Intellect Design Highlights its Office - 2020 Advantage

Anand Rai, Senior Manager for iWealth, part of Intellect Design Arena, gave a presentation to the Hubbis Malaysia Wealth Management Forum to highlight how the firm’s 2020 Advantage digital product enhances the performance of relationship managers in the wealth management industry. He said it is possible to Increase RM productivity by 20% and increase revenue by 20% at the same time, while managing the stringent regulatory requirements. All this is achieved through leveraging digitally enhanced outreach and contextualized experience, which result in actionable insights to direct the destiny of the business.

Intellect Design Arena Limited is a global leader in Financial Technology for Banking, Insurance and other Financial Services. With a rich suite of products across the organisation, Intellect Design Arena creates financial technologies that help banks lead businesses on the path to growth and success.

“With a rich suite of products across the organisation,” Rai began, “we are an authority on vertical and integrated products that enable institutions to meet their ambition to be the principal service provider to their customers. We are deeply involved in the wealth management segment and our focus there is on enhancing the skills and success of the relationships managers, who drive revenues.”

He explained that his presentation at the Malaysia Forum was to address the very basic question as to what makes an RM great and how - right technology /platform can help them achieve that. “Well,” he explained, “RMs need the right intent, the right content and the right decision-making skills to engage with the customer in an effective way.”

With that he mined down to the business goals of the RM, the most important of which is to generate new business. “To do this,” he explained, “they need to identify and pursue Cross-Sell and Up-Sell business opportunities with new customers (New to Business) and existing customers (New to Offering). Just as it is important for the organisation to manage the existing book of customers, it is also important to create new streams of revenue either by obtaining new customers or cross selling and up-selling to existing customers.

The second goal is effective customer engagement and the Objective is to provide RMs a platform for something more meaningful beyond a sales pitch - a personalized end-to-end customer experience with great content, interactive, and real-time customer support is what it takes to gain customer’s trust.

Rai explained that the third goal is planning and advisory. “It is not important to be a mere relationship banker, you need to be a trusted adviser,” he told the delegates. “System should not only help RMs with the current asset allocation but also whether its aligned to the model portfolio or not, Effective platform gives you one level more detail, and recommends buy/sell of the Products to rebalance the Portfolio. That helps the RM become more of a trusted adviser. Moreover, it should also allow to simulate a portfolio of each customer and see how the portfolio would perform, again boosting the RM proposition to the benefit of the client.”

“To ensure that is possible, we need right set of information and analytical tools that will help the client to take informed decisions. We have the information from the various disparate systems and to use it effectively we need strong analytics helping RMs to enhance decision making capability.

With that, Rai delved into more detail on how analytics will help. Supported by some detailed and insightful slides from his presentation. He demonstrated how the RM can leverage the analytics to add new products and solutions the client needs and to enhance his or her up-sell or cross-sell efficiency. “It is all about identifying the right product for the right customer and right customer for the right product,” he reported.

To help engage the client, there is information within the system that provides a reason to meet the customer. “This could be a as simple as product maturity alert, so our system gives you an alert notification,” he explains, “and that is a reason to call the client. That is just one example, but the objective is to engage more effectively and drive more meaningful conversations.”

One goal he talked about is Execution and he turned his focus to monitoring and performance. “The system should help RMs to monitor their client portfolio and should also help to see how RMs to monitor their own performance against their peers, and at the same time enable supervisors take corrective measures i.e. coaching and mentoring helping RMs to meet their goals,” he reported.

In conclusion, Rai explained about the concept of Office, Desk, Tools and how it can help to achieve the 2020 Advantage i.e. to increase the RM’s productivity by 20% and increase revenue by 20%.”