#Strategic and #lean #thinking in private investment and asset portfolio management, part 1

This article is intended to review the current process problems that many investment and wealth management companies are attempting to solve. For many years these businesses have been wreathed in secrecy regarding how they do, what they do, often this has not been by choice but merely a by product of business processes that have not fundamentally changed in fifty years and in environments where technology is not considered as an enabler.

The creation and management of investments have evolved into a complex time consuming and inefficient practice due to many complexities not only within financial advisory companies and people but also management services, financial product offerings and regulatory structures and the various platforms they use. However by mapping the basic interactions between these groups and investors it is possible to not only determine quick wins but also radical time and cost saving leading to increased transactions with existing clients deeper market penetration and capture with new clients.

There are five basic interactions I will be mapping as part of this paper;

  • On boarding (including Fact Find, AML etc.)
  • Financial Review
  • Advised Financial Modelling / Portfolio Construction
  • Self Service Financial Modelling / Portfolio Construction (including Self Service Trading)
  • Regulatory Reporting

There is a lot to pull together to do this, it is very insightful if you have not been involved in financial services or you are involved but have not kicked off your financial services transformation project yet.

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#Holistic #UX #Customers don’t think or interact along #channels

Business management does not reflect customer (users) activity

The management of a businesses online presence is broken up into various channels in order to simplify the management, responsibility and accountability for overall effectiveness and value. However customers (users) are unaware of these business rules and are only focused on their task or tasks, which will cut across several channels.

Holistic customer (user) experience is cross channel

Given the behaviour of customers (users) it is clear that effectual user experience is cross channel as well. This creates some problems for business, however with the advent of Agile, user stories it may be time for businesses to at last really focus on their customers (users) by changing their online management to reflect key user pathways rather than holding on to legacy notions of management.

Customer experience an example (not everything)

1. Engagement > 2. On boarding > 3. Payments > 4. Servicing > 5. Supporting > 6. Retention > 7. Up/Cross Selling

  1. Engagement – how the customer finds out about the company, where their expectations are set (also includes brand identification) and they self filter based upon personal tasks and objectives
  2. On boarding – agreement that the company provides the service required, through written and visual material, social media, personal recommendations, reviews, sign up routes
  3. Payments – payment or funding pathways related to e-commerce, m-commerce (including micro payments)
  4. Servicing – providing the goods or services, delivery and tracking
  5. Supporting – providing help and support both online and telephony (can complete servicing)
  6. Retention – managing potential loss of customers, analytics, advanced planning
  7. Up/Cross selling – data mining existing customers to up or cross sell other products and services to existing customers

For a customer this process can take hours, days, weeks, months or years and contains three key user experiences;

  1. A transaction (engagement, on boarding, payment, servicing, support)
  2. Customer relationship management (on boarding, payment, servicing, support, retention)
  3. Marketing (engagement, on boarding, retention, up/cross selling)

These experiences cross relate as can be seen by their components.

Managing the web in a holistic manner reduces risk and lowers cost

The problem remains at present that the customers (users) experience is supported by multiple sub-systems with owners and their own agendas.

Digital channel management costs a huge amount of time and money and creates a great deal of risk that valuable customer activity will become secondary to internal politics

There needs to be an importance given to the customers overall experience and the need to join it up in terms of user experience, visual appearance and standard interactions across multiple platforms and systems.

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