Communication tools in private banking and wealth management

Communication and compliance in private banking and wealth management

September 29, 2020





Photo by Jason Briscoe on Unsplash

As our CEO Danilo Pecorari has mentioned before, financial and transactional communications are not like any others. They are perceived by clients as sensitive, critical and a high priority. And this perception makes even more sense in segments such as private banking and wealth management, in which the relationship between the institution and the client matters the most.


These are industries that have been working in a traditional manner over the decades. But technology, competitors, and most recently the new scenario have impacted the way of doing business. A KPMG survey with private banking professionals in Luxembourg and Hong Kong concluded that accepting digitization is not the biggest challenge within the organizations - in fact, digital is seen as a facilitator rather than a constraint or threat to businesses.


To see if this is also true in Brazil, :hiperstream asked six local financial market professionals what their perceptions about digital tools for communication and relationship with clients are. Their answers follow below.


Usability and compliance come first


Ease of use and accessibility were the attributes mentioned by all professionals heard by :hiperstream when asked what is essential for a communication platform that brings the financial community together. Meanwhile KPMG also stated that 65% of the interviewees said customers expect to have a mobile communication channel with their financial advisor.


Customers are already used to technologies similar to social media and chat, which is a great facilitator for digitalization - several of the respondents use WhatsApp and video platforms to work, in addition to traditional email, phone and in-person meetings (before the COVID-19 pandemic). However, ensuring these tools are in accordance with the company's security and compliance regulations is often a challenge, especially considering the exchange of confidential information.


“An online platform that enables us to send and receive documents and market orders securely and that is in compliance with the requirements would help a lot”, says one of the interviewees.


In order to offer frictionless communication experiences and reduce conflict, technology and security must walk together. While designing Portal, :hiperstream’s Partner Relationship Management solution, we replicate the social media experience in a channel that is appropriate for business. It means to comply with GDPR (EU’s General Data Protection Regulation) and LGPD (General Data Protection Law, in Brazil), and serving business niches that require additional precautions with data security, such as the financial market, insurance and healthcare.


All different stakeholders in one place


While advisors and investment managers are the main point of contact between client and  institution, their work is usually supported by a network of analysts, traders and specialists, in addition to other departments within the bank and the market itself.


Thus, facilitating the collaboration between all these stakeholders and allowing quick, efficient exchanges of relevant information reflects directly in the customer experience: countless executives interviewed by KPMG plan to increase their availability to customers to at least 75% of the working day. Less time on bureaucracy and internal tasks, and more dedication to understanding customer needs improve the bank's results and credibility.

Bringing in technology to private banking and wealth management doesn’t mean these are no longer human-to-human businesses. Here at :hiperstream, we believe in “human-first” technology, which empowers people, improves relationships and drives business. We help our clients to find the right balance for a consistent experience, with the best of the physical world and online channels. Click here to learn more about Portal or contact us now.

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