes to client information and insights, including
analytics of client’s behavior, both in the real and digital
domain.
From our research over half (54%) of wealth managers
rate the way they personalise research and investment
commentaries as poor to average. Here, personalisation
should include Chief Investment Officer views, specific
client-relevant topics and detailed market insights (i.e.
information that the client could not access from any
other source). Unfortunately less than a fifth of wealth
managers surveyed customise to this highest level. Just
above half (53%) of clients say their communications
are personally relevant. Even fewer feel that they are
engaging and actionable.
Given how dissatisfied many relationship managers and
advisers are today with the investment commentary
they offer clients, how are they approaching the task
of personalisation?
...
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22
*Q&A Alessandro Tonchia
Single Market, Single Feedback Channel
Multi-market wealth managers are significantly more
active with analytics, risk-profiling/suitability data and
broader profiling factors. Single-market firms rely far
more heavily on employee feedback and this is the
only method employed by many single-market wealth
managers. Perhaps lower client-to-adviser ratios allow
this approach. Or perhaps it is the result of technology
constraints.
Digitally Enabled Engagement – How is it happening
across the industry?
Irrespective of how personalised the content is, how
are wealth managers using digital to reach out with it
to clients? Engagement efforts today mainly consist
of email and website channels and thereby must
be rated by wealth managers as their highest client
engagement channels. Client portals come in third
place, with multi-market firms leading on investment
in this channel. The usage of the chat channel and a
digital collaboration platform is still rare, even if we
start to see evidence that the current crisis is pushing
many firms to consider this as a critical technology.
Some firms surveyed ranked social media, mobile
apps and messaging as the top-three digital client
engagement channels. Leading wealth managers are
taking interlinked, omni-channel communications
more seriously. This suggests they see value in an
integrated client engagement strategy.
Today, we believe the client engagement model
remains too disconnected from clients’ evolving needs
and too dependent on relationship manager and client
interventions to capture individual preferences post
onboarding.
A TWM Insight Report
Q2. SOLUTION: What solutions do Finantix offer the
market and how do you help wealth management
firms meet the increasing needs of their clients?
Finantix believe the key is having the right digital
technology approach in place. Artificial intelligence
(‘AI’) in particular can play a major role in identifying
and delivering what personal, relevant, actionable and
timely really mean, individually to each client.
Digital Technology, Evolving and Improving
Engagement. Right Across the Client Lifecycle
True engagement often demands event-driven
communication. The event in question can be a
movement in the market that creates a threat, or an
opportunity, for the client. However, there is too much
information for human beings even to monitor. Still
less could they extract the implications for clients on
a real time basis. And even if people could manage
all this, it would be astronomically expensive. AIdriven technology can expand human capabilities to
super-human levels. Human expertise can configure
systems and set precise parameters. Events relevant
to specific individual clients can now be searched for
simultaneously, across multiple data sources and in real
time. Clusters of facts can be identified that, together,
are likely to lead to market events. Triggers for action
can be determined: for example, movement in a stock
that accounts for more than 5% of a client’s portfolio. If
risk is involved, the event and any remedial action can
be advised and/or taken immediately. If opportunity
presents, action can equally be advised.
All this functionality can only be achieved using a
substantial element of automation. Importantly
though, human skill is optimised and enhanced, not
eliminated. It is applied to best client relationship effect
and best cost effect. For example, the technology can
be used to indicate when an event’s impact is important
enough to require a face-to-face client meeting.
Improving CRM
A shift in fundamental approach to CRM is imperative
to achieving the new client engagement model
as wealth management is not a ‘Standard’ CRM
challenge. The content sharing cycle in wealth
management will at times be risk driven or based
on negative news. Client engagement is not a
constant sales push. What is ‘on sale’ is much more
sophisticated than straightforward merchandise. How
attractive an investment proposition is to an individual
client will be a result of many different factors. These
can include timing, personal circumstances, risk,
opportunity, and historical performance. Many of
these factors can change rapidly, either individually
or in multiple combinations. Then there is the critical
issue of compliance. Wealth managers cannot simply
offer what they think a client might find attractive.
Each proposition must align with the client’s stated
risk appetite and other recorded preferences. One key
proof point of CRM implementation maturity is the
ability not just to record client data but to capture it
effectively. Here, practices still vary widely.
Information on clients’ preferences, concerns and
family structures can be highly individual and
complex. It is often input into systems pretty late in
the game. Or it is not being captured correctly. You
need to be joining the right dots right from the start,
and particularly capitalise on the ‘honeymoon period’
when you’re learning a lot about a new client and their
openness to doing business is high.
...
www.thewealthmosaic.com
Call us on: +44 20 3026 1587 or email: office@thewealthmosaic.com
23
*Q&A Alessandro Tonchia
Although generalist systems may be very good for
consumer brands, you need a ‘wealth CRM’ to be
effective in this space. A wealth CRM reflects the fact
that wealth managers drive client relations based on
portfolio performance, cash flows, risks, market events
and views on future developments. So, linkage to
portfolios, products and content must be built in to
generate actionable insight.
(e.g. portfolio systems, market information, risk data,
investment ideas, content, etc). Finantix software
therefore helps create a dynamic linkage between
client data and financial events and opportunities.
Client-centric, pro-active Sales and Advice becomes
delivered reality.
Wealth-specific CRM – Build your own or adapt and
extend?
Almost half of advisers have to access three or more
systems, and do significant amounts of work by hand,
ahead of annual reviews. A fifth of them take more than
two hours to prepare for each review. There is a clear
need to make meetings more rewarding for clients
and to reduce the effort advisers have to commit
when preparing for them. And digital technology can
meet the need. AI could lift much of the burden on
relationship managers by automating compilation
of reporting information and preparing an agenda
for discussion, based on the status of the client’s
investments, the content of past discussions and the
firm’s current investment thinking. It can also eradicate
a great deal of the other more routine relationship
management work that advisers, or their assistants, do,
such as making appointments and collating e-mails.
Getting it right with the wealth CRM system can mean
building your own, as half the wealth management
firms we surveyed have done. But for the remainder,
and many others who have bought proprietary
systems, starting again is not the only choice.
A bank may have put in place a proprietary system
such as Salesforce. But they are not getting the specific
wealth management functionalities and capability
they need. Or they have made a double investment,
both into CRM and a specialist capability, with portfolio
management, market information and other specific
industry functionalities. But the systems don’t talk to
each other, resulting in so-called ‘blind CRM’. Should
they throw away their investment? No. There are
alternatives.
How Finantix can help
If a CRM system doesn’t have specific wealth capabilities
technologies provided Finantix can put them in place
and can extend their existing CRM. Or Finantix can get
systems talking to each other so that, for example, if
you previously had Salesforce and BlackRock Aladdin
working separately, they will now be in sync. The crucial
requirement is to have the sales technologies (e.g. the
CRM), talking intelligently to advice technologies
How to use technology to enhance client meetings
then using this knowledge to select and tailor the
information and proposals you share with them going
forward.
In a world with no or very few personal meetings, remote
collaboration is increasingly important. Effective,
convenient and auditable collaboration requires a
platform that allows the Relationship Manager and
clients to chat, call, see the same screen, share and
discuss content, and, most importantly, work together
(along with specialists and other advisers) on building
portfolios, refining financial plans, progressing tasks
and filling forms.
...
Using technology to deliver personal, relevant,
timely and actionable content
Wealth managers with the right system and analytical
capabilities can now engage clients with content that
is relevant to their personal situation and gets delivered
via their preferred channels. Targeting your content
with digital behaviours and attitudes in mind might
mean creating very different outputs and messages.
There is a great opportunity to learn from clients’ online
reactions to your content (e.g. what gets read and what
is ignored). This is not about pushing information at
them. Learning what clients really like is the goal and
www.thewealthmosaic.com
Call us on: +44 20 3026 1587 or email: office@thewealthmosaic.com
24
*Q&A Alessandro Tonchia
Conclusion - Defining and delivering truly engaging
client engagement
Imagine...
a future where wealth managers, insurers and
A TWM Insight Report
banks can realise every client’s aspiration of a
differentiated, digital and dynamic experience.
RE-DEFINING PERFORMANCE
“
The new model of engagement must be
based on a regular rhythm of value-add
content and services, delivered through
multi-channel communications to clients.
In circumstances where markets are very
volatile, this rhythm has to become more
frequent, and ideally be event-driven, to
ensure that guidance and alerting are
delivered in a timely way.
“
Truly effective engagement will be built on wealthspecific CRM with a client-centric front-end. The heart
of this opportunity is to use technology to offer highly
responsive sales and service at the portfolio dynamics,
adjustment, risk management and opportunity
identification/exploitation levels. None of this is
fantasy. Finantix can deliver the change in practice.
We are delivering against a number of actual use
cases today. Automated publishing of market views
and investment commentaries that relay personal and
relevant information and insights. Intelligent averting
of client risk. Timely nudging. Specific portfolio actions
and opportunities. High levels of perceived personal
advice enabled by AI-driven technology and delivered
cost-effectively. We have the building blocks to make
all this possible. Chosen well, specified intelligently, and
proofed against future requirements, digital technology
enables wealth managers to deliver dynamic content
and channel customisation at pace and scale. As a
result, they can engage more fully and more effectively
with ALL their clients. No longer will they follow, in a
world where multi-channel communications and deep
customisation are standard. They can lead.
finantix.com
Find out more about FINANTIX
www.thewealthmosaic.com
Call us on: +44 20 3026 1587 or email: office@thewealthmosaic.com
25
6. Introducing ForwardLane
Key business facts;
Founded
2015
HQ Address
43 West 23rd Street
3rd floor, New York
NY, 10010
United States
Company Size
11-50
Website
www.forwardlane.com
Regional Presence
North America
Company overview
ForwardLane is a fast-growing, award-winning AI
fintech startup that enables proactive, personalized
advisory and distribution with actionable insights
and next best actions.
The patent-pending AI Insight platform reads,
analyzes and organizes unstructured and structured
data with industry-specific precision for wealth and
asset management. Automating human analysis
with AI means advisors can digitally engage clients
with significantly enhanced frequency, quality and
consistency.
The Forwardlane product suite offers Salesforce
& HTML5 CRM integrations along with an API
framework to blend insights seamlessly into existing
workflows.
Founded in 2015 in New York, ForwardLane is backed
by leaders in data, analytics and innovation in wealth
management including SEI Ventures, Refinitiv and
SixThirty Global Fintech Fund. ForwardLane’s clients
include leading wealth and asset managers with
more than $1trn AUM.
ForwardLane is rated as one of the world’s most
innovative technology providers in wealth and asset
management in the industry-voted WealthTech100
awards; and by KPMG / H2 as one of the top 100
fintech companies globally.
A TWM Insight Report
Thought leader
Nathan Stevenson, CEO and Founder
Email: nathan.stevenson@forwardlane.com
Nathan Stevenson is CEO and founder of ForwardLane.
Nathan is an entrepreneur and industry expert with 18
years of experience with a background in quantitative
finance, computer science and applied artificial
intelligence. Previously, he worked in quantitative
research at CQS, a leading large global alternative asset
manager, and in investment banking at BNP Paribas.
In addition, he served as an enterprise architect at
the JSE a $900bn multi-asset securities exchange. As
an entrepreneur, he has cofounded and grown three
successful startups in diverse industries. He has been
featured internationally as a speaker and thought leader
on the application of AI in wealth and asset management
for Forbes, Institutional Investor, Euromoney, World
Economic Forum, Yale International School of Finance
and MIT Sloan.
He is South African and British by origin, lives in New
York and is “Working From Anywhere” with his wife,
Tracey.
www.thewealthmosaic.com
Call us on: +44 20 3026 1587 or email: office@thewealthmosaic.com
26
*Q&A Nathan Stevenson
Q1. MARKET: What is your view on the current state
of the market with regards to how wealth managers
manage their engagement with clients? What are
they doing well, what are the challenges and what
areas could be improved?
1.1. Current status & challenges
With COVID-19, wealth managers are facing new
challenges from distributed remote operations, intense
competition for clients, and dealing with heightened
information overload.
Clients want a personalized experience, but how do
you offer this when there are so many clients to cover
with diverse financial goals, investment and personal
interests and perspectives?
As the ‘new normal’ emerges, digital engagement has
jumped by 7-10x according to Oliver Wyman. Clients
are being bombarded with information and demand
for their attention. What will make you stand out? How
do you do this for all of your clients?
a new data “snapshot”, fresh insights and added
value thought leadership to stay ahead of the
competition and prevent client churn.
