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1、WHITE PAPERWHITE PAPERThe Importance of Client Portals for Enhanced Service and Business Growth What does a successful portal implementation look like in 2022?IntroductionSummaryContextData Management ChallengeSarasin Case Study TABLE OF CONTENTS2461218Since its foundation in 1996,Dorsum has become
2、the leading innovative investment software and solutions provider in the CEE region.Over the last 20 years,the company has grown from a group of few employees into an organisation of more than 250,who works in 5 offices in 3 countries.Dorsums prowess in innovation is unquestionable as it is the only
3、 European FinTech company in the WealthTech sector that was able to win the Best of Show award 3 times in the last 4 years at the biggest European FinTech Show,FinTech Europe.Owen James was incorporated in the summer of 2005.His goal was to introduce a new way of doing business.Instead of the tradit
4、ional hard sell the transactional approach to events we wanted to create a platform for strategicengagement.To discuss issues that wereaffecting the whole of the industry,to challengethe status quo,and seek solutions to enable firmsto do better business.In addition,we wantedto create events which pr
5、ovided a vision of thefuture,and which provided inspiration.The Wealth Mosaic(TWM)is the definitive information and knowledge resource for the global wealth management industry.It is founded on a curated,online solution provider directory to close the knowledge gap between wealth management business
6、es worldwide,the growing technology marketplace,and related solution providers.There is also a range of quality supporting content and thought leadership.Find out more at 1Owen James and Dorsum brought together COOs,CEOs,and leading management consultancy firms from the UK wealth management market t
7、o discuss how wealth managers and private banks can successfully implement a digital client portal.The objective was to go through the main benefits,discuss the challenges,and see a real life example through Dorsums client portal project with Sarasin&Partners;how a portal can help grow business,and
8、what the most important factors are with implementation.This white paper highlights the most important learnings and experiences that the participants brought into the discussion.INTRODUCTION/A well-thought-out and user-friendly portal with the right content is an increasingly important contributor
9、to the quality of service offered by wealth managers./Two key factors to a portal that clients will like and will return to are:great UX,and excellent data management.32Wealth managers want to encourage clients to engage digitally this is the post-pandemic norm,particularly with the younger generati
10、on.Data management is key to meeting the digital needs of clients.Constructing a good data model is more intricate than some may believe,as wealth managers need to pull in data from disparate vendors and systems,and an integration layer to deal with different data types and structures is required.Da
11、ta architecture is also crucial to make sure firms not only serve up data and efficiently use it.Knowing how and when clients look at data,i.e.,closely monitoring their engagement,allows wealth managers to leverage insights more systematically.All of this is important for wealth managers to drive up
12、 client engagement.Realistically,no client will choose a firm just based on a portal.However,not having one could mean being filtered out of the selection process.Good data management and an excellent front end are therefore vital.Dorsum also shared the most important benefits from its Sarasin clien
13、t portal implementation case study:The portals reception was positive with a high take-up.The level of client feedback,both solicited and unsolicited,was impressive.The client portal has been presented in a hybrid servicing model.It does not aim to completely replace face-to-face interaction with re
14、lationship managers or other methods of communication such as e-mail or phone.The reduction in cost to serve brought about by the portal will allow for an extension of users.Client portals are massive enablers of better service.By giving clients the means to access their portfolio data and analytics
15、,share documents,and communicate with their advisers,wealth managers bring a new layer to the relationship.Reporting is a major pain point with firms facing issues linking suitability and performance data to the portal.What is more,ESG and broader sustainability data will soon also need to be incorp
16、orated into reporting on top of KYC and suitability.This will further increase the need for advanced reporting tools.Indeed,more complex reporting and notably,look-through reporting and sophisticated analytics are expected from the industry.Respondents also want to be able to serve up research,news,
17、insights,and other relevant content to their clients.Indeed,a client portal is an investment in client experience and retention,but the challenge is to be able to provide a good client experience to all clients.SUMMARY5All respondents have a functioning client portal,with 77%on both desktop and mobi
18、le apps,and 23%using a desktop app only.The three main purposes of these portals are the display of portfolio analytics(92%),document sharing(62%),and digital communication(54%).The main challenges of client portal creation are the complexity of data scattered across numerous systems(54%),and the qu
19、ality of data(54%).Almost none have any issues with clients not using the portal(below 10%),meaning that the demand for portals is present.The most difficult data to link to a client portal are suitability information,portfolio performance metrics,and portfolio and look-through data.Suitability info
20、rmation is mentioned by 54%,performance portfolio metrics by 46%,and portfolio and look-through data by 30%.Market news and insights and lists of transactions are the least common challenge,accounting only for 8%of all client portal users.46%of the databases connect/would like to connect to more tha
21、n four systems,30%to two to four systems,and 23%to one system only.77%of respondents find portfolio performance data a significant type of information to display on their portal,and 69%highlighted portfolio look-through information.They also value having news and insights pages,and notifications abo
22、ut events,each of which accounts for under 47%of the responses.Wealth managers are already using client portals to manage content and enhance client service.In the first section of the discussion,participants were asked about their experiences with client portals,whether they use one or not,and the
