Banks must keep human touch amid digital shift
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Banks have had to change their business models more than in any other industry.
New technology and capabilities that have been accelerated through the Covid-19 pandemic have further disrupted banking, including the hitherto slow-moving wealth management business. This has shown the importance and growth of digital banking.
But with change comes caution and fear, so it remains key for banks to maintain the human, trusted side of advising on wealth.
The question is whether financial institutions will remain committed to the new models that have evolved during the crisis.
The pandemic has required changes in behaviour from clients and their advisers — and placed greater emphasis on digital solutions, enabling remote engagement rather than face-to-face interactions. No longer can digital projects be postponed. Medium- to long-term plans have been re-evaluated to meet the current needs of clients. Wealth managers need to look through the cycle to manage what the uncertain future will look like.
Clients expect tailor-made services suited to their individual needs, whether that’s easily accessible financial management platforms or face-to-face meetings.
The adoption rate for digital wealth management solutions has increased dramatically during the pandemic. Standard Chartered launched a mobile fixed-income platform in selected African markets at the beginning of 2020. By July, up to 50% of fixed income transactions were completed using the mobile app.
The diversification of digital product offerings in investments has given clients the option to choose where to invest based on market volatility during the Covid-19 situation. However, customers still care for an experienced professional who will translate and explain the strategies proposed by the systems, while offering support in the decision-making process.
The classic, relationship-driven business model, with its communication channels such as telephone, e-mail and face-to-face meetings, will not become obsolete, but there will be a shift from personal interaction to digitally enabled client interactions via intelligent solutions and social media. We are moving towards a hybrid model of people and technology.
Increased digital capabilities have given clients greater flexibility to choose where to invest. Produce sales rose to a record high in June due to increased accessibility through digital channels. Standard Chartered has experienced 65% digital adoption in online mutual funds throughout its African markets.
Mobile insurance
Diversification of the digital product offering can extend beyond helping clients to grow their wealth, to also enabling clients to protect their wealth. The bank experienced a 94% digital adoption rate in general ...
New technology and capabilities that have been accelerated through the Covid-19 pandemic have further disrupted banking, including the hitherto slow-moving wealth management business. This has shown the importance and growth of digital banking.
But with change comes caution and fear, so it remains key for banks to maintain the human, trusted side of advising on wealth.
The question is whether financial institutions will remain committed to the new models that have evolved during the crisis.
The pandemic has required changes in behaviour from clients and their advisers — and placed greater emphasis on digital solutions, enabling remote engagement rather than face-to-face interactions. No longer can digital projects be postponed. Medium- to long-term plans have been re-evaluated to meet the current needs of clients. Wealth managers need to look through the cycle to manage what the uncertain future will look like.
Clients expect tailor-made services suited to their individual needs, whether that’s easily accessible financial management platforms or face-to-face meetings.
The adoption rate for digital wealth management solutions has increased dramatically during the pandemic. Standard Chartered launched a mobile fixed-income platform in selected African markets at the beginning of 2020. By July, up to 50% of fixed income transactions were completed using the mobile app.
The diversification of digital product offerings in investments has given clients the option to choose where to invest based on market volatility during the Covid-19 situation. However, customers still care for an experienced professional who will translate and explain the strategies proposed by the systems, while offering support in the decision-making process.
The classic, relationship-driven business model, with its communication channels such as telephone, e-mail and face-to-face meetings, will not become obsolete, but there will be a shift from personal interaction to digitally enabled client interactions via intelligent solutions and social media. We are moving towards a hybrid model of people and technology.
Increased digital capabilities have given clients greater flexibility to choose where to invest. Produce sales rose to a record high in June due to increased accessibility through digital channels. Standard Chartered has experienced 65% digital adoption in online mutual funds throughout its African markets.
Mobile insurance
Diversification of the digital product offering can extend beyond helping clients to grow their wealth, to also enabling clients to protect their wealth. The bank experienced a 94% digital adoption rate in general ...