Delivering a Transparent, Centrally Orchestrated Client Journey for Wealth Managers

However, most financial organizations are comprised of siloed tech stacks that don’t communicate or connect with each other, with data being manually collected and processed with little or no chance of being shared or re-used.

As a result, many client journeys are fragmented affairs, offering a disparate and lengthy onboarding experience.

Navigating the Data Integration Challenge

There is a lot of temptation to solve this challenge by building in-house digital solutions that interact with the existing legacy infrastructure using APIs. The issue with this is that the majority of APIs are data APIs, meaning that they ask for data and populate data.

These data requests are still largely driven by the web-based program, i.e. the digital layer. This worked quite well in the past as legacy systems had no real workflow and certainly had no flexibility in being able to construct end-to-end customer journeys.

The challenge here is that that by integrating with legacy systems at the data layer and by building business logic and workflow into the digital layer, we solve for today but not for tomorrow.

What happens when Alexa becomes the means by which clients want to interact? Or WeChat? Or a combination of both?

In a recent Accenture study, 68% of Emerging Wealthy and High Net Worth investors stated a preference for hybrid models over a more traditional advice model.

Delivering a Seamless End-to-End Client Journey

The solution like all good solutions is simple: treat the front-end of the customer journey as the design-led presentation layer.

The business logic should be kept in the next layer down, known as the workflow layer. This is particularly applicable to Private Banking and Wealth Management where many clients are multi-jurisdictional and fall under several regulatory regimes.

By separating these two layers, you can future-proof your business from the vagaries of new and emerging platforms for client interaction. This ensures the customer journey is in the correct part of the organization that drives the operation.

At Fenergo, we have developed our world-class Digital Client Orchestration solution to integrate seamlessly with all front-end solutions – be it a client portal, CRM solution or channel-specific solution – empowering financial institutions to use their solution of choice for front office and client-facing channels.

Fenergo integrates with 3rd party applications such as Salesforce, MS Dynamics, Backbase and Kony, as well as in-house applications. By integrating with these systems and solutions, financial institutions can ensure a fluid and seamless orchestration for all client data and documentation from each system to enhance the quality and integrity of the client onboarding journey.

Traditionally, the wealth management industry has always been behind the curve on technology. This is the opportunity to leapfrog, build for the future and gain a greater competitive advantage.

If you would like to learn more about Fenergo’s Digital Client Orchestration for Private Banking and Wealth Management, click here or watch the video below.