The wealth management industry is in a constant state of evolution, as wealth managers are forced to adapt to changes in technology, demographics, regulations and market conditions. Today’s investors expect personalized digital experiences at every step of the investment process, meaning traditional wealth management firms must find ways to respond and compete with the new wave of agile fintechs who are bringing innovative products to the market at a relentless pace.
Personalization, digital customer engagement strategies and data and AI-driven advisor experiences are all essential - easier said than done when you’re weighed down by legacy systems and non-existent /legacy data technology.
There’s never been a more crucial time to strengthen your offering, upgrade your technology and give your customers the experience they expect. We can help.
Why Thoughtworks?
Our experts understand the wealth management industry inside-out. We deliver value at scale by aligning strategy with execution. We developed our unique Wealth Management Accelerator to enable rapid development of digital wealth management platforms, deliver hyper-personalized experiences and remove the uncertainty of building complex platforms.
These accelerators are a collection of client journeys, epics and stories and also include the technical architecture that goes into building these complex platforms.
Our accelerators have helped a diverse range of wealth management clients to attract new customers, build brand loyalty, unlock new sources of revenue and drive efficiencies, all while democratizing access to modern wealth management.
Our areas of expertise in Wealth Management
Seamless customer engagement
Your customers now expect a frictionless experience, driven by technological advancements, changing demographics and a growing awareness of what’s possible in wealth management.
Our experts will help you to offer great customer experiences by modernizing your existing, monolithic customer-facing applications into a fast and flexible digital platform that supports everything from customer onboarding and risk profile assessment to the ability to transact across multiple asset classes and eventually customer servicing. Our experience in building such platforms lets you stay nimble, empowering you to add features quickly, launch new products and bring in partners and ecosystem players.
Typical wealth management platform capabilities
Client acquisition and onboarding
Risk profile assessment
360 degree view of portfolio
Transaction capability across asset classes
Goals based investing
Integrations with ecosystem players
Personalized investment recommendations
Seamless launch of new products & features
Personalized customer experiences
You know your customers’ incomes, risk tolerance levels and investment goals are all unique. Whether they’re using an app or speaking to an advisor, they expect an experience as unique as their individual needs.
We can show you how to harness the power of customer data to build personalization into every step of your customer journey, including contextual customer education, investment recommendations and alerts about potential tax saving options. Plus, your advisors can access a wealth of data to support prospecting and lead generation.
Advisor and portfolio transformation
Old, legacy applications slow your advisors down, which has a knock-on effect on your customer acquisition and a customers’ experience with the firm.
We help our customers build an end-to-end advisor platform with modern data and AI-driven applications that empower your advisors to build strong customer relationships through enhanced prospecting and personalized advice across the entire customer journey. These applications are modular and reusable across your contact center, branch and advisor.
Our capabilities include:
Enabling better prospecting, lead generation and sales conversations
Seamless client onboarding
Advisor dashboard
Financial planning and portfolio construction & management
Assisting advisors in investor meetings
Integration with COTS trading systems
A product marketplace with ability to trade across asset classes
Client servicing
Recommended content
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