Bridging the gap with the end customer through digital reporting

In the digital era, customer focus is a critical success factor. The rod of competition has risen and to be effective financial institutions must strategically rethink the relationship that binds them to the final consumer.

 

Technology at the service of the relationship manager

In Virtual B we don’t know if one day Artificial Intelligence will actually be able to fully replace the figure of the consultant, but we are sure about one thing: nowadays the relationship manager needs new technologies to do his job to the best of his ability.

One of the most important necessities of the insurance-banking world is being able to facilitate the work of the sales network, keeping the relationship with the final customer alive and constant. At least, that’s what we see. Also, because the digital culture has transformed (and will continue to transform) the needs of customers; today relationship managers have to interact with them on different channels, as well as covering a variety of roles, from financial planning to administration management.

 

The relationship with the end customer is more and more complex

I punti di relazione tra istituti finanziari e cliente finale

Among the different activities of the consultant, there is also the need of constantly monitoring customer relations, as established by the current legislation. For example, reviewing its profile, analysing its needs and the compliance of investment and insurance solutions with the real necessities of its clients. In short, from every point of view, the client is the focus of attention.

In this complex management of customers’ relationship, the role of the relationship manager can be crucial in every phase of the wealth management process: from the engagement and acquisition of the customer, to the presentation of the investment solution, up to the monitoring of the portfolio and the market. Being there, in every phase, is essential: this is how the consulting service is valued and visible.

 

The importance of digital reporting

To stay up to date and serve the costumer at the best having data and information always available is fundamental. Always. In which way? Through what we call Digital Reporting.

Digital reporting is a network support tool that goes beyond the classic “two-slide performance” approach, because it tells a story, guiding the client through its entire life cycle and at every stage of the consulting process.

Often reports are full of numbers on portfolio performance, benchmarks, incomprehensible graphs of variables that are unfamiliar to the clients and sometimes to relationship managers as well. This is of little use. Because the consulting relationship is not merely limited to portfolio choices; in fact, it must be framed, considering the financial needs of a lifetime, which starts from financial planning.

 

In the fourth industrial revolution, the relationship with the customer must be continuous, approaching several aspects. A clear, detailed and timely digital reporting is the first tool for this type of interaction

 

That’s where Virtual B’s idea of Digital Reporting comes into play.
Currently, financial institutions own all the expertise, data and technological tools needed to enable their relationship managers to be close to their customers in a structured and effective way: it’s just a matter of lining up the individual pieces of the puzzle.

Virtual B Fintech solutions

Virtual B has been working for years in the financial sector, with a close focus on data and data analysis. Our experience has led to numerous solutions that generate value and solve issues for financial and insurance intermediaries.

LifeCycle Portfolio Builder is the solution developed by Virtual B for banks and insurance companies. LifeCycle Portfolio Builder is able to identify the best financial products that optimize the financial well-being of customers

More on LifeCycle Portfolio Builder


Download our free white paper “Wealth Management and Financial Data Science: a short guide”