Advisors should not have to feel constantly underwater
in the race for digital leadership. Advanced technology
brings the power of parallel computing, machine
analysis, sorting and organization of data to reduce
and eliminate these barriers.
1.2. Impetus to change & potential benefits
The race for digital leadership combined with the
pandemic has highlighted why wealth managers must
act now to increase the use of technology.
According to Roubini ThoughtLab, those considering
action should take note of how digital leaders
are embracing the top use cases for AI in Wealth
Management:
•
Increasing Advisor Productivity, Finding and
Attracting Investors and Improving Predictive
analytics are crucial use cases which average 4050% adoption by leaders currently increasing to
60% in the next 2 years
•
This compares to general adoption across all firms
of about 10% rising to 20% in the next 2 years.
Current hurdles to providing personalized, high-quality
client engagement at scale:
•
•
•
Understanding Clients – huge increase in volume
of client interactions, demand on advisor attention
makes it challenging to stay on top of changing
client interests.
Awareness across Data Silos – analyzing CRM,
financial goals, portfolios in different systems for so
many clients is manual and time-consuming and
important client signals may be missed.
Context is Dynamic and Never-Ending – with such
a dynamic world, each client interaction requires
A TWM Insight Report
Those that do take action, improving AI and analytics
adoption can lead to significant benefits that directly
affect the bottom line:
•
Digitally advanced firms benefit from an 8.6%
revenue increase, 11.3% increase in advisor
productivity, 6.7% increase in AUM and 6.3%
increase in market share.
•
For those that fall behind, there is a “laggard
penalty” – the gap in absolute dollar terms
between leaders and those late to the game works
out to $79.2m per $1bn in revenue.
•
For broker-dealers this penalty is even higher – as
much as 14% of firm revenue and the trust and
engagement of the digitally savvy next generation.
1.3. Opportunity & actions
Wealth Managers can now look forward to an AIoptimized workflow where each aspect of their day
is enhanced. Over a cup of coffee in the morning,
an advisor can get instant client understanding
from CRM with ForwardLane as to who to contact
first through priority scoring of clients. They can see
indications as to which clients most require attention
with data-driven reasons why. With daily summarized
“Client Signals” for each client gleaned from diverse
data systems, advisors drastically reduce time spent in
searching for and analyzing data, freeing up capacity
for new business generation. Signals can come from
reading CRM Notes, surfacing Goals discussed with
ForwardLane’s GoalMinerTM patent-pending financial
NLP technology, from significant portfolio movements,
and goal tracking and attainment.
By linking unstructured and structed data, Forwardlane
is cross-checking what has been discussed in CRM,
with actual actions taken in portfolio and goals-based
systems. Together “Signal Collections” provide client
retention and growth signals that provide awareness
across all clients every day, by scanning and detecting
important changes in data and related discussions
in CRM to follow-up and engage with. ForwardLane
makes it easy to share these insights through workflow
integrations with one-click to save to CRM notes, log a
...
www.thewealthmosaic.com
Call us on: +44 20 3026 1587 or email: office@thewealthmosaic.com
27
*Q&A Nathan Stevenson
Next-best Actions, Signal Collections or Campaigns
call or share via email. Using ForwardLane’s predictive
analytics powered by machine-learning and real world
user feedback, advisors get recommendations from
ForwardLane as to what to engage with clients about
and trusted “next-best actions” to maintain consistency.
•
According to McKinsey, opportunities abound for firms
that deploy new technologies. At ForwardLane we are
focused on the following use cases:
2.2. Benefits
•
Expand sales & growth from priority clients by
up to 35% - optimize digital advisory with targeted
messaging for client segments, data-driven
insights and timely engagement.
•
Free up existing sales & advisor capacity by up
to 15% - automate and reduce daily data analysis,
improve sales efficiency and time-to-insight
•
Improve sales & advisor productivity by up to
10x with precision targeting - with algorithms
that automatically identify growth and retention
opportunities from activating your existing data.
Q2. SOLUTION: What solution does ForwardLane
offer the market and how do you help wealth
management firms meet the increasing needs of
their clients?
ForwardLane offers a suite of solutions designed for
financial professionals in wealth management and
asset management/distribution to support sales
consistency, efficiency and client engagement:
•
Client Signals – Relevant insights and next-best
actions for every client, never miss important
signals or key talking points for client engagement.
•
Client Prioritization – A dynamic view of your book
of business scored and ranked by Client Signals,
A TWM Insight Report
Personalized Content – Automatically surface,
relevant added value content for clients based on
their individual signals. Filter by internal/external
content, products, specialist teams or source.
The ROI of ForwardLane comes from two key aspects –
spreading the net wider and deepening engagement
with clients – directly contributing to organic revenue
growth, and second by reducing client attrition and
increasing retention through frequent, consistent
monitoring and outreach. ROI for one large wealth
manager with thousands of advisors is 15-20x.
...
a. Improve Advisor Productivity – Be Timely. Be
prepared with fresh signals, personalized content
recommendations and next-best actions to share with
clients everyday. Easily share via email, save to CRM or
log insights on a client call in seconds.
b. Personalize Client Engagement – Be relevant. Signals
and content for individual clients with the reasoning
summarized for advisors to use in meetings, calls and
digital client engagement
c. Automate Human Analysis with AI – Save time and
effort. Aggregate and analyze data necessary for client
engagement – including unstructured content such
as CRM notes, internal strategies/thought leadership
& product updates. Crystal clear insights tailored and
summarized for each individual client.
Sales, Marketing and Data Science teams find the ease
of plugging in new signals, with deployment in less
than a day dramatically improving responsiveness to
the market and greatly speeding iterative capabilities
in getting insights into the hands of advisors and their
clients.
The direct and indirect feedback gathered by
ForwardLane on Client Signals and Personalized
content is valuable for determining what type of
engagement and collateral works for different client
segments.
www.thewealthmosaic.com
Call us on: +44 20 3026 1587 or email: office@thewealthmosaic.com
28
*Q&A Nathan Stevenson
Forwardlane includes two components to drive ROI and
deliver success to wealth managers:
Insight Proposal - The ForwardLane configuration we
recommend based on our mutual understanding of
your business goals, both for success today and over the
course of the enterprise contract.
Success Plan - A summary of the resources ForwardLane
will provide to empower your existing team to achieve
business results or execute portions of your vision on your
behalf.
Your Desired Outcomes with Ultimate Flexibility:
The ForwardLane Enterprise AI platform includes three
independent but fully integrated products, and each can
be deployed in multiple ways to match your business
needs and IT requirements.
We provide ongoing customer success and support
along with frequent upgrades to capabilities.
Some of the exciting new product capabilities coming
soon include:
•
Next-Best Action Workflow Integrations – combine
signals, signal collections and campaigns into
powerful NBAs.
•
Dashboards – view advisor activity metrics to view
performance, best practices and remote client
engagement metrics.
ForwardLane accelerates digital client engagement
and gives wealth management institutions all of the
capabilities to increase advisor productivity, offload
human analysis by up to 80% and extend the reach and
depth of personalized service to all of your clients.
“
Advisors should not have to feel constantly
underwater in the race for digital leadership.
Advanced technology brings the power
of parallel computing, machine analysis,
sorting and organization of data to reduce
and eliminate these barriers.
“
2.3. Deployment and future developments
Find out more about ForwardLane
We give you the flexibility to use ForwardLane how and
where you want it, with multiple options for building
and managing your ForwardLane Insights Platform. You
can deploy ForwardLane on-premises or in a private or
hybrid cloud environment using AWS, Microsoft Azure,
or Google Cloud Platform. Or, use a fully ForwardLanemanaged SaaS offering with no infrastructure to manage
on your side. Your AI intellectual property remains yours.
We offer native Salesforce AppExchange deployment
and integration for Classic, Lightning and Financial
Services cloud, and HTML5 and Restful APIs for other
CRM systems.
Once you have selected your preferred deployment
options, product mix and CRM, our solutions experts
connect the enterprise data to power your insights
engine. Deployments take days, not months.
A TWM Insight Report
www.thewealthmosaic.com
Call us on: +44 20 3026 1587 or email: office@thewealthmosaic.com
29
7. Introducing IMVS
Key business facts;
Founded
2000
HQ Address
31 Caroline Street
Birmingham
B3 1UE
United Kingdom
Company Size
11-50 employees
Website
www.imvs.com
Regional Presence
Western Europe
A TWM Insight Report
Company overview
Thought leader
IMVS is a business solutions provider that has
experience with a wide range of financial services
organisations, providing products and services
ranging from partial to total solutions.
The aim of IMVS is to provide innovative solutions to
business problems and constantly seek to improve
products and services in order that their customers
continue to deliver high quality cost effective
services to their valued client base.
The IMVS Systems Development team has a vast
amount of experience in providing Asset/Wealth
management solutions. IMVS are proud of the
relationships they have with each of their customers
and their advanced technology allows them to tailor
their products to meet their specific software needs.
The members of the IMVS Business team are
experienced
practitioners
and
consultants
within the wealth management industry and
provide assistance and guidance to ensure that
best practices are established, not just during
implementation, but throughout the lifetime of the
relationship. The IMVS Technical team understand
and advise on all operational and IT requirements,
including hardware, networking and websites.
John Motley, Director
Email: johnm@imvs.com
John has been active in the financial services industry
all of his working life. When John left school he began
his career in the City as a junior clerk at a London
Stockbrokers. Throughout this period of his career he was
involved with all aspects of stockbroking administration
and progressed to the position of Operations Director.
This has covered both London & Provincial based firms
catering for Institutional, Private Client, Retail and
Clearing Operations.
John changed his career 20 years ago into financial
services software development. He has been
instrumental with the development of the IMVS
Portfolio Administration System that provides full front
to back office functionality for Wealth/Asset Managers,
Private Client Investment Managers, Family Offices and
Financial Advisers with discretionary permissions at
IMVS Limited.
www.thewealthmosaic.com
Call us on: +44 20 3026 1587 or email: office@thewealthmosaic.com
30
*Q&A John Motley
Q1. MARKET: What is your view on the current state
of the market with regards to how wealth managers
manage their engagement with clients? What are
they doing well, what are the challenges and what
areas could be improved?
1.1. Current status & challenges
Wealth and Asset Managers, and in particularly Asset
Managers, have been slow to adopt to digital modules
and have for far too many years been reliant upon
their legacy infrastructure. Across the market there
is a push to move from product to customer services
orientation. Today’s market is becoming more and
more competitive and with the ever changing class of
HNWI, the expectations of these clients will be for their
wealth managers to have expertise in digital channels
and to respond quickly to their client’s needs.
There are a few key issues across the financial services
industry that have become even more prevalent in
the current global situation created by COVID-19.
One key area impacted by this is Client On-Boarding,
as the KYC checks required by the regulators can
be very cumbersome and time consuming and the
compliance mandates often make it very difficult to
streamline the on-boarding process. Wealth managers
need to be looking at technology to overcome
these difficulties, in order to be able to offer a better
customer experience to its prospects and existing
clients. The challenge is getting this message across
to Wealth/Asset Managers and equally building
their understanding of the amount of valuable data
that is already available and not currently being used
to target products and services to their client(s), as well
as on-going compliance monitoring.
A TWM Insight Report
The regulatory landscape is constantly undergoing
changes and the regulators are increasingly utilising
technology to oversee compliance. Wealth managers
are again slowly adopting a similar approach and
accepting technology as an enabler given the
increasing costs of compliance. As a result, we are
seeing a more open approach from Wealth managers
towards partnering with Solution providers to enable
them to find the best technologies for their needs.
1.2. Impetus to change & potential benefits
The implementation of digital channels will provide
Wealth managers with greater access to new clients
and will lead to a greater end customer experience.
This, in turn, could equally help with avoiding attrition
of existing customers. With an increasingly changing
demographic of younger HNWI which undoubtedly
lead to a more technically astute client database, it is
not unreasonable to assume that their expectations
will be that they are able to interact with their Wealth
managers with the latest and innovative technology
at all times. This new wave of HNWI will therefore be
seeking the same kind of digital experience that they
are already accustomed to in their everyday lives.
Solution providers can be the catalyst for reducing
Wealth managers regulatory costs and automate
many manual tasks and increase operational
efficiencies, particularly in areas such KYC (Client
On-Boarding), AML, MIFID II Quarterly Client
Valuation Reporting and Compliance Monitoring.
