In the recent past, going digital meant having a user-friendly website where clients could sign up and view account information or better understand your service offering.

Today, clients are asking for much more than just a functioning website.

One of the current trends in the business world is client digitization or converting labor-intensive human-oriented tasks into automated computer processes. Adopting client digitization allows businesses to provide a better client experience.

Wealth management firms, in particular, have to go beyond just using simple tools and applications as a form of digitization. Clients now want a seamless, hassle-free digital experience throughout the onboarding and client management process.

Looking at the track record of businesses with up-to-date digitized service experiences, you will notice that incorporating it doesn’t translate to definite success. The results have proven that not all fully digitized firms have a string of successes. Why? One of the main reasons is that they aren’t doing it correctly. Incorporating such systems within an organization is a series of processes, and every step of the process must be done right.

Financial advisors (and the firms they work for) might find it challenging to create the ideal digital experience, especially if they are doing it for the first time. Most of the time, they throw everything at it and sit back for the results, which is not the best approach. There are certain considerations to be made before introducing a new digital strategy. Below are some critical tips to help develop an ideal strategy.

  • Do detailed research and pick out the specific areas to be digitized. Which components of the process are outdated, and which ones are entirely digitized?
  • Conduct a customer survey and get feedback from a client’s point of view. What is dissatisfactory and needs improvement?
  • Review the entire end-to-end process. Where do clients get stuck the most? Which specific part of the process requires adjusting?

Firms can benefit heavily from client digitalization. To begin with, it is a good way for a firm to stand out from its competitors. In addition, you will be improving your firm’s client service experience by allowing clients to interact with you with minimal fuss.

Bottom line
Integrating client digitization into your workflow isn’t much of a trend anymore; it is a necessity. So why not go the extra mile and fully digitize your firm? At OnBord, we’ve streamlined the client onboarding experience. Why not schedule a demo of OnBord today to see how digitizing your client onboarding can save you time and money.