High-quality experiences build strong client engagement


Although client acquisition remains a high priority in the banking sector, most banks have come to realize that it is only the beginning of the journey: the biggest challenge is still to generate short-term profitability and long-term relationships with those clients.

One way that banks can achieve this is by keeping their clientele fully engaged at all times, an approach that requires time, effort and tact. And yet taking this approach is essential in our modern world. True client engagement creates the foundation for a connection that is built on trust, dialogue and a steady growth in service variety, which ultimately leads, when executed correctly, to a growth in wallet share.

To increase client engagement, banks must provide a high-quality client experience in their business environments, regardless of whether that environment is analogue or digital. Client engagement hinges on the emotional connection between a consumer and a brand. Highly engaged clients buy more, promote more and demonstrate more loyalty. The tangible benefits of a fully engaged client include increased revenue and greater purchase intent, as engaged clients become brand ambassadors on behalf of companies.

Market needs

New technologies have changed client banking patterns, and the financial sector has entered a new age, shifting attention away from features and benefits to the experience as a whole. Client expectations are soaring; they’re empowered by their experiences with other businesses and information they can easily find online. The convergence of digital and physical advice, along with the emergence of artificial intelligence, means banks can now offer their clients an enhanced journey towards the financial services they want, when they want them, and how they want them.

To deepen this connection, banks need to develop a high-service culture with quick response times, customized offers and extended support that goes beyond pure wealth consulting (e.g. legal, accounting services). Avaloq.engage enables you to address those needs by providing an intuitive user experience based on immediate reaction times, while offering a choice of communication channels automatically tailored to individuals’ needs and circumstances. Our platform is a powerful tool for transforming today’s bewildering investment universe into an easy-to-navigate ecosystem of curated investment opportunities.

Banks must stay relevant for their clients, which in today’s world means moving beyond pure banking to become part of a client’s everyday experience. Offering uniquely personalized client solutions is becoming more important than offering simple products and services. Making that transition successful depends on financial institutions shifting their goals from selling products to cultivating clients, a goal that ultimately focuses more on clients’ wants and needs to drive strong engagement.

Avaloq vision

With Avaloq.engage, we cater for today’s expectations by enabling banks and wealth managers to stay present and relevant in their clients’ everyday lives. Our solution allows communication to take place on clients’ preferred channels (e.g. instant messaging) and includes an easy-to-use, in-app search assistant for all on-the-go users, whether they’re bank clients or relationship managers. Avaloq.engage also allows banks and wealth managers to choose their clients’ preferred interaction models, offering up relevant information and news for users through either a push or a pull service option.

Avaloq.engage is designed as a modular platform that comes either as a stand-alone app or one that can be integrated with a financial institution’s own existing mobile applications. The platform can be used by client-facing bank employees as well as bank clients, and it supports various banking activities such as news feeds, document sharing, order management and portfolio information services. Avaloq.engage can also be linked to a client’s social messaging service, which then becomes the user interface for client interaction.

Multi-channel interactions help maximize a client’s experience, amounting to significant positive change and increased revenue. Even though the relationship between the client and their relationship manager is still a key and differentiating factor, innovative personal communication technologies are becoming increasingly important. Every financial institution has to be able to react and adapt to various client preferences, including personal contact management, real-time information exchange (e.g. messaging), or asynchronous communication (e.g. email).

Avaloq.engage will support banks and wealth managers as they manage, coordinate and interact with their client base in a personalized way and frequency, allowing relationship managers to share relevant content and information with a simple swipe or click. Most importantly, it’s fast, secure and compliant.


The next six months

In terms of short-term goals, we’re focused on finalizing our MVP (minimal valuable product), which contains:

  • A mobile application for relationship managers, including chat integration and notifications
  • Implementation of basic natural language procedures to allow smart decision-making
  • Client overview and contacts

The next 12 months

Over the next 12 months, we’ll increase the product scope:

  • Development of a virtual assistant for relationship managers
  • Document handling and sharing with end clients
  • Proposal engine based on conversational context

The next 24 months to three years

Looking beyond 2020, Avaloq intends to bring the following functionality into service:

  • Portfolio and investment proposal through mobile devices
  • Self-service for bank clients (product and advisory shop)