By Poorna Nayak | Sep 29, 2020
Most banks and wealth management firms are rapidly increasing their digital adoption. This digital journey has been accelerated by the current pandemic. However, most of them are worried about losing their personal touch while going digital. Is digital personalization, that too at scale even possible? Is it really worth the effort?
Done right, personalization increases customer engagement. This helps increase customer loyalty that in turn translates to benefits for the banks and wealth management firms as well. And that is where portfolio video statements come in.
Time is of essence to HNI clients. After all, they are "high networth" for a reason! A portfolio summary highlighting the main points in the form of an engaging 2-minute video is effective. A Gartner study clearly states that a video that is 120 seconds in duration is watched completely.
Another challenge usually faced by advisors or RMs is that they end up focusing only on their top 10-20% of clients on regular basis. This leads to missed opportunities in terms of capturing client feedback and upsell of new financial products.
Video statements can also be made interactive. Clients can be presented with Call-To-Action (CTA) buttons for collecting NPS score, gauge purchase intent on new financial products, etc. As these buttons appear right in the video, clients can be easily nudged into action.
By measuring client satisfaction regularly, RMs can know if any of their clients are unhappy and pro-actively work on improving their relationship with them. In the case of new product launches, RMs can get to know the interested clients. This helps improve RM productivity.
By sending a portfolio video summary, clients are always aware of the key points of their portfolio. Meetings, be it in-person (like it was before the COVID-19 pandemic), or via video-conferencing, have become more effective. Since clients are on top of the key points of their portfolios, these meetings can lead to the next best actions like portfolio rebalancing, goal setting, buying new funds, etc.
Millennials and Gen-Zer clients are a mobile-first generation. This segment expects things to be fast, engaging and prefers digital communication. Calls and text messages are not the best way to reach out to them. Video statements offer the best way to engage, build deep relationships with this segment as they love personalized experiences.
Top management (CEO/ CIO/ Fund Managers) is unable to effectively communicate with the entire client base. A plain video with market commentary can fail to capture client attention. However, when it gets clubbed with the details of the client's portfolio, it is more likely to get watched.
The future of banking is omnichannel digital banking. It is about personal experiences. It is about understanding the client's needs and deeply engaging them. Portfolio video statements offer all these things and improve your customer engagement by 2X.