1.3. Opportunities & actions
We believe that Wealth managers do recognise that
technology will play a significant part in achieving
greater operational efficiencies. However because
they have traditionally been underpinned with legacy
technology and as a result fragmented operations
that have relied heavily upon human interactions and
personal connection rather than technology, they have
clearly not moved at the pace that is required. In truth
many will hold their hands up and accept this that they
have been very slow to embrace innovation and the
technological advancements over recent years. This is
compounded by the fact that they also feel entrapped
by their legacy environment, that in many cases is very
restrictive for them to easily extract accurate client data,
difficult to navigate, and very challenging to improve
and deliver new digital solutions and experiences for
their clients.
Wealth managers must speed up and embrace
technology to remain competitive in this digitised
world as there has not been the urgency that has
been needed by Wealth managers. There has been
a lot of deliberation and discussions but now is the
time to be proactive and react in positively to this
market transformation. More than ever than before
it is imperative that Wealth managers ensure that
they have the streamlined processes to cope with the
constantly changing client preferences and demands
for diverse products, varying and up to the minute
mechanisms to communication channels with their
clients securely, accurately and timely manner.
...
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31
*Q&A John Motley
Q2. SOLUTION: What solutions do IMVS offer the
market and how do they help wealth management
firms meet the increasing needs of their clients?
Within the product range offered by IMVS we have
four modules that support Wealth managers' need
to enhance their relationships with their clients,
namely CRM, VOLe, eAPP and to a lesser extents,
elements of MICM. The key module is IMVS CRM as it
is a centralised hub to assist Wealth/Asset Managers in
the implementation of an integrated client experience
that has the capability to consolidate, evaluate and
reproduce accurate client data from multiple digital
touch points. The Financial Conduct Authority has laid
out its business priorities for the year ahead, admitting
that one effect of the Coronavirus crisis will be the
acceleration of digitisation within financial services.
After decades of legacy systems infrastructure and
complexed processes that have slowed and stifled
digital transformation, now is the time for wealth
managers to embrace an effective combination
of human and digital channels to offer a modern
and seamless experience for their client(s). Wealth
managers will be able to save on resource costs and
also improve the turnaround time for certain processes
and regulatory requirements.
IMVS avoids the need for additional costs and
development requirements that are associated
with proprietary software, by having designed and
developed their own CRM module. By adopting this
approach in collaboration with existing users, we have
concentrated on proving a module that is tailored
specifically for the engagement needs of wealth
managers. The main features are document & client
management to give the user a complete picture of
the available clients. Events can be logged against a
contact and appointments sent to their own calendar.
A TWM Insight Report
All documentation can be assigned to a contact and
then retrieved giving the user ultimate convenience.
Enhanced letter writing abilities enable report packs
to be included with letters. Periodic or ad-hoc report
packs are generated, collated and printed for clients
and advisers, or if they have elected that they want
paperless correspondence, these are sent to a secure
client/adviser area in VOLe. Upon production of
periodic and adhoc reports/correspondence for these
clients they are automatically sent an email advising
them that new correspondence is now available.
Turning to VOLe (IMVS’s Digital client and adviser portal)
and leading on from CRM, within the secure client area,
the new correspondence will be highlighted as being
available. The correspondence can then be reviewed,
downloaded or printed as required, and upon opening
the documents this is flagged and time stamped.
Within IMVS’s MICM (Management Information
and Compliance Monitoring) module, Asset/Wealth
Managers can easily identify which client(s) or advisers
have not reviewed/downloaded their latest documents,
and then send a reminder accordingly. VOLe also is
a further way for Wealth/Asset Managers to reinforce
their relationship with their client(s), and advisers to
provide them with access and control they require.
Branded to match their corporate image, every time
their client’s or adviser’s log-on, they are reminded of
the quality of the services that are provided by their
Asset/Wealth Managers. VOLe also gives client(s) the
ability to monitor their portfolios and to download ad
hoc reports (valuations, Cash statements, Tax reports
etc) as required, or in the case of advisers, either
individually or across all their client(s). All these reports
may be made available to third party providers such
as financial advisers, accountants and solicitors. The
production of periodic statements via VOLe cuts down
on the additional administrative costs associated with
the MiFID II requirement of quarterly reporting.
...
www.thewealthmosaic.com
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32
*Q&A John Motley
Finally, the MICM module is a powerful compliance
analysis
tool
providing
quality
management
information about your firm’s daily activities, including
system wide auditing to assist in the early detection of
potential rule breaches and the easy identification of
any oversight. Analysis of client data is also provided to
ensure the integrity and accuracy of regulatory reports,
including MiFIR transactions and HMRC Income
Reporting, ISA Reporting, CASS etc. Underpinning
all of these IMVS Modules is a database containing
a vast amount of data relating to all aspects of your
firm’s wealth management activities. This module in
particular has been designed to facilitate the production
of management information in a proactive manner
to ensure that you are managing your business and
client investments within both regulatory constraints
and best working practice. Wealth/Asset Managers can
decide on the frequency of the reports and who should
A TWM Insight Report
be notified. We fully appreciate that there are reports
that wealth managers will want configured specifically
for the way they work and we will configure these for
them. However, there are some standard reports we will
provide as defaults, such as 10% Value drop (MiFID II),
Capacity for loss, Changes to client data (bank account,
address etc.), Missing client data, Out of balance stock
reconciliations, Out of balance bank reconciliations,
Out of balance portfolios, and CASS Internal Client
Money positions.
“
With an increasingly changing demographic
of younger HNWI which undoubtedly lead to
a more technically astute client database,
it is not unreasonable to assume that their
expectations will be that they are able to
interact with their Wealth/Asset Managers
with the latest and innovative technology
at all times. This new wave of HNWI will
therefore be seeking the same kind of digital
experience that they are already accustomed
to in their everyday lives.
“
In respect of the question of new client(s) or advisers
on-boarding, the IMVS eAPP (On Line Applications &
Client On Boarding) module facilitates the increase of
FUM by offering online client onboarding for Advisors
or individuals. Branded application forms can be
completed by prospects that meet certain risk profiles
and models and third-party software such as Verify™
and Sage Pay™ are used to manage AML and bank
payments. Once accepted, and the application moved
from a prospect to a client status, automatic dealing,
and repeat dealing based on further subscriptions
is initiated. Now that an additional active client has
been added the client or advisers can monitor all their
investments, cash and transactional movements via
VOLe.
Find out more about IMVS
www.thewealthmosaic.com
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33
For solution providers,
The Wealth Mosaic is a
global sales and marketing
partner that supports their
positioning, exposure and
business development
needs in a more complex
world.
Learn more about how TWM supports Solution Providers
A TWM Insight Report
www.thewealthmosaic.com
Call us on: +44 20 3026 1587 or email: office@thewealthmosaic.com
34
8. Introducing moneyinfo
Key business facts;
Founded
2014
HQ Address
Forward House
17 High Street
Henley in Arden
B95 5AA
United Kingdom
Company Size
11-50 employees
Website
www.moneyinfo.com
Regional Presence
Western Europe
Company overview
moneyinfo is a private fintech firm based in Henley in
Arden, Warwickshire specialising in client portals and
mobile apps for the wealth management industry.
We are proud to work with some of the UK's most
exceptional advisory and investment management
businesses including Saunderson House, RC Brown,
Whitechurch Securities, and many more.
We provide branded smartphone apps and client
portals allowing firms to securely deliver consolidated
portfolio and net worth reporting as well as individual or
bulk client correspondence like quarterly performance
and annual tax reporting.
moneyinfo is a market leader in account aggregation
and brings a client’s entire financial life, including all 3rd
party wealth management, stockbroking and personal
finance accounts, as well as all of the associated
documentation. This is achieved through a single login
to the moneyinfo platform (available on any device) and
is regardless of the multiple investment platforms, back
office or portfolio management systems being used by
the wealth manager.
Our software is designed to help wealth managers
address the communication challenges of the 21st
century with their own branded client portal and mobile
app.
A TWM Insight Report
Thought leader
Sim Sangha, Business Development Director
Email: sim.sangha@moneyinfo.com
Sim is Business Development Director for moneyinfo,
the leading supplier of account aggregation and client
portal technology for the wealth management sector.
Sim is experienced in advising on digital strategy to a
large range of clients from small to national advice and
investment management businesses.
Sim has 19 years of experience in the fintech industry
including 7 years at 1st Software (now Iress) before joining
the board of moneyinfo in 2010. Sim has a BA (Hons)
in Economics and a number of financial qualifications
including the Investment Management Certificate.
www.thewealthmosaic.com
Call us on: +44 20 3026 1587 or email: office@thewealthmosaic.com
35
*Q&A Sim Sangha
Q1. MARKET: What is your view on the current
state of the market with regards to how wealth
managers manage their engagement with
clients? What are they doing well, what are the
challenges and what areas could be improved?”
1.1. Current status & challenges
We are still seeing a mixture of traditional face to face,
paper based and email engagement, with the latter two
having inherent efficiency and security risks associated
with them. We know e-mail is insecure and although
post is meant to be a secure means of communication,
interception of sensitive financial data is all too easy.
Increasingly end consumers are ignoring emails and
they do not like dealing with post either, from an
environmental or hassle-factor perspective. We also
see a clear trend that the wealthier an individual or
household is, the more they seek digital interaction.
There is very little evidence to suggest older clients are
not engaging with tech. We find this view comes from
the wealth managers who are resistant to change.
We also have the problem of engaging the next
generation of clients. These are not necessarily
millennials without any assets to manage but are
likely to be the generation X offspring of baby boomer
clients who are now starting to pass down the wealth.
A recent JP Morgan report suggested two-thirds of
inheritors will not use their parents’ adviser. This could
be because they feel there are more accessible services
out there for them to engage with on their terms.
A TWM Insight Report
1.2. Impetus to change & potential benefits
The right technology solutions will increase
efficiencies and decrease cost for wealth managers
by re-engineering current and outdated client-facing
communication processes. Client reporting and
general correspondence can be delivered in bulk,
simplified, optimized for mobile access, instant and
more secure. Quicker, cheaper, and less risk. Client
expectations and downward pressure on investment
management fees are influencing this move.
store, manage and share important financial
paperwork with trusted related or 3rd parties.
Start small and reduce your risk by running a controlled
and measured pilot program with your internal team
and a handful of early adopter clients. Gather the
feedback, fine-tune and roll it out to the next batch of
active clients.
...
1.3. Opportunities & actions
We have clearly seen the more digitally-enabled wealth
managers increase major business performance
metrics, including; managing more clients per
relationship manager (64% increase), more assets
managed per relationship manager (25% increase) and
increased profitability per relationship manager (45%
increase). Source: Investmentadviser News Study 2018.
The best approach is to take small steps and deliver
what clients expect from you initially. For many wealth
managers this will be regular portfolio reporting and
secure correspondence. Once you have achieved
basic client engagement, consider offering value
added functionality like linked account family balance
sheet reporting, total asset and account aggregation,
property valuations as well as the ability to securely
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Call us on: +44 20 3026 1587 or email: office@thewealthmosaic.com
36
*Q&A Sim Sangha
Q2. SOLUTION: What solutions do Moneyinfo
offer the market and how do you help wealth
management firms meet the increasing needs of
their clients?
2.1. Overview
moneyinfo delivers fully branded mobile apps (iOS and
Android) and desktop sites to wealth managers, fully
integrated with their existing portfolio management or
CRM systems. We manage data integrations, reducing
the burden for your internal teams creating more time
to focus on your core competencies. Our technology
not only reports on the assets you manage but can
also link to third party wealth manager accounts,
stockbroking, workplace pensions, personal finance
accounts and property valuations for total net worth
reporting under your brand.
moneyinfo also helps you channel all secure
correspondence, including bulk communications and
e-signature requests via your brand apps, and removes
the need for email or post.
4.
Store all their important financial information in
one place.
5.
Deliver documents and messages instantly to your
clients removing reliance on both email and post.
An 'In Case of Emergency' folder to easily
access important contact, health or protection
information.
6.
6.
Use electronic signatures to speed up onboarding,
client reviews, rebalancing and other activities.
Track their income and expenditure across all of
their bank and credit card accounts.
7.
7.
Meet your GDPR obligations for safeguarding
client data.
Access to their insurance and other documents
whenever they need them.
8.
8.
Represent your brand with a strong digital
experience to both win new business and
strengthen your existing client relationships.
A financial events calendar reminding them of
renewals, maturities & income and payment dates.
9.
Access to your service, in your brand, accessible on
any device.
9.
Communicate with your clients individually, in
groups or in bulk for content like newsletters, blogs
and fund factsheets.
3.
Total net worth and family balance sheet reporting
via advanced account aggregation and linked
account reporting.
4.
Communicate with your clients securely and easily.
