In today’s world, people want every service to be available at their fingertips. Naturally then, investors have similar expectations when it comes to handling their investments.
For advisors it is important to meet such client expectations and in this regard, I believe that every advisor should have his own mobile application.
An EY survey shows that advisors with mobile apps have a big advantage. The ‘2019 EY Global Wealth Management Research Report’ shows that 41% clients prefer mobile apps for wealth management activities.
Here are the major benefits of using mobile app:
Customer retention: The new generation of customers is tech-savvy. They want activities such as executing transactions, monitoring results and opening investment accounts to be done through a mobile application.
Hence, it is very important for the advisor fraternity to deal with this change. For instance if you ask a tech savvy individual to do a physical transaction, you might end up losing the client.
New customer acquisition: If you have a happy clientele base, technology makes it much easier to get referrals. Moreover, you can also use mobile applications to launch referral campaigns.
Customer analytics: Customer analytics help distributors get a deeper understanding of customer behaviour and develop appropriate response. An app can be a great enabler in this.
Operation cost: An app user can transfer money via various means such as net banking, digital one time registration or biller registration. The app user can also check his account summary and transaction details in the app.
This is a win-win situation for both advisors and investors. The app helps distributors reduce their overall operating cost. For investors, it makes transferring money convenient.
Customer Support: Apps can also assist us in customer support. Nowadays, we can make artificial intelligence (AI)-powered virtual assistance such as chat BOT to provide 24/7 customer support.
IFA Ritesh Sheth is the director of Tejas Consultancy.
Cafemutual invites thought leaders from the investment community to share their insights. The views expressed in this article are those of the author and do not reflect the views of Cafemutual.
