Digitally-oriented wealth management is becoming a high-demand commodity for customers.

As wealth management firms work to meet the modern needs of clients, it is essential to implement an omnichannel strategy that enables customers to access services through their preferred methods. Not only this but an omnichannel strategy can also boost customer loyalty by offering a more seamless experience across all channels of communication.

In this article, we discuss what an omnichannel strategy looks like for wealth management, including the benefits and key technologies involved.

Keep reading to learn how CPQi can help your wealth management firm implement a successful omnichannel approach.

What is an Omnichannel Strategy in Wealth Management?

An omnichannel strategy, on the simplest level, refers to an organizational approach to providing clear and connected channels of communication for both customers and staff.

Through an omnichannel strategy, customers and team members efficiently and multilaterally communicate across many different channels, including both traditional in-person interactions and more modern digital methods.

An omnichannel approach can offer wealth management providers several key advantages, including:

  • Personalized Customer Experiences: As wealth management customers grow increasingly accepting of digital channels in finance, the demand for more digitally-oriented services grows as well. By adopting an omnichannel approach, wealth management providers can offer customers more personalized experiences that meet each customer’s exact needs and wants.
  • Greater Operational Efficiency: Omnichannel strategies rely on innovative technologies that can boost a wealth management firm’s overall operational efficiency. From automation to seamless customer experiences, an omnichannel approach assists wealth managers in leveraging advanced technologies for the betterment of both the business and customer journey.
  • Increased Accessibility: The pool of wealth management clients grows larger every year, as more and more people become interested and involved in the management of their finances. An omnichannel approach to wealth management enables wealth management providers to access larger groups of customers with varying economic and digitally-native backgrounds.

3 Pillars for Developing a Strong Wealth Management Omnichannel Strategy

When it comes to developing a strong wealth management omnichannel strategy, the key is to leverage specific technologies and digital solutions that help address pain points in the customer experience.

Here are the three pillars of an excellent omnichannel strategy:

1. Leverage Self-Service Portals & Mobile Apps

Customers are becoming increasingly expectant of self-service options in wealth management.

Not only do customers want solutions that prevent long hours on the phone with customer support, but they also desire digital products that provide them with the ability to view, manage, and access their wealth management accounts on their own terms.

Self-service portals and mobile apps offer exactly this — the ability to maintain a personal relationship with financial accounts at the touch of a finger.

To achieve this, wealth management providers need the assistance of software engineers and digital development professionals with a strong understanding of how to develop compliant and efficient digital products that can connect to a larger, centralized wealth management digital infrastructure.

Omnichannel Strategies

2. Automate Customer Service Tasks

Automated customer service is the name of the game when it comes to an omnichannel strategy.

Through the implementation of artificial intelligence (AI) and machine learning, wealth managers can provide customers with many automated services that help them to sign up for new services, resolve account issues, submit applications or claims, and more.

Plus, AI and machine learning also provide wealth management firms with the ability to offer more personalized advice models for customers. Through AI-powered advisory tools, customers can gain wealth management insights tailored to their economic background and risk profile.

3. Create Seamless Experiences with Cloud-Native Infrastructures

To build a truly omnichannel system, wealth managers must consider the benefits of cloud migration.

Cloud-native digital infrastructures provide a centralized digital infrastructure capable of integrating hundreds of different APIs and technologies, all built to scale and flexible. Cloud technology enables wealth managers to implement a variety of different channels all from a singular system, making it easier for customers to migrate between channels without losing their progress in the process.

Moreover, cloud-native platforms and infrastructures make it simpler to move away from outdated legacy technologies that hold wealth management firms back from adopting innovative technologies, like AI.

Final Thoughts: Partner with CPQi to Implement an Omnichannel Strategy

At CPQi, we are experts in all things omnichannel.

From building cloud-native environments that allow multiple channel integrations, to enabling remote work environments that boost operational efficiency, our omnichannel solutions are custom-designed to meet the specific needs of your wealth management firm.

To book an omnichannel consultation with CPQi, contact our team today.

Book a Consultation Today