5.
2.1. Benefits
Multiple video case studies are available at: https://
www.moneyinfo.com/case-studies.htm
For the adviser and business, moneyinfo saves you
time, cost, risk, and makes you look good!.
For the client, moneyinfo complements your service
and increases their financial peace of mind.
The range of benefits include;
1.
A single login to all of their finances. Over 60% of
clients value the ability to aggregate all of their
accounts in one place.
2.
Access to their managed portfolio, reports and all
correspondence.
3.
A secure method to communicate with you. We
have seen secure messaging on our platform
increase ten-fold in 2020.
1.
2.
Valuations obtained automatically from your
portfolio management system and other existing
supported investment platforms. We maintain
your client data so you don't have to.
Bulk periodic and ad hoc reporting delivery and
integration with your CRM solution if required.
A TWM Insight Report
...
www.thewealthmosaic.com
Call us on: +44 20 3026 1587 or email: office@thewealthmosaic.com
37
*Q&A Sim Sangha
moneyinfo takes a managed 6 step process to
implementation.
1.
An implementation and scoping session with our
experienced team to understand your data sources
and create a milestone project plan according to
your own resource.
2.
Branding mockups of your desktop and mobile
apps
3.
Appstore registrations on
Googleplay Android stores
4.
Data transfer and training taking the line of least
resistance with system integrations
5.
Testing and data checking
6.
Early Adopter rollout and communication planning
Apple
iOS
and
Our focus is to help wealth managers communicate
securely, efficiently and innovatively with their private
clients. We are currently supporting over 100 top
financial advisory and investment management firms
helping them securely track and report on £40bn of
client assets.
“
Increasingly end consumers are ignoring
emails and they do not like dealing with post
either, from an environmental or hasslefactor perspective. We also see a clear trend
that the wealthier an individual or household
is, the more they seek digital interaction.
There is very little evidence to suggest older
clients are not engaging with tech. We find
this view comes from the wealth managers
who are resistant to change.
“
2.3. Deployment and future developments
Find out more about moneyinfo
moneyinfo never look past a 12 month development
roadmap as this is subject to change based on client
demand and the ever changing environment. Being
an agile but fast growing fintech, we can pivot to help
meet the ever changing regulatory, competitive or
environmental landscape.
A TWM Insight Report
www.thewealthmosaic.com
Call us on: +44 20 3026 1587 or email: office@thewealthmosaic.com
38
9. Introducing Moxtra
Key business facts;
Founded
2012
HQ Address
1601 South De
Anza Boulevard
Cupertino, CA 95014
United States
Company Size
51-200
Website
www.moxtra.com
Regional Presence
Africa, Asia, Central America, Eastern Europe, Western
Europe Middle East, North
America, Oceania, South
America
Company overview
Thought leader
Moxtra was founded around delivering a new generation
of collaboration experiences built for the on-demand
expectations in today’s digital age. Moxtra's design point
couples one-stop, client-centric collaboration workflows
with the security and management requirements of
today’s business.
With Moxtra, your organization can keep your
customers engaged by delivering a OneStop digital
experience. Moxtra powers your OneStop App, a hightouch portal where organizations and clients maintain
a continuous connection to complete business. It’s a
virtual destination where you manage your external
relationships and your internal business teams to deliver
the timely, quality responsiveness required for today's
environment.
Moxtra’s Client Interaction Management Platform
is in partnership with the world’s leading financial
institutions including Citibank, Standard Chartered,
Van Lanschot, Raffeisen Bank, OCBC, and more. These
organizations use Moxtra to power their digital business
- with rigorous compliance, security, and auditability.
Leena Iyar, Head of Marketing
Email: leena@moxtra.com
Leena Iyar is the Head of Marketing at Moxtra. She
is responsible for all aspects of Moxtra’s marketing
efforts, including strategy, brand awareness,
growth marketing, public relations and customer
communications. She is a graduate of King’s College
London and resides in the Silicon Valley, California.
Moxtra has a heritage in collaboration tracing back to
WebEx Communications. Moxtra's co-founder and CEO,
Subrah Iyar, was the co-founder and CEO of WebEx,
and co-founder and CTO, Stanley Huang was a senior
director of engineering at both WebEx and Cisco
Systems. Observing people using consumer services for
business conversations, our founders were inspired to
provide a solution built for business from the groundup. This led to providing organizations with solutions to
build and manage high touch digital channels to their
customers, under their own brand, to address the needs
of today's digital age.
A TWM Insight Report
www.thewealthmosaic.com
Call us on: +44 20 3026 1587 or email: office@thewealthmosaic.com
39
*Q&A Leena Iyar
Q1. MARKET: What is your view on the current
state of the market with regards to how wealth
managers manage their engagement with
clients? What are they doing well, what are the
challenges and what areas could be improved?
Wealth management firms recognize the need for
digital transformation to meet client expectations
and enable themselves to manage business remotely.
While the urgency to turn to digital solutions is
present, finding a solution that addresses the business
imperative of client engagement, while adhering to
the stringent security and compliance requirements
can be challenging. Additionally, businesses need
a private internal system for managing external
relationships in order to ensure brand quality and
loyalty to the organization as a whole, rather than to
individual relationship managers. When moving to
digital solutions for more effective client interactions,
organizations should look to digital systems that keep
management structures in place to maintain client
profiles and ensure brand loyalty during RM transition.
The wealth manager-client relationship is highly
personal and requires an ultra-responsive connection.
When dealing in financial management, human
interactions cannot be substituted by AI, so in a digital
transformation, organizations need to focus on the
digital solutions that incorporate human responsiveness
to on-demand expectations. Wealth managers, in their
client relationships, strive to offer their clients a trusted
and immersive experience, ensuring that needs are
met, and worries are addressed with confidential
sensitivity. In today’s world of digital immediacy,
technology offers wealth managers the opportunity
to maintain client confidence and additionally meet
client’s evolving expectations by conducting business
over digital mediums. Client expectations are already
digital, and in many aspects of their day-to-day are
A TWM Insight Report
already accustomed to on-demand services, and the
ability to continue business remotely, eliminating
the need to synchronize time and place. Over digital
transformation solutions, clients can connect with
their wealth managers from anywhere, and get a
detailed walkthrough of portfolio at their convenience
- giving wealth managers a new highway to deliver
high-touch service. Wealth managers that effectively
employ technology in their client interactions are
able to deliver timely responsiveness and able to
continue business indefinitely without compromising,
and actually enhancing, their level of high-touch
service. Additionally, using a management portal with
tailored permissions, firms can keep client profiles and
portfolios secure and able to persist within the firm
through RM churn, eliminating orphaned accounts
and staying up to date with client needs within the
organization.
Moxtra powers Citi Hello, an application used to digitize
interactions between Citigold clients and relationship
managers. By partnering with Moxtra, Citi was able
to reimagine their client engagement journey for
the digital era. The solution is compliant with all
security standards and bank policies, and includes
immersive collaborative features that are saved as a
completely auditable transcript, storing interaction
history over years. The key results were a 200% increase
in productivity and over 200 million USD worth of
transactions in the first 10 months.
of business, ensuring continuous engagement with
clients over a highly secure platform. The OneStop
App platform mirrors traditional brick and mortar
organizations with tailored roles and permissions
alongside bank-grade security and compliance
standards.
Prior to Moxtra, Citibank India faced a number of
limitations when creating a viable digital solution. The
bank had begun to enable chat and video banking,
but the product had disjointed experiences on desktop
and mobile and a lack of document exchange and
collaboration. As a result, the customer usage was
non-existent. When Moxtra partnered with Citi to
power Citi Hello, clients were able to message, call,
and video chat with relationship managers and other
experts through the bank’s customer portal. Through
Citi Hello, powered by Moxtra, relationship managers
can now share documents, provide advice on asset
classes, execute deals, get signatures, exchange notes
and launch video meetings, and more, all from within
their branded app, keeping all interactions saved with
a full audit trail.
...
Q2. SOLUTION: What solution does Moxtra offer the
market and how do you help wealth management
firms meet the increasing needs of their clients?
In today’s world, it is imperative for your business to
ensure continuity through digital interaction with
customers, from anywhere. Moxtra powers OneStop
Portals, which function as branded virtual branches
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Call us on: +44 20 3026 1587 or email: office@thewealthmosaic.com
40
*Q&A Leena Iyar
your business teams and maintains client profiles that
persist within your organization through Relationship
Manager transition. The Moxtra platform can be easily
deployed, as either your own white label application or
an extension of your existing digital strategy, for both
mobile and web.
“
The wealth manager-client relationship
is highly personal and requires an ultraresponsive connection. When dealing in
financial management, human interactions
cannot be substituted by AI, so in a digital
transformation, organizations need to focus
on the digital solutions that incorporate
human
responsiveness
to
on-demand
expectations.
“
Rather than connecting with clients over a variety of
disparate channels, the OneStop App is your own
branded hub that keeps all business communications
in one place with an integrated suite of collaboration
capabilities such as text, voice, and video messaging,
digital signature, transactions, task management,
annotated notes, scheduling, and more, all while
retaining an auditable transcript of business
communications. Your OneStop Portal provides your
management with a single pane glass to oversee client
engagement and responsiveness from
Find out more about Moxtra
A TWM Insight Report
www.thewealthmosaic.com
Call us on: +44 20 3026 1587 or email: office@thewealthmosaic.com
41
10. Introducing New Access
Key business facts;
Founded
2000
HQ Address
Rue Eugène-Marziano 25
1227 Les Acacias- Geneva
Switzerland
Company Size
201-500 employees
Website
www.newaccess.ch
Regional Presence
Asia, Caribbean,
Central America,
Middle East,
Western Europe
Company overview
For the last 20 years, New Access has been a leading
provider of scalable Core-to-Digital software solutions
designed to meet the specific requirements of the
private banking and wealth management industries.
Within the context of major business and regulatory
changes happening in these industries, New Access
offers an advanced enterprise Client Lifecycle
Management solution that efficiently empowers
banks, wealth managers and investment managers
on a successful digital transformation journey.
New Access digital front-end solution provides our
customers' advisors, client relationship managers
and investment managers with the ability to address
all of their daily business and regulatory compliance
needs on a single, modern and user intuitive
digital front-end, whilst digitizing and optimizing
the key processes with clients, as well as internally.
Our mission is to support our customers in this
transformation with innovative, agile and flexible
solutions for digital banking, keeping the client at
the center of both investment decision-making and
relationship management processes.
Headquartered in Switzerland (Geneva), the group
has more than 200 employees with a worldwide
presence.
A TWM Insight Report
Thought leader
Emmanuel Zabey, Member of the Executive
Committee - Head of Products
Email: emmanuel.zabey@newaccess.ch
Emmanuel Zabey is Head of Products and a member
of the New Access Executive Committee. With a
background in physics and mathematics, he joined
New Access 20 years ago, as one of the founders of the
company. Through R&D initially, then product design,
business analysis and client consulting, he has developed
a high level of expertise in multiple areas, including
Client Lifecycle Management, Anti Money Laundering,
Tax, Cross-border, and Investor Protection. His focus
today is in innovation and the constant improvement
of New Access solutions for digital banking, in close
interaction with New Access customers.
www.thewealthmosaic.com
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42
*Q&A Emmanuel Zabey
Q1. MARKET: What is your view on the current
state of the market with regards to how wealth
managers manage their engagement with
clients? What are they doing well, what are the
challenges and what areas could be improved?
1.1. Current status & challenges
Wealth management is no exception to the global
trend towards digitalization. At New Access, we do not
know of a single client or prospect, regardless of the
market segment, that does not have at least “some”
strategic digitalization projects high on their agenda.
Private banks and wealth managers addressing the
global market of high and ultra-high net worth clients
are facing specific challenges:
•
•
The trusted and personalized relationship between
the client and the banker, advisor, or relationship
manager is a key part of the service provided. A
more digital client-to-wealth manager interaction
should not reduce this added value.
Ability and willingness to use technology is far from
being uniform across clients for various reasons
including age or perceived level of personal “digital
security”. Many clients would prefer to choose
when and for what the interaction should be
digital, rather than have it imposed to them. One
could speak of “digitalization at will”.
These challenges should not deter private banks
and wealth managers from engaging further with
digitalization. They should rather influence the way
it is implemented. The need for proper balance has
been made obvious in the 2020 sanitary crisis: in
all aspects of business, lock-down constraints have
made any available digitalization a vital benefit. At
A TWM Insight Report
the same time, most people have suffered from
the drastic limitation of the human-to-human
interaction and, maybe, realize its value even more.
