Technology Is Key to Bolstering Banks’ Services and Increasing Client Walletshare

July 20, 2021 — Boston

Private banks and trust companies are attempting to cross-sell their wealth management businesses as one-stop-shop solutions. Cerulli, in its latest U.S. Asset and Wealth Management Edition, identifies key technology-related components critical for achieving this goal and capturing greater client walletshare: integrated advisory solutions, unified investment/managed account platforms, and ongoing investment in client-facing digital tools.

Providing an integrated advisory solution through seamless technology will be key to capitalizing on next-gen preferences and gaining additional walletshare among existing clients. The majority of investors prefer to conduct business at one financial institution—younger investors appreciate the ease and convenience of leveraging one provider for all banking and investment needs. “Clients are increasingly seeking a unified experience and want a consistent set of touchpoints, products, and services across the bank platform,” says Asher Cheses, associate director.

An integrated platform, such as a unified managed account (UMA) platform, allows bank home offices and advisors to effectively service clients across their full wealth spectrum and provide a more holistic advisory experience. In addition to enabling banks and advisors to scale across client types and accounts, a UMA platform centralizes operational controls for a bank’s home office, enabling its advisors to focus on client-facing activities. Strategically investing in platforms that offer investment oversight and control while enabling advisors to scale their practice offers private banks more room to grow.

At the same time, client engagement tools are gaining importance. Two-thirds (67%) of surveyed bank advisors indicate that their firms currently offer digital tools for advisor-client interactions (e.g., video conferencing), while more than one-quarter (26%) have plans to introduce them in the next three years. Technology that enables remote/virtual meetings (e.g., Zoom and Webex) is likely to remain in high demand given the need for remote communication, which may linger even after the pandemic.

Private banks that invest in the client experience with the right set of technology tools will be well served in the future. “Banks need adequate resources and executive buy-in, but most importantly, they need to adopt technologies with client needs in mind,” says Cheses. “By implementing the proper technology, firms will be in a better position to drive growth and compete with other advisory channels.”

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Note to editors

These findings and more are from The Cerulli Edge―U.S. Asset and Wealth Management Edition, July 2021 Issue.

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