Historically, wealth managers have been cautious about adopting new technology that promises to simplify their work, preferring to rely on relationships and knowledge instead.
But there is growing pressure from the fintech community and Gen Z and Millennial customers for their wealth management platforms to provide autonomous access and support.
Of course, there are a lot of important regulations and processes to follow to protect customers’ information and finances. Many of these processes and regulations are very sophisticated and involve different practices between teams or roles within the institution, which means the technology has to be able to keep up with it all.
For example, if a customer wants to take money out of their 401k, IRA, or other accounts, they submit a request via the bank’s system, which is then passed on through the appropriate channels.
This multi-step process might normally happen with electronic approval, phone calls, or even electronic forms and signatures shared via email.
Mobile means agile
But what if those approvals could happen on a mobile phone with a few taps of a screen?
There would be no need for wealth managers to be in the office at all times, no stack of requests waiting after a day of meetings. Just open the wealth management app, see the awaiting requests, and approve them. The entire process would take a few minutes, and the customer’s withdrawal request would be completed in minutes, not hours or days.
That means wealth managers could get their work done without being in the office, staying chained to their desks just in case a request comes in. Instead, the officer could focus on business development, meeting new clients, and building relationships. They could focus on finding new customers and could still take care of the small tasks between meetings. Nothing gets delayed, nothing gets stalled.
One of the big problems wealth managers face with frequent meetings and business development efforts is that bottlenecks occur when they’re out of the office. Requests and approvals can pile up during their absence because no one is there to perform those necessary tasks. That means operations people are left to sit and wait for the manager to return.
Better customer service
What does that mean for customers when their account managers are out for a day on sales calls, or worse, at a multi-day conference?
What does it mean when customers need their funds quickly, but the manager won’t be back for several hours?
With a mobile wealth management app, the wealth manager can view and manage waiting tasks and approve them as they come, which will unclog bottlenecks throughout the day. If an item needs several approvals, the entire process can all be managed on a mobile phone or even a laptop. Again, no waiting for approvals — it’s all handled online and electronically.
Safe, secure, and mobile
Our mobile app works on any operating system or mobile device. Whether you’re using an Android device, an iPhone, or an iPad, your clients’ information is safe, secure, and available at your fingertips.
That also means you can access the information anywhere in the USA if your organization allows it, whether you’re at a coffee shop down the street or a conference 2,000 miles away. With a mobile wealth management app and the right security protocols, you can approve and manage your clients’ transactions and accounts as if you were sitting in your office.
Authored by: Cam Dowless, associate technical product manager for Accutech Systems Corp.