The wealth management industry faces many other
challenges, including constant margins erosion,
changing client expectations and increased constraints
on regulatory compliance. Over the last years, all these
challenges have been strong incentives for another
form of digital transformation. The game changer
was probably the shift to a client-centric approach,
rather than an account-centric approach, imposed by
regulators in various areas such as Automatic Exchange
of Information, payment services, investor protection
(e.g. MiFID), prospect management and data
protection (GDPR). All these requirements have made
it essentially impossible to keep operational cost under
control without significant “front-to-back” automation.
1.2. Impetus to change & potential benefits
It seems only logical that a well-carried out digital
transformation should address both challenges and, at
the same time:
•
Bring (not impose) full digital availability to ever
more demanding clients
•
Implement a value-adding regulatory
compliance framework at controlled cost.
and
•
This is sometimes easier said than done. It is not
uncommon to see private banks or wealth managers
looking to implement a new digital service with a quasi
“front-only” solution poorly integrated to the bank’s
processes, and possibly centered on one specific
urgent need. This approach brings benefits, most
importantly a shorter time to market, but it may have
adverse effects: the operational cost may end up being
increased and the limited perspective may turn into
a liability. What if the digital signature introduced
for onboarding does not easily integrate with the
platform for existing clients? What if your client portal
is way more rigid than your core platform and ends up
reducing your capacity to innovate?
We believe that any step in the digital transformation
should add value to the relationship between the
client, the relationship manager and the wealth
management institution. In other words, the benefit
is greatest when the client can freely choose between
a digital or non-digital channel, a human interaction
or an automated interaction, and any of this choice is
handled in an integrated and cost-optimal way by the
platform. Technology and digitalization should help
and add value to the relation but will definitively not
replace the role of the bankers, relationship managers
or investment managers.
1.3. Opportunities & actions
Client digital engagement is more than ever a priority,
and it must be implemented in a sustainable, valueadding, and cost-effective way.
Having worked with more than 70 institutions in
various jurisdictions, we have witnessed and assisted
a key transformation of the client’s role, into a fullfledged participation in the institution’s processes.
This view is aligned with the “digitalization at will”
approach we recommend for high and ultra-high net
worth clients: in some variants of a digitalized process,
say an investment proposal, a client may want to quasi
self-service, while in other variants of the same process,
other clients may want to rely on the assistance, advice
and expertise of a trusted relationship manager.
...
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43
*Q&A Emmanuel Zabey
We believe that fully including the client as part of the
institution’s core processes should be at the heart of
the digital transformation. This change goes far beyond
IT and it is not surprising to observe in the market more
and more “Front-Office COO” positions being created.
Q2. SOLUTION: What solutions do New Access
offer the market and how do you help wealth
management firms meet the increasing needs of
their clients?
This central idea has far-reaching consequences.
Ideally:
New Access provides an advanced integrated
enterprise digital Client Lifecycle Management
solution supporting efficiently our customers on their
digital transformation journey.
•
The processes involving client interaction, digital
or not, should be implemented in a unique,
consistent, and digitally enabled platform.
•
The digital platform used by the client and the
wealth manager should be the same.
•
The digital experience of the client and of the
relationship manager should be very similar if not
identical.
•
At the same time, the platform should be open
to the integration of best-of-breed, specialized
FinTech/RegTech, e.g. a risk engine for portfolio
optimization and risk valuation or a cross border
check solution.
Providing clients with a front-end which is the exact
reflect of the relationship manager’s is not easy. It
means that assets, performance, reports, and client
data should come from the same source, and be
presented similarly.
A TWM Insight Report
Our Banker’s Front solution is the bank’s or wealth
manager’s relationship manager workstation covering
all business and regulatory compliance needs on a
single, modern and user intuitive digital front-end,
whilst digitizing and optimizing the key processes with
clients, as well as internally.
Our solution covers the entire client life management
(CLM/CRM) from prospect management, client
onboarding process to client relationship management.
It includes:
•
a relationship manager cockpit organizing daily
activities and highlighting actions with client lists,
tasks list, portfolio’s health check and compliance
breach lists, last visit or client contact reports, last
secured chat conversation, last opportunities and
investment proposals.
•
360° client view combining client centric and asset
centric view. Client centric with a comprehensive
CRM covering all client or prospect identification
data, addresses, business and familial relations,
likes and dislikes, origin of wealth, budget, risk
and MiFID profiles, tasks, contact reports (call
report, secured chat, emails, visit reports, etc…),
opportunities and documents. With a single “click”
switch to the asset centric view with the asset
allocation and analysis, the performance view, the
movements, ability to place single or block orders
or create /review investment proposals for advisory
services.
•
and a client portal allowing clients to access
their information (holdings and documents) and
place orders, as well as interact with their relation
manager, investment manager or the execution
desk through a highly positive user experience
also available on mobile devices. The client portal
also enables sharing processes with clients such
as secured chat, digital signature or investment
proposals.
New Access advanced integrated enterprise digital
wealth management solution includes a flexible
integration layer carrying all the banking processes
specificities for an easy and maintained integration to
existing core solution(s).
...
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44
*Q&A Emmanuel Zabey
With this dedicated cockpit, New Access is providing
a digital, modern and user intuitive front-end to the
relationship managers (RM) to follow the entire client
life cycle:
“
•
The RM can initiate a new banking relationship
smoothly and efficiently, while meeting the
requirements and constraints set by local
regulation, and bank’s internal policy.
•
RM’s, in one single view, can grow incomes and
client satisfaction by a 360o access to their clients’
positions and analytics enabling them to take part
in the investment decision process.
•
All dimensions of the client relationship are
managed from one single interface.
We believe that any step in the digital
transformation should add value to the client,
the relationship manager and the wealth
management institution. In the high and
ultra-high net worth segment, the benefit is
greatest when the client can freely choose
between a digital or non-digital channel,
a human interaction or an automated
interaction, and any of this choice is handled
in an integrated, compliant and cost-optimal
way by the platform, says Vitus Rotzer, New
Access CEO
•
Client centric view (prospection, onboarding,
client management) and asset centric view (asset
allocation, performance, positions, movements
and orders).
Find out more about New Access
“
•
Regulatory rules are embedded in the solution
(KYC, Risk/MiFID Profile, suitability).
The solution covers and integrates through its flexible
integration layer end-to-end all key business and
compliance processes.
Finally, yet importantly, our solution is open and can
easily integrate complementary Fintech/Regtech
solutions to add value to the overall process. For instance,
within our advisory module, we provide the option
to integrate a risk engine to perform sophisticated
risk calculation and use the engine during portfolio
optimization and in pre-trade to validate investment
suitability (portfolio risk).
A TWM Insight Report
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45
11. Introducing Objectway
Key business facts;
Founded
1990
HQ Address
Via Giovanni da Procida 24
20149
Milan
Italy
Company Size
501-1000 employees
Website
www.objectway.com
Regional Presence
Western Europe, Eastern
Europe, North America, Africa,
Caribbean, Middle East, Asia
Company overview
Powered by 30 years of business expertise in
delivering wealth and asset management technology
and services, Objectway empowers its clients to
embrace their future challenges while providing
great performance today.
Objectway solutions and services enable omnichannel
customer
engagement,
front-office
productivity, stronger investment performance,
suitable advice and compliance enforcement,
efficient back-office operations and automation, proactive client reporting and management analytics.
Our front-to-back, multi-channel, scalable, cloudready platform leverages a component-based
architecture with AI-driven algorithmic engines for
risk & performance analytics, real-time investment
compliance, portfolio optimisation and mass
customisation, with open APIs for easy integration.
Objectway is a Global Top 100 fintech provider (IDC
ranking) and our clients includes 200+ leading
wealth managers, banks, asset managers, fund
managers, insurers and outsourcing providers in
more than 15 countries. We support approximately
100,000 investment professionals to manage more
than £1 trillion in assets.
Objectway operates from offices in Italy, UK, Ireland
and Belgium serving customers in 4 continents.
A TWM Insight Report
Thought leader
Alberto Cuccu, CEO Objectway UK and Belgium
Email: alberto.cuccu@objectway.com
Alberto leads Objectway’s international business and is
part of the board of directors of the Group, as CEO for
the Objectway UK and Belgium entities. With more than
20 years of experience in the financial services industry,
Alberto has driven the development of the company’s
product offering to deliver an effective value proposition
to Objectway’s international markets.
He has successfully delivered several complex business
transformation programs across the EMEA region
for Wealth Managers, Private Banks, Stockbrokers,
designing solutions for high front-office productivity,
back-office operational efficiency and digital customer
engagement.
Alberto holds a Master's degree in Computer Engineering
from the University of Pisa.
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46
*Q&A Alberto Cuccu
Q1. MARKET: What is your view on the current
state of the market with regards to how wealth
managers manage their engagement with
clients? What are they doing well, what are the
challenges and what areas could be improved?
1.1. Current status & challenges
In recent years, private banks and wealth management
firms have been adopting technology primarily to
address efficiency and compliance issues. Historically
client-focused, these institutions have been satisfied
with the personal relationships they maintain with HNW
and UHNW clients and have devoted less attention and
effort to technology-enabled improvements in client
engagement and digital experience.
The more recent wave of generational, behavioral
and attitude changes among clients, along with the
disruptive invasion of new fintech players into the
wealth management field, are significantly changing
this equilibrium. Demand for digital engagement is
additionally amplified by external events such as the
current coronavirus pandemic and resulting lockdown
measures. It is becoming sorely apparent that wealth
managers’ digital transformation is incomplete,
capabilities are suboptimal, and radical fast action to
fill the gaps is now imperative as customers who do
not feel properly served in these emergency times, will
soon start looking elsewhere.
1.2. Impetus to change & potential benefits
A new model of client engagement is not an option
anymore but needs to be considered as a mandatory
capability and the new regular practice.
There is a clear call for a re-definition and re-shaping
of current practices introducing new engagement
approaches, to have customers more loyal and more
A TWM Insight Report
open to new opportunities and business propositions.
Those that won’t, will fail to meet the strong demand of
change coming from the generational, behavioral and
attitude shift among clients and will lose market share.
The clear areas of suboptimal practices are (a) insufficient
adherence to structured planning and disciplined
documentation of all interactions for analysis and action,
and (b) capability gaps in opti-channel communications,
engaging interfaces and respective experience designs,
seamless transfer between channels (and stakeholders)
and a single complete view of all this.
1.3. Opportunities & actions
This new model of engagement must be based on a
new regular rhythm of personalised, relevant and timely
communications and interactions. The new approach
needs to leverage on technology to be successful.
Take, for example, a market event - such an abnormal
movement in a certain asset, which impacts some
investors (but not all). This needs to be communicated
to those affected and eventually discussed to provide
adequate advice and assurance to the client. Most
experienced advisors would know who those clients
are, possibly their personality and expected reactions.
Most of the time they ‘get it right’ but relying on their
personal knowledge (and memory) leaves gaps and
chances to miss a person or a discussion point. What a
difference it makes when the firm has equipped clientfacing personnel with dedicated tools, where alerts and
interaction suggestions are automatically generated
based on client profiles and portfolios. In best-practice
cases the profile contains extra tags for behavioral and
emotional attributes, in addition to the regular risk
tolerance and appetite and suitability factors. Alerted in
such manner, by an AI-driven technology, the adviser is
able to engage in a most personal manner, demonstrate
empathy and invoke trust.
Take this further to the ability (provided by relevant tools)
to conduct a live two-way dialogue, share information
and jointly view data in near-real-time, with the ability
to deliver best advice and act upon respective client
preferences. Structured, reliable and based on rich
decision supporting data, such interactions are a far
cry from the traditional phone call that many wealth
managers still rely upon (and not much more than the
‘data’ in their head).
Many more examples exist, and it should be emphasised
that the relationship with the clients and their real
engagement start from the early stages of the lifecycle
and a bad initial experience can make them hostile
and not open to the value proposition. Therefore, the
client on-boarding phase is a key element in building
an engaging relationship (where paper processes
taking weeks or months to be completed can be
compared to the nearly instant, intuitive and inspiring
digital alternative).
This can create a feeling of efficiency and proactivity
which will positively mark the relationship and make
the customer receptive to subsequent offers and
opportunities presented.
Consider the significant difference it can make if, once
on-boarded, clients can see their portfolio updates
on their smart watch, rather than having to open a
computer or wait for a printed report in the mail. Or
the ability to change with a few clicks their reporting
preferences or personal data, all in a paperless and
friction-free client experience. All such examples are
not about technical gimmicks and gadgets, they are
about a client-centric business model and the right
engagement strategy.
