The Mobile Evolution in Wealth Management

The release of the iPad in April 2010 has had a transformational impact on the world, and the tablet device has moved from being a minority form-factor within the enterprise laptop market, to a true consumer offering. For many, a tablet could become their main computing device due to its multi-functional capability potential. In the financial services world it’s clear that mobile banking is poised to advance from a simple transactional service to a rich, advisory offering, on the back of tablet devices, like the iPad. In industries where mobile technology is more prevalent, people are becoming accustomed to the high-quality user experiences, ease-of-use and fast performance offered by mobile devices.

The profile of consumers who will adopt tablet computing is expected to be closely aligned to the high net worth  individuals courted by private banks and wealth managers. The mobile nature of these target clients and, by extension, of their wealth managers makes this sector an ideal use case for tablet technology. For the first time, a popular digital medium exists which is intuitive, natural and suitably elegant to support face-to-face client interactions. In the coming months tablet use will be as socially and commercially acceptable as writing an email on a BlackBerry is today.

Clients are thinking differently, so should their bankers

A new kind of client is emerging from the financial crisis, who expects demonstrable value from a wealth manager before engaging their services. The demands are clear, the banks must respond by enabling:

• Unrestricted access to the client wherever the location - Deliver compelling advice at any location, at any time
• Client transparency and collaboration - Clients will expect high-quality collaboration and direct access to their advisor
• Expertise with an edge - Provide expert advice with the ability to deliver immediate and accurate  information about a client’s holdings
• Relationship Manager productivity and effectiveness - Improve the client/advisor ratio; increase quality client-facing time

Banks should 

• Arm themselves with a proficient weapon in the war for talent - Emphasise the relationship manager as the centre of the client experience by investing in front office and encouraging top talent to move across
• Enable intergenerational wealth transfer – Attracting a new, younger and influential audience will require wealth managers to adopt marketing and communication strategies that advance significantly from the status quo
• Facilitate client demand for passion investments - Using technology to actively manage and explore alternative investments such as art and wine 

Must innovation bring complication? 

Tablets offer a new delivery experience in wealth management and financial advice andevery financial institution should be thinking about how to deploy them not only with clients but also amongst their own advisers in the field.

There will be some reticence and initial objections about an emerging technology with minimal  empirical data available on how to navigate the operational landscape in a Tablet world. Questions that will inevitably be asked are:

• Will customers respond positively to the new devices, or will they be confused by the form-factor and see this as just the latest fad?
• Will advisors and relationship managers understand how to introduce this new device into the very ‘human’ relationship with their client?
• How will sceptical IT departments be satisfied regarding the security credentials of the new devices and apps?
• How do organisations integrate this new delivery mechanism into a multi-channel offering rather than a silo channel?

Standing still - not the most effective strategy in the race to mobility. It’s time to join the (r)evolution.