Whilst innovation and increasingly digitised experiences will inevitably speed up and ease business processes, they will never fully replace human interaction for private client businesses where deep relationships with clients and families are and will remain crucial. I believe businesses which are able to digitise and streamline processes while still offering a human and personal service in the private client industry will prosper.
An area where I predict digitised experiences will enhance the client experience is by technology enabled onboarding for new clients allowing instant verification of Know Your Customer information and immediate straight through processing of Due Diligence data in order to engage with clients.
At present businesses are capturing more data than ever, but many are really only just starting to understand how to manage and control such data and few are maximising opportunities as a result of excellent data management. My view is that the private client industry is currently heavily reliant on relationship information and data which is held by individuals rather than through excellence in collecting, storing and managing data – this has to change in order to enable scalable growth and sustainable business. I predict a complete shift in this area in the next 10 years, where businesses will place huge reliance on meaningful data collection, they will make better use of the data they hold to enhance customer experiences, they will use AI in order to compliment personal service and to develop business, and those businesses which optimise their data management will succeed.
The combination of blockchain (or whatever technology may replace blockchain), international fiscal and regulatory cooperation will create true market transparency. Technology such as blockchain will greatly assist businesses in complying with increasing regulations and will assist the regulators with oversight. New client onboarding is one area I believe will be revolutionised by blockchain technology. Rather than individual businesses having to collate their own set of Know Your Customer information for every new client and request updated information for every trigger event, I believe blockchain technology will be used to create a global database of biometric and fiscal data for individuals. The data will have been verified and businesses and regulatory bodies will subscribe to access it and the onboarding processes for all businesses will become almost instant.
In summary I am very optimistic about the future, I’m excited about the opportunities that blockchain and excellent data management will create for the private client industry but very mindful that client experiences will also rely on high levels of professional and focussed customer service.