...
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47
*Q&A Alberto Cuccu
•
Operations will boost efficiency saving time and
resources required to run back-office operations
cutting transaction costs and reducing operational
risk.
•
Management will have full control of business and
sales, with monitoring dashboards and reports and
ability to define rules centrally that will be followed
by advisors and portfolio managers.
Objectway has been enabling better Wealth
Management for 30 years, and is always at the forefront
of technology developments, serving evolving
business needs. We can help this transformation
by supporting in defining a strategy of digital client
engagement, updating the information architecture
to ensure it supports the digital engagement strategy
by adding components to enhance client interactions,
insight gathering and analysis, process and lifecycle
management, client acquisition, retention and value
development.
This allows the platform to be easily integrated with
third party systems and within the IT infrastructure
and architecture of clients.
Q2. SOLUTION: What solutions do Objectway
offer the market and how do they help wealth
management firms meet the increasing needs of
their clients?
The Objectway WealthTech Suite serves and benefits
all the stakeholders in a wealth management business:
The Objectway WealthTech suite is a modular platform
with reusable integrated business components,
allowing a customer to leverage the full end-to-end
solution or a single product component:
•
Advisors will improve their productivity by reducing
manual activities and waiting times, thereby being
able to focus on new business opportunities and
customer relationship management, feeling more
connected with clients and prospects thanks to
our digital collaboration tools.
•
•
Investors will feel better served and constantly
engaged by having real-time access to their
investments or by receiving personalised
communications and/or documentation from their
advisors on their devices, anytime and anywhere.
Conectus: is the component supporting the digital
experience and collaboration between investors
and advisors on mobile apps, wearables and
portal with supporting features, such as portfolio
analytics, real-time alerts and notifications,
synchronous and asynchronous document and
information sharing, video-chat, screen sharing,
instant messaging in a secure environment. IFAs
also have features for automated and paperless
onboarding, contract generation and electronic
signature, dashboards with 360° book of business
view.
•
Portfolio Managers, due to our strong portfolio
management features, will optimise their returns
and be able to constantly monitor their portfolios
performance, risk exposure and volatility, whilst
adhering to compliance. This then enables
consistent advice combined with efficient trading
and rebalancing processes.
•
eXimius Client Engage: designed for Advisors and
Sales & Relationship Managers to support CRM
activities on leads, prospects and clients, and full
client lifecycle management (CLM) processes
such as on-boarding, client meetings, client
data amendments in STP with back-office, client
payments, suitability reviews, communication
center and interaction management with clients
(documents, emails, appointments, upcoming
diary, tasks and approvals).
The Objectway WealthTech Suite is delivered with a full
range of deployment choice: on-premise or IT sourced
with both private and public cloud deployment models
available. In 2019 we have certified the solution for the
Amazon Cloud with live clients in Europe.
2.2. Benefits
2.1. Overview
The Objectway WealthTech Suite is the new generation
platform designed as an answer to the challenges and
the increasing innovation required in the Wealth &
Asset Management Industry.
Objectway’s solution unleashes the potential of
wealth managers wanting to optimise their business,
such as multi-channel customer engagement, frontoffice productivity, stronger investment performance,
suitable advice and compliance enforcement, efficient
back-office operations and automation, pro-active
client reporting and management analytics.
The Objectway WealthTech platform is a front-toback, multi-channel, scalable, cloud-ready platform.
It leverages a component-based architecture with
AI-driven algorithmic engines, exposing open API for
risk & performance analytics, real time investment
compliance,
portfolio
optimisation
and
mass
customisation.
A TWM Insight Report
...
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48
*Q&A Alberto Cuccu
•
eXimius Portfolio Manager: is the component where
portfolio managers and compliance managers can
monitor, decide and deal on their book of business.
It supports portfolio performance and risk analysis
with real-time information, automated rebalancing,
ex-ante and ex-post compliance checks, order
management and trading, suitability monitoring,
pro-active alerting via top down approach to
portfolio managers and management.
2.3. Deployment and future developments
eXimius Back Office: a modern design back
office covering all operations requirements and
always aligned with the latest regulation covering
cash & securities management, corporate actions
processing, fees & commissions, automatic trade
settlement and STP exception management, posttrade clearing, full regulatory reporting, Tax engine
for CGT with income reporting, what-if engine,
securities taxation & corporate events database.
•
At Objectway we measure our success monitoring the
benefits we produce for our customers. One of our major
customers introducing paperless on-boarding, digital
signature, and moving from a legacy back-office to our
modern platform has reached straight-to-processing
rates up to 95% in 3 years with relevant savings.
Another player adopting our Conectus solution for client
digital engagement, providing the investors Conectus
mobile App on smartphones and smartwatches, has
measured a customer satisfaction of 92%, within months
after its release.
Our current developments and R&D are focused on
embedding more and more AI-driven intelligence into
our platform with the goal to augment the capabilities
of Advisors and Portfolio Managers.
We have recently released two new AI engines that we
are now launching on the market:
•
Intelligent Optimiser: able to deliver in a click an
optimised proposal suitable and appropriate for the
customer (taking into consideration knowledge and
experience, investment horizon, personal objectives
and operational constraints) and optimises
expected return and/or minimizes distance from a
model asset allocation.
“
It is becoming sorely apparent that wealth
managers’
digital
transformation
is
incomplete, capabilities are suboptimal,
and radical fast action to fill the gaps is now
imperative as customers who do not feel
properly served in these emergency times,
will soon start looking elsewhere.
“
•
Find out more about Objectway
Mass Customisation: able to execute a mass
optimisation of clients’ portfolios with an intelligent
segmentation of the customer base, massively
generating suitable investment proposals that can
either be directly sent to clients or mediated and
amended by an advisor.
We are now introducing AI-driven algorithmics also in
the on-boarding process with image recognition and
analysis.
We believe in the next 3-5 years the digital adoption will
strongly accelerate due to generational shift, sped up
by the social distance created by COVID-19 emergency
that has increased the demand for digital engagement.
Objectway is here to empower its clients to embrace
these future challenges and transform these into an
opportunity to outperform their competitors.
A TWM Insight Report
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49
For Wealth Managers, The Wealth
Mosaic is designed to help them
discover the solutions and solution
providers that are relevant to the
needs of their business more easily,
as well as stay on top of the key
trends in the market.
Learn more about how TWM supports Wealth Managers
A TWM Insight Report
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50
12. Introducing TechRules
Key business facts;
Founded
1999
HQ Address
C/ Virgilio, 2, Edificio 2
Planta 2. 28223 Pozuelo de
Alarcón
Madrid
Spain
Company Size
51 – 200
Website
www.techrules.com
Regional Presence
Central America, Eastern
Europe, Middle East, North
America, Oceania, South
America, Western Europe
Company overview
TechRules is a leading consultancy and wealth
management software provider for financial entities,
focused on the digital transformation in financial
services. For more than 20 years TechRules has
developed cutting-edge modular and scalable
solutions for the whole financial sector: retail and
personal banking, private wealth managers, fund
managers, IFAs and family offices. The Company
has highly qualified staff that have considerable
experience in technological financial solutions which
contributes to their success with their clients.
TechRules’s flagship solution is Tower: a global
comprehensive platform built up with APIs to
respond to any final customer demand and to
any management process. In addition, they are
specialised in financial consultancy and outsourcing
services. The Company has received a number of
awards for its solutions and it has clients from 19
countries in Europe and Latin America, highlighting
the quality of their solutions in the market.
Thought leaders
Jaime Bolívar, General Manager
Email: marketing@techrules.com
Jaime Bolivar, General Manager, studied agricultural
engineering and has developed a career of more than
25 years’ experience in asset and wealth management.
Jaime has led several initiatives to help develop the
FinTech industry. His strong leadership skills and
ability to embrace change has spread across the entire
TechRules team through being not only competitive in
a FinTech world driven by change, but also by keeping
ahead of the curve.
Raúl Lacaci, General Manager
Raúl Lacaci, General Manager, is a mining engineer with
more than 20 years’ experience in the Tech-Industry.
He has been focused on the development of financial
solutions and innovation which have helped him lead
TechRules R&D activities and enable TechRules to achieve
great results for clients.
A TWM Insight Report
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51
*Q&A Jaime Bolívar / Raúl Lacaci
Q1. MARKET: What is your view on the current
state of the market with regards to how wealth
managers manage their engagement with
clients? What are they doing well, what are the
challenges and what areas could be improved?
1.1. Current status & challenges
The Covid pandemic has changed the current
landscape. Before the crisis, processes to improve
technology were opened and progressed at some
pace but after the Covid-19 outbreak these changes
accelerated. Digital transformation evolved from a
middle and long-term intention to a real need now.
We were asked how to manage with a situation in
which personal contact was impossible due to the
lockdown. The answer was easy: all online processes
have to be evolved to be more direct, easy and useful,
multi-device, from onboarding to any kind of report
or communication. The terrible situation caused by
Covid-19 has pushed technology as the solution to
keep business moving.
If we think about what impact the pandemic and the
lockdown could have caused if it happened say just 15
years ago, the situation would have been far worse, as
no process could have been sustainable then given the
limitations of software and technology at that time.
However, in the last few years, the financial sector has
invested hugely to go online, using modern software
and technologies and that has really helped now. Any
resistance from the end customer to using technology
has disappeared, and companies have also changed
their mind in order to make technology more human
in this period.
A TWM Insight Report
Design also contributed, because platforms and
interfaces became easier to browse and understand.
That is the way we adopted in the last evolution of
our solution Tower, our main platform for the wealth
management sector, strong tools, good algorithms,
and a friendly user experience. We consider that the
changes in behaviour implemented in this period will
deepen the digital transformation and end customers
will ask for more digital services instead of the old ones
in traditional offices.
1.2. Impetus to change & potential benefits
Technology in finance is not a choice, but a requirement.
Anyone who intends to survive in this business has to
implement technology in the full lifecycle, from the
first lead to the regular communication actions with
engaged clients. We believe the uncertainty caused by
the impact of the pandemic will stay for a long time and
the whole customer relationship will be conditioned by
what is being developed now. As a result, going forward
companies have to balance the use of technology with
a human touch. Otherwise, financial companies will
be perceived as robots, but real value will be created
by the best of algorithms supported by qualified staff.
Technology will also play a big role in the accuracy of
investment strategies and will help staff enhance their
proposals and be more competitive. Also, technology
can be defended as a way to keep safe and healthy
in the current pandemic and possible future new
outbreaks. Finally, the implementation of technology
will also help improve productivity, an area of great
importance for the industry due to the ongoing
margin pressures in the wealth management sector.
1.3. Opportunities & actions
Financial technology has focused its evolution mainly
in creating better algorithms to find the best assets
in order to design proposals. But we believe the
innovation in marketing tools has been lagging and
we see a great opportunity in this area. For instance,
in TechRules, we are working on a specific marketing
module to gather data from in-house databanks so
targeted proposals can be sent with a priority follow
up. We also have developed a specific algorithm
to detect market sentiment working with natural
language processing. Moreover artificial intelligence
and machine learning will also be integrated to find
patterns and obtain a better selection of assets.
In our case, a German client obtained positive results
with our tools in this Covid crisis compared to the
negative results by their competitors. To sum up, we
see enhanced marketing tools, combined with good
data management and analysis, as two technological
opportunities to satisfy sector demands after the
current crisis. Additionally, under this uncertainty, there
is a great demand for financial planning. This issue
does not only affect investments now, but also looking
to the future (i.e. retirement or health). Technology
provides wealth managers with productive tools to
better organize personal financial plans and rebalance
them faster, if circumstances change quickly. In the
middle of this situation, end customers need some
kind of empathy and certainties. Of course, technology
does not read the future, but provides tools to gather
large amounts of data, combine them to analyse
possibilities, propose the best solutions in a certain
situation, and report alerts to react end customers to
new uncertainties.
...
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52
*Q&A Jaime Bolívar / Raúl Lacaci
Q2. SOLUTION: What solutions do TechRules
offer the market and how do you help wealth
management firms meet the increasing needs of
their clients?
Tower, the bank could industrialise several processes to
enable staff to be freed up to spend time on tasks that
offer more added value to end clients. This is core to our
beliefs as instead of attending to low productive tasks
or routines, we believe wealth managers should focus
on providing advice and providing end customers with
adapted proposals to their financial needs.
2.1. Overview
Tower is our flagship solution and is a platform that
covers the full lifecycle for financial advice. Our latest
developments evolved modular structures to the
use of API’s in order to be more flexible and enable
clients’ needs to be met more easily. Tower provides a
full picture of the end customer situation and allows
wealth managers to align it to their own strategy. The
platform is suitable for efficient portfolio management
and the compliance with the regulatory requirements,
no matter the country.
