How to take a design-driven approach to the client experience

Identifying clients’ financial needs is the first step to delivering what they are looking for

Today, our lives are no longer a series of single offline actions – they are a collection of digital experiences. According to McKinsey, a digital tipping point has been reached in most industries, and sectors with a high level of digitization display the largest productivity growth. The travel industry sets the standard when it comes to offering an integrated digital experience. Tourists can book flights, car rentals, hotels, and various travel experiences all in one holistic online session.

The travel industry is one example that excels not only at offering pre-defined solutions but also at addressing consumers’ unique needs and interests with an abundance of options that can be selected with a simple click. And the most successful providers make everything available, anytime, and anywhere. With the standard for a streamlined customer experience firmly set, other industries need to catch up, including the financial services industry.

The challenges for wealth management

Reaching your clients in their preferred channel, at the moment it matters

Financial institutions are striving to stand out from the competition by offering clients the same service experience they get from other industries. To achieve this, you need to deliver a smooth, intuitive digital journey and empower your employees to support the experience using the right tools.

The challenge for wealth managers is to work within the online channels and the preferred devices that clients already use and offer them the exact products and services they seek. And also, throughout all client interactions, ensure that there is compliance and adherence to regulatory directives.

Ensuring the right priorities – collaboratively

Working together with a design-driven mindset

Taking a design-driven approach to digital services is a proven way to provide an excellent digital experience. This starts with identifying strategic business objectives and needs while ensuring that the right priorities are being addressed at exactly the right time.

Let us redefine how digital interactions happen and how advisors can reach clients on their preferred channels.

At Avaloq, we work together with our partners to create defining digital services and experiences that will enable our partners to truly differentiate themselves. With the goal of enabling prompt advice and personalized services on the client’s own terms, a design-driven approach lets us redefine how digital interactions happen and how advisors can reach clients on their preferred channels. The frictions that are still common in many web and mobile banking experiences are thus removed.

Our roadmap

Continuous improvement of our solutions – for the near and long term

We believe that pursuing a design-driven approach in our partnerships that integrates our technologies and services with our partners’ goals will allow us to better enable financial institutions as they strive to meet their clients’ ever more demanding digital expectations.

Present – Short-term improvements

  • We have adopted Google’s Material Design as the foundation for all our new user experiences.

  • We are co-creating dedicated user experiences that meet the specific needs of relationship managers, advisors, and portfolio managers.

  • We are launching new experiences for wealth management and advisory services as part of the Avaloq Wealth product line

  • With Avaloq Engage app, we enable seamless, secure, and compliant messaging capabilities for relationship managers to contact clients using their preferred messaging apps.

Beyond – Long-term advancements

  • We will offer a UI kit that enables financial institutions and wealth managers to more easily incorporate their unique brand requirements to create custom experiences.

  • We will make our design system available to the Avaloq community so that our clients and partners can contribute and create additional experiences using these tools.

  • We intend to extend and improve these capabilities with additional product and usage analytics, providing greater understanding of how the tools are being used and offer tangible insights on how to improve them.

If you would like to leverage the Avaloq Design service, get in touch.

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