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CLIENT COMMUNICATION AND REPORTING
The use of digital to communicate with clients and to offer up-to-date account information is inevitable, and the revolution is now moving towards catering to the next generation of wealth holders. This category is to assess banks who are staying ahead of the digital curve in communicating with the highly mobile clients and empowering their decision makings. The bank must demonstrate to the panel of jurors their following capabilities:
- Communication: How is the bank using online technology to communicate with customers and what are the objectives of the connection? Does the technology enable the client make contact with the advisor via secured video link, chat and personal messaging? Does it have a mobile app and how responsive are the communication websites?
- Reporting: Does the digital reporting present accurate aggregation of asset classes to give a complete view of the customer’s real-time personal balance sheet, and key information such as: performance summary by accounts, inflows and outflows, asset mix, holdings details, tax incurrence/withholding, sector and country allocation, realized gain/loss, transaction details and cash details? How accessible are essential documents and old statements via the portal?
- Transparency: Does the reporting advocate transparency about fees at both the securities and the portfolio’s level, and does it offer highlights on features such as asset concentration and overlapping, performance against a selected benchmark?
- Security: How is the bank keeping up with the new technology regarding making sure that cybersecurity is good beyond regulatory requirement? Does the portal offer the feeling of the highest level of data privacy and security and what are the mechanisms being used?
Please offer a sample reporting statement and screenshots of a client online reporting at the time of entry.
Digital is key to delivering a better overall client experience, and it is a challenge to integrate the existing process for many banks. This category is to assess banks who are delivering an intuitive user interface and superior user experience through multi-channel as a key differentiator. The bank must demonstrate to the panel of jurors their following capabilities:
- Usability: Is there a Customer dashboards for self-reporting and interactive interfaces that allow the customer to analyze or visualize the details of their investment performance, and whether it presents an attractive user interface and navigation experience? Does the experience satisfy both the early adopters and digital natives?
- Interaction: To what extent does digital play a part to client-advisor interaction? Does the digital platform allow advisors to view client reporting or manage complex transaction while securely messaging with their clients, and whether the RM s have the digital proficiency to interact efficiently?
- Recommendations: Does the portal offer real-time recommendations for actions based on the client’s behaviors and interests, or even managing portfolio breaches? Does it provide real-time updates of the customer’s risk profile and real-time adjustment of the investment mix and whether or not there is easy access to bite-sized information for the recommended actions?
- Robo-Services: To what extent does the bank adopt robo-advisory and what is the objective of this implementation? What is the human overlay over the process and how is client data being captured and used for the betterment of managing clients portfolio?
Please create a dummy portfolio for the jurors’ assessment at the time of entry
DIGITAL CHANNEL STRATEGY
The Digital Channels Strategy Award aims to identify winning bank by utilizing criteria which will assess whether the bank has a multi-channels strategy with best-in-class architecture and execution capabilities to transform their go-to-market model and enhance growth, reducing costs, optimizing sales, mitigating compliance risks, and empowering customer interactions. The bank must demonstrate to the panel of jurors their following capabilities:
- Strategies: Whether the plan and model were set out to enhance growth, reduce cost, optimize sales and empower customer interactions, and how policies were executed.
- Channel Management: What were the channels being used and how were sales and client services strategies and the associated back office/sales operations aligned with multi-channels including partners, and how is channel performance and economics being assessed, particularly for the cross-border clients?
- Staff Alignment: Whether there is an active program to train staff and build up the necessary skills and whether the programs are innovative and hands-on. It also considers whether the program is aimed to achieve sustainable improvement.
- Tools: What are the tools being used and whether they are designed for achieving best practices against sales and marketing capabilities? How does it help the sales force, growth and decision making, and drive sustainable changes as an enabler?
- Business Results: Whether there is an evident enhancement on ROI through cost reduction in general and administrative costs, creating a lean back-office sales operation, reduction of cycle time and errors in sales support, and increases in sales and cross-selling, etc.…
- Client Feedbacks: What is the bank’s feedback loop on customer experience via digital channels? How does the bank leverage digital channel to collect relevant data to develop useful insights for continuous improvement in client servicing and product development? How are they using data to ‘listen’ to customers in addition to the qualitative feedback provided by the bankers that may be biased for self-interest reasons?