Tower is a global suite for all kind of demands:
•
Portfolio management: proposal creation and
rebalancing, reports and financial planning.
•
Specific strategies: discretionary and model
portfolios.
•
Interaction with end customers: CRM, user-friendly
dashboards and reporting.
•
Advanced tools: business intelligence and alerts.
All tools are monitored by our data quality assurance,
to ensure an early detection of possible data errors
in the portfolios. Tower also has the advantage of its
scalability and easy integration with other tools and
systems such as back office or third party applications.
Apart from our API structure, it has also on-premise
or cloud hosting. We see Tower as a complete wealth
management solution because TechRules has
developed it as the global solution for all kinds of
demands, needs and requirements.
A TWM Insight Report
...
2.2. Benefits
Our most recent success took place with one of our
historic clients: a German broker that implemented
step by step different TechRules solutions. Firstly,
the broker focused on a consultancy to create model
portfolios for different risk profiles (B2B). Secondly, it
integrated Tower to implement alerts to end clients,
create what-if simulations and optimise monitoring.
The last step has been to develop a discretionary
management robo-advisor to strengthen its B2C
offering, both for advisors and end customers. The
result was an tremendous success: an exponential
increase of end customers, EUR 300m of new assets in
less than 6 months, and the best performance in the
Covid crisis compared to other robo-advisors. These
results are more meaningful as we consider Germany
to be a very competitive country in the financial sector.
Another example is the case of a large European bank
that has offices in 50 countries around the world. The
aim of working with TechRules was to increase the
portfolio management and advice business. By using
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53
*Q&A Jaime Bolívar / Raúl Lacaci
Tower can be deployed as a full platform or APIs, on
premise or cloud hosting, for specific processes or for
all kind of tasks, compatible with other systems or as a
closed system. One of our key strengths and benefits
is the flexibility and adaptability of our platform to any
requirement or needs. The main advantage is that all
solutions are standardised to avoid implementation
errors and incompatibilities. Additionally, they are
flexible enough to tailor to specific needs and legal
requirements.
Our concept is so transparent that we have created a
marketplace for our APIs: the TechRules API Library.
All APIs are customer-centred, include advanced
algorithms based on artificial intelligence, with end
customers obtaining user-friendly tools with analytics
to help companies identify their behaviour and
improve their experience. The suite of APIs covers all
kind of needs in investments: portfolio management,
advice, data feeds, investment tools, model portfolios
and calculations. Our clients can choose their tool and
implement it quickly, because the time-to-market is
very short, what brings competitiveness and a faster
adaptation to new trends.
A TWM Insight Report
“
Technology in finance is not a choice, but a
requirement. Anyone who intends to survive
in this business has to implement technology
in the full lifecycle, from the first lead to
the regular communication actions with
engaged clients. We believe the uncertainty
caused by the impact of the pandemic will
stay for a long time and the whole customer
relationship will be conditioned by what
is being developed now. As a result, going
forward companies have to balance the
use of technology with a human touch.
“
2.3. Deployment and future developments
Find out more about TechRules
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54
13. Introducing Unblu
Key business facts;
Founded
2008
HQ Address
Centralbahnplatz 10
4051 Basel
Switzerland
Company Size
51-200 employees
Website
www.unblu.com
Regional Presence
Eastern Europe, Middle East,
North America,
Western Europe
A TWM Insight Report
Company overview
Thought leader
Unblu is the gold standard conversational platform for
the financial industry, helping over 150 organizations
worldwide transform digitally to meet customers'
communication and collaboration expectations.
Unblu started their digital customer service solutions
with co-browsing technology for the financial
industry. Today, the Unblu conversational platform
is designed to meet customer demands in an
omnichannel world.
Unblu is focusing on the financial services vertical
and has developed a deep understanding of the
business requirements of the industry including
its regulatory framework, its system and security
constraints, and the technological ecosystem. Unblu
has invested substantially to integrate its platform
into the ecosystem, covering many core banking
systems, security infrastructures, ebanking front
ends, and bot/AI infrastructures. Unblu can be
deployed on premises and also runs a cloud that is
approved by Swiss financial markets supervisory
authority, FINMA.
Luc Haldimann, CEO
Email: sales@unblu.com
Luc Haldimann is the co-founder, CEO, and Chairman
of Unblu Inc. Internationally, he has previously held
a management position within OpenText. With over
20 years of experience in the software industry he has
worked with some of the most important financial
institutions worldwide to transform how they engage
with customers digitally.
Other roles have included IXOS and the content
management system producer Obtree, where he
was also co-founder and Chairman. Luc Haldimann
graduated with a Masters degree in Computer Science
from ETH Zurich.
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55
*Q&A Luc Haldimann
Q1. MARKET: What is your view on the current
state of the market with regards to how wealth
managers manage their engagement with
clients? What are they doing well, what are the
challenges and what areas could be improved?
1.1. Current status & challenges
Keeping up with customer expectations can be
challenging. Customers expect a whole lot more today
than ever before. Their needs and wants are being
reshaped by digital, social and mobile innovation. They
want immediacy, simplicity and customized advice,
and they want to communicate with their advisor
whenever they want.
Contrary to the doomsayers, the trends in digital
innovation are not a threat to the future role of the
financial advisor. They are, in fact, forcing the role
to evolve and become more service-oriented and
customer-focused. To be successful, advisors need to
know their clients well, understand their needs and
keep pace with personalized big data analysis and
corresponding system-driven investment proposals.
This means being digitally prepared to communicate
with clients on the channels of their choosing. Digital
transformation must also consider the combination of
advanced profiling with personal advice on investment
alternatives.
A TWM Insight Report
1.2. Impetus to change & potential benefits
Banks have generally focused on technology as a
means to drive efficiency, rather than enhance the
customer experience and make it truly personal.
One example are robo-advisors. It’s easy to see why
these solutions have a place in the market as it is very
useful for the customer to have access to information
and personalized advice based on existing data and
patterns. However good financial advice depends also
on things that are beyond robotic capacity, such as
intellectual capital, nuance and emotional interactions.
Like other sectors of the industry, wealth management
is grappling with a major question: What should be
automated by robo-assisted services and what should
be left to human expertise to best service clients? Most
experts agree that it has to be a blend of both human
and automated help, combining powerful technology
with the guidance and expertise of an advisor.
Our belief is that clients don’t want to be left alone to
browse and transact in a self-service universe at the
detriment of a relationship. That means that there is
a growing gap between well-delivered self-service
and the actual sharing of human knowledge. The
challenge is to bring them together so that digital
is building personal, meaningful relationships, not
disenfranchising them.
When human touch and expertise is combined with
technological capabilities, the financial advisor can
provide truly holistic expertise, delivering value to end
customer while driving revenue for the bank.
1.3. Opportunities & actions
Every conversation is an opportunity to get to
know your customers, to be helpful, relate to them
and ultimately guide them through their financial
decisions. By implementing a conversational interface
on their digital channels, they can be well-positioned
to take the conversation to the next level with
customers. The time is ripe to use conversations to
drive these valuable, personal interactions that build
loyalty. In our experience, the institutions that use
conversational interfaces have the best shot at moving
from being reactive to proactive. Advisors can have
more frequent conversations with customers that lead
to more business transactions and higher customer
satisfaction. Effectively using digital channels provides
the bank and their advisors with a unique opportunity
to increase the level of client touch within the current
resource capacity.
...
In our opinion, wealth management institutions
should focus on making human conversation available
for every online interaction and on every channel.
Ultimately there is no replacement for building a
trusting relationship based on the very human aspects
of needs, hopes and fears.
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*Q&A Luc Haldimann
Q2. SOLUTION: What solutions do Unblu offer the
market and how do you help wealth management
firms meet the increasing needs of their clients?
advisor is integrated into their daily life, providing
advice when and how the client wants it. With an
omnichannel presence, the advisor can guide the
client through the decision-making process. All
this is done in a fully-audited, compliant and 100%
secure manner.
2.1. Overview
Unblu makes seamless investing a reality, allowing a client
and their advisor to research, communicate and make
decisions together. And when things are made simpler
and easier for the client, their trust and confidence in
their advisor grow.
The Unblu Conversational Platform enables advisors
and customers to engage, converse, browse and
collaborate in the same web asset or mobile application
simultaneously. Our customers leverage their existing
investments in digital channels, increase the number
of customer interactions and reduce the total cost of
ownership.
We provide highly secure engagement and collaboration
software that helps to increase revenue and efficiency
while reducing costs and improving digital customer
interaction. Clients using our technology have been
able to achieve four times as many client meetings as in
branches, increase customer satisfaction and produce a
90% recommendation rate, and cut customer support
calls in half.
2.2. Benefits
We work with more than 150 financial institutions in the
world, helping them to optimize their processes of advice,
sales and online support. Our private banking client use
our platform for topics such as:
•
Bring ideas to trade. Unblu features are gamechangers for relationship managers. Instead of
leaving a client “alone” in a digital channel, the
A TWM Insight Report
•
Be in their customer’s pocket. We facilitate all
communication through a digital channel. We
have subsequently built out the audio chat, video
chat capability, the ability to share and visualize
documents. Also the capability to then have a
secure conversation which is akin to WhatsApp,
run by the bank as a service for their clients.
•
One conversation space to communicate and
share research. Unblu’s Co-Browsing feature turns
investing research efforts into a collaborative and
helpful exchange. Using co-browsing, the advisor
is alongside the client, guiding the research
process, navigating with them through websites
and documents during their conversation.
•
Design hybrid customer journeys. A client can text
their advisor if that’s what is convenient for them.
Or if they have more time, they may hop into the
car and spontaneously visit them. Regardless
of the channel they use, Unblu picks up the
conversation where they last left off. Ultimately
there is no replacement for building a trusting
relationship based on the very human aspects
of needs, hopes, and fears. When humanity
and expertise are combined with technological
capabilities, the financial advisor can provide truly
holistic experience.
•
Provide relevant and contextual financial advice.
To survive and thrive in this new reality, private
banks have to provide relevant and contextual
financial advice that fits with a client’s situation.
They also have to consistently demonstrate a true
interest in their client’s financial well-being. These
are challenging issues for the industry that will
certainly shape the future. But our clients also see
it as a window of opportunity for financial advisors
to provide outstanding service to their clients and
ultimately transform the customer experience.
•
Allow your clients to have an omnichannel
relationship with their advisors. We allow clients
to speak with their advisor when they want and
how they want. While they have been quick to
adopt online and mobile channels for service
interactions, they still prefer human contact for
important decisions. But they are reluctant to go
into branch unless it’s for a worthwhile reason.
There is no doubt that the implementation of our
platform aims at improving different areas and
processes of the wealth management firm or private
bank, among which the following stand out:
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*Q&A Luc Haldimann
•
Equip advisors with the right tools. The
spontaneous, natural flowing communication
style of our everyday interactions is now available
for our financial conversations. Connective digital
tools like video chat, co-browsing and messenger
allow the advisor and client to build a trusting
relationship without needing to be in the same
room. Financial advisors know these tools can
extend their ability to address the needs, wants
and preferences of their clientele.
2.3. Deployment and future developments
Amongst their competitors Unblu believe they are the
only company which is 100% focused on the financial
services industry. Our platform has been architected
to scale across large businesses, address regulatory
needs and provide a seamless migration from function
to function within the same customer journey. The
system has been in use in the banking industry for
more than 10 years and features an extremely high
degree of configurability.
A TWM Insight Report
•
Unblu is designed to meet stringent data security
and compliance requirements in the financial
industry. The platform can be deployed on-premise
or customers can use our Financial Cloud.
•
Supporting a highly regulated industry. Unblu
understands Financial Services regulations and
is built to meet required standards - whether
stipulated by the local Market Regulator (Finma,
Bafin, FCA, etc.) or through Pan European
Regulations (GDPR, Mifid2, PSD2).
•
End to end capabilities. Our core platform
integrates into existing digital channels (i.e does
not require its own app). It turns a self-service
platform into a multi-user application without
changing the underlying software application. All
the technology is built and owned by Unblu and is
technically delivered through one encompassing
platform.
•
Easily embedded. Unblu can easily be embedded
in all the banking web and mobile assets, from
public websites to e-banking secured portals and
mobile apps.
•
Proven business value across many customers.
Unblu is proven to reduce support time and costs,
improve NPS, and increase client engagement
and conversion rates.
