Artesian Solutions, a leading provider of client intelligence and risk solutions, and Schroders Personal Wealth, part of the Lloyds Banking Group, have announced that they are working together to reimagine wealth management for the next generation of investors. Schroders Personal Wealth has equipped its advisors with the Artesian platform as its front line engagement platform.
The Coronavirus pandemic has accelerated many trends that were already impacting the Wealth Management sector. Schroders Personal Wealth recognised that the sector has traditionally been slow to innovate and change, but saw an opportunity to accelerate digitisation, automation, and the use of advanced data and insight to transform core customer facing and internal processes as a top priority.
Speaking on a recent webinar hosted by Artesian, Graham Kellen, CTO at Schroders, commented: “The firms that win in the long term will understand what client experience is about, and will embrace the opportunities afforded by digital. The entire process needs to be reimagined to remove friction, reduce client effort and personalise services. This means equipping business development managers and advisors with real-time financial data, risk data, advanced customer insights and market intelligence to rapidly understand the evolving needs of clients, as well as clients of the future.”
The partnership announcement follows a joint webinar held by Artesian and Schroders
during which it was uncovered that whilst COVID-19 understandably remains top of mind for many business leaders, it’s not the biggest trend impacting wealth management in the near-to-medium term, and would unlikely even make the top three. Wealth Management leaders responded to a series of polls during the event.
The key finding was that 67% of Wealth and Private Banking leaders believe innovation will be the decisive factor in determining success in the medium term. Respondents agreed that, whilst it’s true clients are more greatly reliant than ever on their advisors, due to COVID-19, the biggest challenges they face right now are:
- Delivering hyper-personalised engagements
- Increasing the diversity of the client base in line with changing wealth dynamics
- Continuously uncovering opportunities to create holistic value beyond pure economic returns
Speaking about the partnership Andrew Yates, CEO at Artesian concluded: “COVID-19 has thrown into stark relief the fact that faster adoption of technology is now a necessity, if wealth management is to truly align with client needs and expectations, as well as gauge what the clients of the future will look like.
The winners in the next 3-5 years will be those embracing innovation to consistently provide client-centric moments, personalise advice with an holistic total wealth and lifestyle perspective, evaluate where they can add value beyond pure economic returns, and stay one step ahead of emerging needs, in particular the demands of changing wealth demographics and new client segments. We are delighted to be working with Schroders Personal Wealth to lead the charge in reimagining a hi-tech future for what has traditionally been a high-touch sector.”