How Companies Misunderstand The Drive For Digital Solution
Adam Fayed
Managing Director - adamfayed.com - helping expats and high-net-worth individuals
(This article was taken from my latest Forbes article).
During the pandemic and the early days of associated lockdowns, there was a lot of talk about how Microsoft Teams and Zoom were replacing face-to-face communication within financial services. Deloitte published an?article?that stated, “As advisors and other staff processes become more digitised, 30% of us will see a more digital engagement eventually take precedence over the more traditional face-to-face way of life.”
As a wealth management specialist who went remote years before Covid-19, I think the idea that video calls will take over is not only vastly underestimating consumers’ preferences for remote communication, which far preceded Covid-19, but it also risks missing a wider trend in consumer tastes.
Misunderstanding The Role Of Technology
Before getting into the specifics, I invite you to consider something: The last time you went to the airport, did you use the staffed or e-gates? When you last visited the local supermarket, did you use the self-checkout or the traditional one?
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For many people, the answer is obvious. The “non-human” option is often faster, less intrusive and more efficient. What is more, there are staff available if something goes wrong and the e-gates don’t read our passports correctly or the scanner fails to pick up the right bar code.
Yet I’ve found that too many people assume the financial services industry, especially in the high net worth segments, is different because it requires high levels of trust. In such situations, they assume clients want to be met in person, on video, or even wined and dined after a few rounds of golf. Even some people who speak more progressively still assume that investment clients expect face-to-face or video interaction at the beginning of a relationship with their wealth advisor—before technology comes in.
As someone who specializes in the expat and high net worth niche and has been working completely remote since 2018, I’ve found these assumptions are wrong. I have been dealing with wealthy clients remotely for years, including older people and those from cultures where in-person communication has traditionally been preferred.
Carry on reading on Forbes here