Dominic Gamble of Wealth Dynamix: ‘Have You Forgotten About Your Clients?’
Dominic Gamble, the Singapore-based Head of Asia Pacific at fintech Wealth Dynamix, spoke to the delegates at the Hubbis Thailand Wealth Management Forum to alert them to certain advantages and dangers of digital transformation. He warned that wealth management firms should be careful not to lose track of their client and their needs. He advised that optimised data storage protocols are vital. And he proposed that to future-proof their businesses, they must empower their sales forces to provide bespoke solutions.
Private banks and wealth management firms across the globe, Gamble observes, are tuning up for a fundamental shift towards the delivery of more innovative and personalised client engagement from their advisers.
Wealth Dynamix (WDX) is only just over seven years old, but since its creation in London in 2012 has been helping banks and wealth management providers set new standards for client lifecycle management. Having launched in London and now with offices in Zurich and New York, WDX opened in Singapore in late 2018 and brought in Dominic Gamble as Head of Asia Pacific to spearhead the firm’s Asian expansion.
“Have you forgotten your clients?” Gamble began. “Change is upon us. Demographics are shifting, more so here in Thailand; the middle class is booming, the rich are getting richer, regulation is also proliferating. And digital has well and truly arrived, which means you are facing increasing competition, but also the client expectations are changing, for example, they are using the ‘Line’ app for almost everything here in Thailand. The wealth management industry is in disruption, according to so many reports.”
But Gamble asked what this actually means for the industry. “I used to be a wealth manager, and I wonder if the art of wealth management has really changed. I think not - it remains the way it has always been, which is advising people, especially rich people, on how to invest and manage their money. Technology has been evolving for decades, but understanding your client better is now the key.”
Gamble explained that his firm belief is that the next phase of disruption and technological evolution will be around client life cycle management. “How you can get to know your clients better? The client life cycle starts at the very beginning of prospecting . Then, throughout onboarding and KYC, there are many technological hurdles to overcome such as slow processing, internal inefficiencies, scattered information, multiple logging, team working, the lack of a 360-degree view of any client, as well as ongoing issues once a client is onboard, including change of address, change of marital status, and so forth. And once you have done all of these things the biggest issue that I see in the industry is dormancy, leaving you without enough client insights to re-engage.”
Gamble reported that there is one missing ingredient that will genuinely help solve many of these issues. “According to a survey from PwC,” data is new fuel of the 21st century to help businesses move faster, smarter and in a manner more responsive to market conditions.” And this is very true for the wealth management industry, for which data is both lifeblood and an empowering tool for the client relationship.
Gamble then shifted his attention to the role of AI, which he said feeds off data. “If you have aspirations to implement innovative AI transformative tools,” he commented, “you need to have your data structured correctly. Apparently, 90% of asset and wealth management CEOs think that AI will significantly change the way that they do business, and it is not just about the AI and machine learning that comes with that, it is about the ability to have automated assistance, whether that's going directly to the client, via a chatbot, or whether that’s going to the relationship manager or the adviser via a chatbot too. It's about being able to give tailored recommendations, building personas, understanding client sentiment not by just having to pick up the phone and receiving a complaint.”
Gamble then pondered how the industry can effectively use technology to strengthen client relationships. “You must collect data the right way from the beginning, secondly open accounts faster with more intelligence and third, leverage the client data that is collected to power tailored solutions.” And with that, he mined down into more detail for each of these requirements.
He also highlighted what he considers a very relevant quote from Capgemini in its research on trends in wealth management. “Increased adoption of data analytics will create customised advice for clients, they comment. And they are right, as for me the future of wealth management and asset management to a degree is all about tailored solutions. If you can create a tailored, bespoke service offering, that will be a key differentiator for you in the coming years.”
And finally, Gamble wondered, how else can the providers maximise relationships. “It is actually pretty easy,” he said. “Look after your RMs and make their life easy, and the revenue opportunities will flow from that. RMs hate multiple systems with multiple logins, so try to consolidate everything at one place and make it easy to use, make it mobile friendly. Try to automate suggestions, whether that be the client’s birthday, an event coming up, a new product or service, or whatever. Do anything you can to help that relationship manager with his or her job.”
Gamble closed with an appeal to the delegates. “Don’t forget your clients, use CRM to give a better client service, more tailored solutions, keep your costs under control, unlock the revenue opportunities and stay compliant.”
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