The world has changed, and continues to change – and consumers have changed with it.

Today’s digital consumers make decisions quickly, prefer using their mobile over a desktop computer, enjoy fully personalised experiences, and are totally prepared to move to a different brand if they discover that the experience they have with your brand doesn’t match their expectations.

A study conducted by EY actually reported that the majority of wealth management clients – 59% – expressed a preference for receiving advice via digital channels within the next two to three years.

infographic of today's digital consumer - copyright CodehouseToday’s digital consumer © Codehouse

To keep up with today's consumer, wealth management firms need to get with the digital programme, and fast.

The rise of the robots

The past few years have seen the birth of robo-advisers – software that provides financial advice with little to no human interaction, which automatically optimises and manages a person's assets and investments.

Back in 2016, a study by Prudential discovered that nearly half of all human financial advisers didn’t believe that robots could do a good job providing personalised advice to clients. A year later this had completely changed, with 69% of advisers saying they trusted technology to provide advice. What a difference a year makes!

Human advisers are beginning to accept that more and more clients are demanding digital experiences first, second, and last. This doesn’t mean the end of human advisers, as some may have expected – rather, technology affords wealth management advisers greater efficiency, reduced costs, and the exciting potential of new as-yet-unthought-of products and services.

Whether human or robot, the ultimate aim of the wealth management adviser will continue to remain the same in the future – to provide clients with tailored advice that helps them to manage their money well, in the way that they want.

But when it comes to digital transformation in wealth management, we see some firms are missing a trick.

The wealth management personalisation iceberg

More and more wealth management companies are embracing the top of the personalisation iceberg, and employing robo-advisers to provide their clients with tailored advice – but what they are missing is the need to address the large number of potential customers who will help keep their organisation afloat by offering personalisation across all digital touch-points, right from the very first interaction - which is usually on their website.

The wealth management personalisation iceberg The wealth management personalisation iceberg

Presenting your website visitors with relevant and personalised content creates a relationship from the start. Visitors enjoy using a website that tailors their journey and offers them relevant content or products at the right time. They will begin to buy in to your brand, and they will be more likely to consider using your products and services when compared to competitor who doesn't make their experience personal.

As more brands, across all industries, start to embrace personalisation, the connection between a better customer experience, improved conversion rates, and ultimately more revenue, has become more obvious over the past few years – not only that, but potential customers now expect it.

In today’s digital world, your brand and the experience you provide is not just competing with other wealth management brands, but all brands, across all sectors.

People today expect a smooth, consistent, and relevant experience across all touch-points with your brand, across all their channels, whether that's web, mobile, face-to-face, or over the phone.

By using personalisation right from the very start of someone's journey with you, you can create a fluid brand experience, offering them relevant information that will benefit them, and guide them through services that they will be interested in; a journey where what you offer adapts to their behaviour and changes in need-state in real time.

Contextual personalisation is a powerful tool that is becoming critical to the success of wealth management firms. It's become more than just customising a promotional email with someone’s first name or providing a robo-adviser to existing customers – it’s about creating unique experiences for each customer, and each potential customer, whenever and wherever.

What’s more, the role of technology in driving a better digital experience for customers, and potential customers, is here to stay.

Wealth management firms needs to embrace and invest in technology and platforms that provide contextual personalisation across the whole customer journey.

Introducing Sitecore personalisation

We’re huge fans of Sitecore – a powerful digital experience platform that combines content, commerce, and digital marketing tools all in one system. From website content management, personalisation, marketing automation, machine learning, ecommerce, omni-channel delivery, easy systems and data integration, to visitor profiling, workflow, and advanced analytics, Sitecore has the tools to help you achieve your business and digital marketing goals.

With Sitecore as your digital experience platform, you can:

  • specify the conditions under which content on your website is delivered to a visitor, based on where they’ve come from or what they do
  • use visitor profiles to dynamically adapt the content shown to different website visitors, in real time
  • design visitor journeys, assess where people are on that journey, and use triggers to move them through the journey based on where they are at any given moment

You can display different content based on the keywords people use in Google to reach your website, their physical location, the device they are using, or the goals they achieve on your website, such as downloading a brochure or contacting you.

You can use trigger points, such as the pages visitors are looking at, the landing page they arrived at, what they have downloaded, or whether they signed up for your email newsletter or filled in a contact form, to improve the visitor experience and display content relevant to the action they have taken on your website.

You can use data to deliver specific content to specific visitor segments, people who may well change segment along their user journey with you, so you can always provide visitors with a more relevant, fully personalised experience.

Having Sitecore as your digital experience platform will allow you to encompass the whole wealth management personalisation iceberg from bottom to top.

Contextual personalisation for wealth management firms

We’ve been driving the future of digital experience forward and working in personalisation for over 10 years, and we’ve designed and built websites for a number of wealth management companies, using personalisation to drive improved customer experiences and significant increases in conversions and revenue.

Research has shown that organisations that personalise the digital experience see a 19% increase in their key digital conversions.

If your wealth management firm is interested in getting under the skin of contextual personalisation, and you’d like to know more about how Sitecore could help, then we'd be happy to hear from you.

To talk personalisation for wealth management, just get in touch.