The future of wealth management is hyper-personalisation, says Objectway survey

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More than half of the surveyed wealth managers have developed or are working on a hyper-personalisation strategy, showing that it’s going to become a top priority of their digital agenda, particularly now, as it could represent the future of customer engagement post-Covid.

That's according to the findings of a new survey by Objectway, a specialist in Digital Wealth & Asset Management software.

Objectway's new report – “Are you developing a hyper-personalised strategy?” – illustrates interesting findings on the applications of hyper-personalised services in Wealth Management, and how firms are leveraging them to increase the customer base and ensure their future growth.

Four out of 10 respondents are implementing hyper-personalised portfolio construction and product recommendations, where artificial intelligence, data analytics and machine learning are applied to create personalised proposals, which is the most important achievement, according to one third of the surveyed panel.

Bespoke financial planning (18 per cent) and risk profiling (18 per cent), and reporting (16 per cent) are equally placed, underlining that leveraging advanced technology to analyse client behaviour enables to provide a well-rounded tailored advice on investment decisions.
Only 25 per cent of interviewees can effectively rely on behavioural sciences and sentiment analysis to personalise client experience, while most of the respondents (67 per cent) would like to leverage them.
Financial advice and reporting are usually data-driven, but the information used to this purpose is generally very limited. So, there is a long way to go before AI-driven technology will be at the centre of hyper-personalisation in Wealth Management.
Alberto Cuccu, Objectway CEO International, says: “To hyper-personalise the client experience, investor’s information and preferences should be captured at all touch points of the client journey. Almost half of respondents argues that the use of hyper-personalisation is essentially aimed at elevating customer experience and consequently to gain a competitive advantage. So far, the Wealth Management industry has still to work on it. This confirms that it will be a major topic for the years to come.”