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These executives see digital transformation and creating seamless digital experiences for customers and customers as a purely hygienic exercise. It is unlikely to result in transformative commercial benefits.
this is, latest research From Digital Transformation and Marketing Agency Paragon DCX Above all, it reveals how the sector struggles to prioritize digital transformation, but financial performance is still seen as a key differentiator in the market.
A majority of respondents acknowledge that their sector, including their own organization, is lagging behind in terms of the digital maturity needed to drive transformation.
But this is not because boards fail to recognize the importance or benefits of process, but because many feel their strategies are stuck.
As the economy remains volatile, C-suite executives see returns for investors as their top priority, while middle managers are less digitally conscious and highly risk-averse.
As for the survey results, Andy farmerParagon DCX’s Chief Strategy Officer admits that the Wealth and Wealth Management Division “has always been a relationship-based division.”
The difference now is that businesses need to initiate and maintain personal relationships in the digital space, continues Farmer. But most asset and asset management companies seem to be in the process of digitizing their existing processes rather than trying to transform them for the digital world.
Farmer acknowledges concern that a lack of focus on improving the digital experience at the top puts organizations operating in the current environment at risk.
With an increasingly digitally savvy customer base that expects a retail-like experience from all brands, companies in the wealth and wealth management sector risk losing market share and missing out on new customers and clients. could negatively impact financial performance in the long run, he confirms.
The report also addresses many of the other barriers asset and wealth managers face in their digital journeys, including regulatory and compliance issues, siled data, measurement of success, and the persuasive power of senior management. I am specifying.
Finally, we provide a number of recommendations for asset and asset management businesses seeking to reach digital maturity.
These findings are in stark contrast to those in other industries where digital transformation and a focus on digital experience as a differentiator has become paramount to customer satisfaction and business survival. .
research by McKinsey In 2021, 71% of consumers expect personalization and 76% are frustrated that they can’t find it. Similarly Gartner2022 report confirms this, finding that improving the customer experience is the primary reason organizations pursue digital initiatives.
