"We’ve found that clients across a broad range of demographics are more than willing to interact with a branded client portal to start that digital relationship."
Ideally the digital journey should be established early in the process and deliver benefit to both parties. Secure messaging and the exchange of documents sits underneath a set of actions that the adviser can send to the client to complete, for example: completing a client FactFind, acknowledging the receipt of specific documents and returning specific items to support the application. Through a branded and secure experience, the client can easily complete actions on their own terms and have these update the adviser within seconds.
This level of engagement provides signals to both parties, for the client they are seeing a level of digital engagement they would expect from a large financial institution that subsequently settles any anxiety or doubts, for the adviser they infer positive signals of commitment as the client uses the tools provided and engages with the process. Once established, the digital relationship is then extended through the introduction of new functionality. Access to the product data held by the intermediary strengthens the level of trust and provides a mechanism for the client view and amend data as well as notify their adviser of any changes (something that will help with GDPR compliance post May 2018). Automated property valuations drive traffic back to the client portal, providing a service for the client while reinforcing the service delivered by the adviser.
The challenge though is whether clients actually want to engage in this manner?
We’ve found that clients across a broad range of demographics are more than willing to interact with a branded client portal to start that digital relationship. Through the portal, the application processing is accelerated and reduces the number of requests and meetings needed to gather the initial data and ‘Know Your Customer’ items together. With over 81% of clients accepting invitations and interacting with the portal in 2017, there’s a clear message that clients are willing to engage in this manner and this isn’t restricted to the millennials. 25 to 34 year olds are more likely to accept invitations provided by advisers followed by 45 to 54 year olds, however when it comes to completing actions set by the adviser it is the 55 to 64 age range who are significantly more willing to complete and return.
Digitalisation of the mortgage and protection process, built on a foundation of client engagement, can and does deliver genuine value for the intermediary. Once the digital relationship is established, the adviser can leverage that platform for future engagement whether this is marketing related or re-engaging the customer at the end of the product cycle. Just like any other relationship, it is about keeping things warm (through regular communication and engagement in the portal, of course).