•
Designed for complex implementations. As
our platform has been designed with complex
implementations in the financial industry in
mind, it can integrate with existing systems. This
spans CRMs, Call Center Applications, External
Messaging platforms such as WhatsApp, and, of
course, the Core Banking System.
“
To be successful, advisors need to know their
clients well, understand their needs and keep
pace with personalized big data analysis
and corresponding system-driven investment
proposals. This means being digitally prepared
to communicate with clients on the channels
of their choosing. Digital transformation must
also consider the combination of advanced
profiling with personal advice on investment
alternatives.
“
In a world with fewer branches, financial advisors
will have to rely less on the traditional workspace
and instead leverage technology to drive client
engagement and build relationships. Their
workspace is evolving into a virtual space and
they need to be as connected as their clients in
order not just to keep up with them, but to provide
virtual advice that is relevant and useful.
Find out more about Unblu
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14. Introducing Wealth Dynamix
Key business facts;
Founded
2012
HQ Address
141 -145 Curtain Road
London
EC2A 3AR
United Kingdom
Company Size
51-200 employees
Website
www.wealth-dynamix.com
Regional Presence
Asia, Eastern Europe, North
America, Oceania, Western
Europe
Company overview
Thought leader
Wealth Dynamix provides market leading Client
Lifecycle Management (CLM) solutions to the world’s
top private banks, wealth and asset management
firms. Their multi-award-winning, fully integrated, endto-end CLM solution, WDX1, addresses the complex
requirements of client acquisition, client engagement,
digital onboarding, regulatory compliance, relationship
management, and ongoing client servicing.
WDX1 comprises of 3 modules that work great on their
own and even better together:
•
WDX Engage helps firms achieve asset and revenue
targets by engaging the key stakeholders involved
in growing business.
•
WDX Onboard streamlines time consuming
processes with a ‘capture once, use many’ design
which can minimise onboarding times and
administrative costs.
•
WDX Manage reduces administrative tasks and
enables advisors to manage relationships from a
single location as well as providing a 360° view of all
clients, contacts, accounts and households.
Dominic Snell, Director of Consulting
Email: connect@wealth-dynamix.com
Dominic is a highly experienced project manager and
consultant for IT and digital transformation projects.
Over the last 15 years he has led large, global, executive
level projects across multiple industries and sectors
in financial services with impressive results. Dominic
joined Wealth Dynamix in 2014 and is now a member of
the board. An engaged, high-energy and results-driven
executive, in his current role as Director of Consulting
Dominic helps to define best practice delivery and
product strategy for the company’s award-winning
Client Lifecycle Management (CLM) solutions.
These
modules
streamline
time
consuming
administrative processes which increase advisor
productivity and drive overall company efficiency,
stronger compliance and business growth.
Leveraging Microsoft’s industry leading Dynamics 365
platform, WDX1 delivers benefits throughout the whole
client lifecycle and transforms the way firms manage
client wealth and deliver client excellence.
A TWM Insight Report
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59
*Q&A Dominic Snell
Q1. MARKET: What is your view on the current
state of the market with regards to how wealth
managers manage their engagement with
clients? What are they doing well, what are the
challenges and what areas could be improved?
Why would service delivery not be the focus for any
wealth manager in 2020? As soon as Capgemini’s
2019 World Wealth Report announced that 91% of
HNWIs consider service quality to be an essential
wealth management selection criterion, this became
a must-win battle for every wealth manager across the
globe. It may sound obvious, but exceptional service
is – and always has been – the pinnacle of wealth
management success. Your ability to deliver highquality personalisation and performance, not only at
one stage of the process but throughout the entire
client lifecycle, is paramount.
Many wealth management firms have embraced
digital transformation in an attempt to improve client
experience at lower cost to the firm, while others
have been slower to respond. Whichever end of the
spectrum you lie, the time has come to realign your
technology spend with the areas of your business that
will have the greatest impact on client service.
Some firms have excelled at digital and mobile
onboarding, and are delivering exceptional service in
that single part of the process. Unfortunately, their
efforts to revolutionise client service across the board
are still failing because they are funding improvements
in just one aspect of the client lifecycle and failing to
address others.
Why? Because wealth managers, like many other firms,
are organised around vertical hierarchical structures.
Each vertical pillar has a different business owner
addressing their own piece of the puzzle in different
ways, at different rates, in isolation – from initial
engagement through to onboarding and ongoing
client relationship management. Unsurprisingly
the resulting patchwork of systems and processes
has made it harder to adapt and enhance, let alone
transform, the client experience.
Instead, wealth managers must adopt a horizontal,
end-to-end approach to the lifecycle that is holistic and
client-centric. A client-centric view can be developed
by conducting a collaborative set of client journey
mapping workshops, which cover the breadth of
the lifecycle. With a clear view of where technology
supports these journeys, wealth managers can avoid
adding to the siloes.
The need for change is long overdue. But today,
according to a WealthBriefing survey, just 25% of firms
have fully integrated systems that span the entire
client lifecycle. And it is worrying to note that 37% of
wealth managers are stalled in the earliest stages
of leveraging technology, which can only lead to
disenchanted clients and AUM attrition.
Consider this from your clients’ perspective. If your initial
engagement with them is sub-standard they may never
choose to experience your exceptional onboarding
process. If they get that far, and then find that onward
client servicing is clunky and inefficient, they may regret
their decision and take their business elsewhere.
No one-size-fits-all approach will suffice. The only answer
is to turn your firm inside out, adopt a horizontally
aligned outlook across the entire client lifecycle and
A TWM Insight Report
map your clients’ goals and the journeys they must
take to reach them onto your business processes
and systems. Combine this with an agile technology
infrastructure that can accommodate all requirements,
and you will have a winning formula.
Of course, it would be unrealistic to digitally transform
the entire client lifecycle in one go. So, prioritise areas of
the business that have greatest impact on client service
and costs, and reduce disparity of client experience
across the client lifecycle. Find the sweet spots that
reduce friction for both clients and relationship
managers, increase internal collaboration, optimise
personalised engagements and support omnichannel client communications. Horizontal thinking
and lifecycle-wide collaboration must become part of
your firm’s DNA.
Your business depends on it. Thankfully, we are
beginning to see new, senior-level job roles emerging
with a cross-functional focus and the remit to secure
business owner buy-in throughout the entire client
lifecycle. Progress of this kind is mission-critical to
avoid a siloed approach that lacks visibility and fails to
deliver results for the client.
Your clients and RMs neither know nor care about the
technology that underpins client servicing – their sole
focus is on achieving the client’s goals in a manner
that is as frictionless and cost-effective as possible. The
first step for firms to take is to fully understand those
goals and client journey mapping is the technique to
achieve that, and the second step is the underpinning
technology. So, get it right and you will prosper.
...
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*Q&A Dominic Snell
Q2. SOLUTION: What technology strategy do you
think wealth management firms should adopt
to meet the increasing business needs of their
clients?
In 2020 and beyond, winning wealth managers
will think outside the onboarding box to maximise
operational efficiency and enrich client experience
throughout the client lifecycle. They will recognise
that there are three vital Client Lifecycle Management
(CLM) phases, just one of which is onboarding, and
that there is an inextricable correlation between how
clients are serviced before and after onboarding, and
your ability to efficiently engage and retain them into
the future.
1. Engagement
The client lifecycle begins at your very first contact with
a prospect. Winning wealth managers will capture and
structure as much data as possible from the outset,
use it to customise marketing campaigns and other
client communications, and then seamlessly re-use
and update it throughout the client lifecycle to ensure
ongoing personalisation and exemplary service.
Privacy-aware clients expect to see safeguarding
measures that ensure transparency and regulatory
compliance.
Winning wealth managers will define end to end digital
processes and enable these by leveraging technology
to integrate symbiotic cross-functional systems
and processes across the client lifecycle. Too often,
prospects and clients are repeatedly asked to provide
the same data during different phases of the lifecycle.
Disconcerted prospects may believe you have lost data
previously provided, to question your competence and
fail to become clients.
A TWM Insight Report
2. Onboarding
Only after a well-executed and efficient marketing
and sales engagement will the client enter the
“onboarding” phase, which has been too inefficient
for too long, and has remained manual and attracted
the majority of wealth management technology spend
to date. “The key is to automate as much as possible
without becoming impersonal” according to Vanessa
Oligino, director of business performance solutions at
TD Ameritrade Institutional.
Winning wealth managers will promote an
organisational culture and deploy technological
infrastructure that spans the entire lifecycle,
not individual stages and provides a contextual
presentation layer. Only then can you deliver consistent,
world-class client service that is engaging, profitable
and enduring.
...
Winning wealth managers need to improve their
full client lifecycle process, where they connect
their marketing and sales engagement with their
onboarding process, aiming to make it as easy and
frictionless as possible. They will also recognise that the
client experience doesn’t end there and will focus on
onward processes to maximise client retention.
3. Relationship management
If a wealthy person’s first experience as a client is a
month- long delay before their account is active, your
reputation will soon be tarnished among their peer
network. Furthermore, research indicating that 81%
of cross-selling occurs within 90 days of onboarding
– 60% within a month – demonstrates how vital it is
for clients to enjoy great client service immediately,
rather than entering a standard, impersonal and slow
post-onboarding process. And finally, if a relationship
manager fears answering calls from clients because
they know they are unable to provide world-class
service without foraging for data and making multiple
callbacks, they will not approach engagements with a
positive outlook.
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61
*Q&A Dominic Snell
Our multi-award-winning Client Lifecycle Management
(CLM) solution, WDX1, comprises of the following 3
key modules which help financial institutions drive
service excellence, integrated technology journeys and
relationship management, and client engagement
from the very beginning of the relationship:
•
WDX Engage: enhances client acquisition and
helps identify and nurture prospects into the sales
pipeline through marketing and integrated event
management tools
•
WDX Onboard: enables clients and intermediaries
to self-serve KYC and onboarding, create service
requests and streamline expensive and timeconsuming processes whilst reducing lengthy
processes which achieve same day onboarding for
private clients, 25x faster than the average
•
“
...wealth managers must adopt a horizontal,
end-to-end approach to the lifecycle that is
holistic and client-centric. A client-centric
view can be developed by conducting a
collaborative set of client journey mapping
workshops, which cover the breadth of
the lifecycle. With a clear view of where
technology supports these journeys, wealth
managers can avoid adding to the siloes.
“
Wealth Dynamix Solution Introduction
Find out more about Wealth Dynamix
WDX Manage: optimizes client servicing and
connects the business, enabling firms to pass
processes between the front and middle office,
including processing of client requests
WDX1 has 400+ open API‘s, strengthening the wealth
managers’ enterprise-wide digital transformation
strategy, and integrating the CLM solution with all
relevant existing systems, from secure messaging to
video conferencing and digital identification.
A TWM Insight Report
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62
TWM Report Programme
To inform and engage the global wealth management sector on an on-going basis
TWM creates a range of reports
These reports highlight which solution providers sell in particular territories (Landscape Reports), as well reports on
topics and themes that enable solution providers to showcase clearly how their solutions solve particular business
needs (WealthTech Views Reports).
The completed and scheduled reports for 2020 and early 2021 are shown below;
Publication Date
WealthTech Views Reports
Publication Date
UK Wealth Technology Landscape
Report, 2019 (click here to read)
June 2019
Looking into 2020 (click here to read)
March 2020
Swiss Wealth Technology Landscape
Report, 2020 (click here to read)
April 2020
Using technology to engage
clients
June 2020
UK WealthTech Landscape Report
2020
September 2020
Using technology to better manage
client portfolios
July 2020
US WealthTech Landscape Report
2020
November 2020
How Blockchain is shaping the future
of wealth management
July 2020
APAC WealthTech Landscape Report
2020
February 2021
RegTech for wealth managers: focus,
benefits & opportunities
August 2020
Global Family Office Technology
Landscape Report
April 2021
Technology for EAMs and Family
Offices
September 2020
Swiss WealthTech Landscape Report
2021
June 2021
The applications of AI in wealth
management
October 2020
Delivering on the value of data in
wealth management
November 2020
The evolving B2B digital investment
(robo) market
November 2020
Enabling the advisor with technology
December 2020
A TWM Insight Report
“
Given the level of on-going innovation of
technology and services to the wealth
management sector, we are increasing the
number of reports we create each year to
cover the important themes we see in the
market and highlight solution providers that
are aiming to be leaders in their specific
areas of expertise.
“
Landscape Reports
Find out more about our Report Programme
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63
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marketplace & intelligence
resource for the wealth
management sector.
Subscribe to one of our informative newsletters here
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