Published on December 8, 2016
1. iress.com iress.com “Voice of the client” Response to Compeer clients’ view research of a 1,000 high net worth and affluent investors Simon New Group Executive - Strategy Alex Hore Head of Key Account Management
2. iress.com Account opening Reporting Brand & reputation Digital Key themes from research Access to markets Robo
3. iress.com Key topics Account opening Client reporting Mobile apps RoboBrand & Reputation Access to markets
4. iress.com Key topics Account opening Client reporting Mobile apps RoboBrand & reputation Access to markets Over 81% of UK investors found it easy to open an account!
5. iress.com But compared to what? Traditionally account opening is perceived as being complicated
6. iress.com But compared to what? With many steps from on-boarding, fact find, KYC…
7. iress.com But compared to what? involving multiple systems and the re-keying of information…
8. iress.com Reality Clients - on-boarded quickly & efficiently Provider - paddling madly underneath!
9. iress.com Real client case study – streamlined account opening • Previously the client struggled to organise themselves to on-board clients quickly and efficiently. • To help them achieve an effective on-board process, we: • embedded information capture and data use, which gave our client a single entry point for information • provided online image capture, which meant they could take a picture of a document and the information from the document populated the relevant fields • automated AML, KYC & PEP checks for on-boarding, ongoing and real time transfers to speed up transfer of funds to their business • used biometric recognition in place of signatures.
10. iress.com Streamlined account opening – case study High STP with supporting workflow Online image capture Automated AML, KYC & PEP checks Embedded information capture & data use Slick supporting transfer processes Biometrics - facial, voice recording & fingerprint We now have high levels of straight-through processing & connectivity between the systems These benefits helped our client differentiate themselves & provide a smoother customer experience
11. iress.com Key topics Account opening Client reporting Mobile apps RoboBrand & Reputation Access to markets Client reporting is consistently raised by clients as a key driver of satisfaction
12. iress.com Client reporting • State of the nation - static, paper based, impersonal, dull, and potentially confusing. • But clients are being influenced by interactions with other industries such as Netflix, Uber and Deliveroo. • Clients are now used to automation, 24/7 availability, bespoke configurations.
13. iress.com Client reporting But the industry struggles to deliver great customer reporting due to: × multiple data sources × legacy systems × inadequate data × inconsistent performance calculation × handling a growing breadth of instruments leading to manual checking, interventions & inconsistent performance calculations. This has certainly driven our approach to software design.
14. iress.com PRE-TRADE & POST-TRADE INTEGRATION Consolidated Client Report PERFORMANCE CALCS Single Data Layer Wholesale Custodian Internal Back Office Insurance Providers Retail Platforms Product Manufacturers Market makers (RSP) Executing brokers PAPER ONLINE MOBILE How we deliver consistent and comprehensive reporting
15. iress.com What does good reporting look like?
16. iress.com Presentation flexibility Digital channels empower clients to interact in the way they choose
17. iress.com Key topics Account opening Client reporting Mobile apps RoboBrand & Reputation Access to markets
18. iress.com Mobile applications 53% Germany 47% Singapore 59% US 36% France 20% UK 30% Switzerland A big surprise from the research is that UK investors are out of kilter with other geographies when it comes to accessing their investment via a mobile application.
19. iress.com Mobile applications Why is this so low? Only a quarter of UK wealth managers offer digital channels beyond email
20. iress.com ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? Mobile applications Neat, agile, fast Shows real performance Goal tracker Current research Secure messaging Transaction history Fees News Not enough apps or not enough functionally rich apps?
21. iress.com Key topics Account opening Client reporting Mobile apps RoboBrand & Reputation Access to markets Brand and reputation now the key criteria for clients selecting a wealth manager
22. iress.com Brand & reputation
23. iress.com Protecting your reputation – embedding protection into your workflow Client has insufficient available cash for this transaction This stock is a restricted list Benchmark deviation exceeds tolerance levels Analyst recommended sell on this stock you are attempting to buy Transaction would push client outside of tolerable level Annual Suitability review has not been completed for this client
24. iress.com Key topics Account opening Client reporting Mobile apps RoboBrand & Reputation Access to markets
25. iress.com What is Robo? 75% of those surveyed did not know
26. iress.com Integrated Robo Execution Only Self-directed “Robo” Advice Guided Advice: Face to Face Guided Advice: Phone / Online Holistic Advice Full Service No service Integrated Wealth Desktop Consistent and common: Compliance • Risk Profiling • On-boarding • System Management • Configuration • Security • Management Information • Integration • Workflow • Investment Ethos
27. iress.com Key topics Account opening Client reporting Mobile apps RoboBrand & Reputation Access to markets Access to markets and trading environments remain a priority for many businesses
29. iress.com Presentation flexibility Digital channels empower clients to interact in the way they choose
30. iress.com Summary and conclusions Account opening Client reporting Mobile apps RoboBrand & Reputation Access to markets
31. iress.com iress.com Thank you T: 0345 068 3000 firstname.lastname@example.org Simon New - Group Executive – Strategy Alex Hore - Head of Key Account Management