The advantages of consolidating investment advisory workflows, and crafting them precisely to each specific bank’s relationship managers have taken on a more obvious importance during the pandemic, Prometeia's Carmine Cammarota says.
Over the last couple of years, as we were stuck at home with too many of our relationships mediated by technology, the «user experience» of the dozens of tools we use in our work and personal lives took on new importance. How well the flow of these tools mirrors the specific tasks we each need them to perform has made an even bigger difference in how efficient, effective or frustrated we’ve been.
This increased focus on usability was an acceleration of a trend that has been with us for many years, but which private banks and wealth managers hadn’t really been leading. While there have been some strides forward in the wealth management front office, which has traditionally been built on human relationships and superior, personalized service delivered face-to-face, it’s still early days.
Investment Advisory Workflows
«The advantages of consolidating investment advisory workflows, and crafting them precisely to each specific bank’s relationship managers and clients have always been considerable,» says Carmine Cammarota, head of Switzerland for Prometeia, a vendor of tools and analytics for advisory. «But they have taken on a more obvious importance during the pandemic, and we’re seeing increased interest from private banks for whom digitalization hasn’t been such a burning priority before.»
For banks who have made them, investments in automation, streamlining and digital communication have been paying off in the front office, with relationship managers able to stay in touch with clients increasingly used to remote contact, even becoming more productive at the same time. For banks who still have work to do, dozens of newly minted WealthTechs are offering innovative, streamlined, frictionless user experiences to advisors and end investors, which can be integrated into the bank’s toolsets.
Private Banking Clients Are Complex
«But beware of oversimplification,» warns Cammarota, «private banking clients are complex, and often require more sophisticated bespoke investment solutions and services. And each bank looks to differentiate itself in the market with a distinctive approach, right?»
«Digitalization in that context requires specific expertise in wealth and knowing that a good user experience is more than a whizzy swipe-left-swipe-right interface. It’s about understanding each unique service model, the associated complexities, and helping the user make the most of it, and be more effective,» Cammarota says.
Ambient Technology
«This applies to the digital world of remote advisory, and that’s what’s jumped to the fore during the pandemic,» he adds. «But now that we’re starting to get back together, we can, and should, apply the same principles to in-person advisory too. What is the extra value of a personal meeting over a digital interaction, which might be more efficient, functional and less costly? The human connection is what should take center stage. It’s a moment for technology to fade back into a supporting role, to let the user experience be the human experience if you’ll permit,» he smiles.
«Ambient technology for these situations is one of the cool things we’re working on now. We’ll be ready to show it off in the coming weeks. In-person, of course,» Cammarota says.
