Financial advice going digital

Online financial client platforms are on the rise and changing traditional financial advice.

More consumers want to be in control of their financial decisions and are shifting from traditional contact with an advisor to financial advice online. Besides meeting client expectations, banks and financial advisors learn to appreciate the relative low costs of online service.

Financial institutions have recognized this global trend and business models are adjusting accordingly. How do you recognize which online strategy meets your client group and/or business model? How do you become digital?

Just building an App doesn’t do the trick. A digital platform should create added value for your clients. In every client segment and business model, clients want the option to contact an advisor, online or in person depending on the business model. This leads to a full-service model that sets high standards to the consistency and quality of both on and offline information and advice as well as managing cross-channel communication with the advisor

The self-directed model covers the Execution only market, but to what extend will this channel remain future proof? In a retail environment the challenge lies in finding a right combination of an online advisory process in its most basic form and high end user experience. And to what extend can financial advice be automated?

More sophisticated platforms even face bigger challenges. In this model a digital platform should encompass a holistic approach to the customer including insight into the product risk but ánd the overall portfolio risk. How do you digitalize complex advisory processes in a way that your clients still understand?