Investment companies, especially their IT and Marketing departments are increasingly overwhelmed by a “need” to create a mobile, cloud, social media and big data strategies. While many have moved to “adopt” digital technologies, the transformations are not always integrated properly into the investment management lifecycle which is one of the central challenges many firms are faced with.
Instead, these companies must develop a comprehensive business strategy and operating model that is designed for a digital world and allows them to meet their short and long-term organization goals.
What is a digital strategy?
Digital is not just marketing, it requires thought about all the parts of a customer journey, which includes: acquisition, end-to-end engagement and service to existing customers.
So why do companies need a digital strategy?
The challenges companies face in a digital world are difficult for a number of reasons:
1. Customers want very personalized, multi-channel experiences across multiple media: mobile, web, social media and even call centers.
2. Partners and suppliers have to adjust their business processes to meet “new” needs.
3. Competitors are increasingly exploiting digital opportunities.
4. Employees are increasingly using their own digital devices and apps.
5. Many customers and employees have already embraced The Digital Revolution.
A digital strategy helps your company understand the outcomes costs and provides the ability to acquire prospect customers through integrated online channels:
- Use digital marketing, websites, portals, social media and analytics to increase awareness of investment products and services.
- Expand and improve non-digital investment channels by applying insights from digital.
A digital strategy also helps to improve the customer experience for existing customers by providing:
- Easy transaction processing and end-to-end automation on any Wi-Fi connected device.
- Customer self-service and management of investment accounts.
Remember, developing a solid investment management digital strategy requires thought, company collaboration and out-of-the-box thinking.