23、main functions they cover with their portal.Client portals have become an essential part of the value proposition of wealth management companies.By giving clients the means to access their own portfolio data and analytics,share documents,and communicate with their advisers,wealth managers bring a ne
24、w layer to the relationship.During the event,COOs and CEOs from the UK wealth management and private banking sector were asked about their opinion on the current status of the industry in regard to client portals.For an industry often compared to a dinosaur when it comes to technology adoption,the r
25、esults were heartening.CONTEXTGENERAL INSIGHTSDATA MANAGEMENT6In terms of the future of their portals,92%focus on improving client engagement,38%want to drive self-service,and 31%aim to reach a younger/wider audience.Freeing up adviser time,delivering business efficiency,and enhancing compliance are
26、 the least popular drivers,each accounting for around 10%of the responses.61%of surveyed participants are in the process of improving their client portal.23%are still planning to improve theirs.Indeed,all respondents have a client portal and are using it for basic functions.Reporting is a focus,part
27、icularly within firms facing issues linking suitability and performance data to the portal.This will become more pressing as clients need to have their KYC and suitability reporting recorded,as well as their ESG preferences and broader environmental aspects factored in too.Most are in the midst of m
28、aking improvements.Nevertheless,respondents would like to be able to incorporate more complex reporting into their portal,notably look-through reporting,and more sophisticated analytics.Another sought-after feature is a way to publish research,news,insights,and other relevant content to their client
29、s.But wealth managers are held back by having to bring in data and information from disparate systems making the process complex and fragmented.The way in which this data and information can be brought in,housed,and then presented is a key issue to tackle(see Section 2).In summary,portals are in use
30、 and are being refined to be able to better manage and present the vast swathes of data they deal with.This would point to an operational efficiency play by removing the need for manual data management processes,the firm can free up resources to focus on higher-value tasks.FUTURE PLANS FOR CLIENT PO
31、RTALSMain challenges of implementing a client portal:Data complexityData qualityConnect to a single systemMain purpose of implementing a client portal:Portfolio analyticsDocument sharingDigital communicationCLIENT PORTAL MARKET SURVEY RESULTS92%62%54%54%Main focus for future development:Improved cli
32、ent engagementSelf-serviceReaching a wider audience54%23%92%31%38%98Our research showed that a client portal is an investment in client experience and retention.This is a much more open way of thinking wealth managers want to encourage clients to engage digitally.This is the post-pandemic norm,parti
33、cularly with the younger generation.The challenge is to be able to give a good client experience to all clients.The research highlighted that digital engagement comes up as a very high priority.Some 80%of millennials want a more personalised client experience and are ready to share data to facilitat
34、e that.This feeds into the client portal because suitability information and KYC,plus other contextual information,can help fine-tune the investment proposition and determine the content that the client can access on the client portal.CLIENT SERVICE AND EXPERIENCEAnd this is how you deepen customer
35、relationships,by truly knowing what your customer will like and find relevant.It provides an empathetic base to the relationship and makes it more likely that the client will engage with you to ask questions or discuss content.However,it is important to acknowledge that digital engagement via a clie
36、nt portal should not be offered as the sole form of relationship management,but as an addition to conventional channels.Lockdown prompted e-mails instead of paper reports,and this has naturally migrated to the use of a portal-but it is still important to meet the needs of all,including clients who p
37、refer face-to-face meetings.Thankfully,engagement with client portals is overwhelmingly positive,with almost none of our respondents having any issues with clients not using the portal.Meaning that the demand for portals is present.Essentially,a well-thought-out and user-friendly portal with the rig
38、ht content is a key digital engagement tool for wealth managers.Clients like them and come back to them again and again after their initial use.The question then is how to get the content of the portal as good as it can be this is the data management challenge!/Some 80%of millennials want a more per
39、sonalised client experience and are ready to share data to facilitate that.1110What lies beneath:the importance of a robust data model to capture,store,and then feed the client portal.After discussing the current status of client portals in the British wealth management industry we covered more back
40、end-related topics.We wanted to understand the complexity of databases and data models of firms in order to better understand how new portals can be built upon these legacy systems.Key points:The devil is usually in the details regarding a good data model.Wealth managers need to pull in data from di
41、sparate vendors and systems,and an integration layer to deal with different data types and structures.Most,if not all,wealth managers will need professional advice in some form to make robust data management a reality.Being able to serve up data to a client portal relies on having a smooth backend a
42、rchitecture capable of taking in,storing,and then sending on data and information in a clean and readable format.What complicates things is that wealth managers need to pull in data from disparate vendors and systems,and the end result can be fragmented and patchy if the process is not carefully man
43、aged.Wealth managers need an integration layer to deal with different data types and structures in order to bring together a meaningful offering.This would still retain the integrity of the original data source and present it to the client portal.THE DATA MANAGEMENT CHALLENGETHE DATA MANAGEMENT CHAL
44、LENGE13For most of the respondents,suitability information and portfolio performance metrics are the most difficult data to link to a client portal.Almost half of the databases connect/would like to connect to over four systems.Respondents perceive portfolio look-through information and performance
45、data to be the most significant aspects for display on their portal.They also value having news and insights pages,and notifications about events.The main challenges of client portal creation are the complexity of data that is scattered across numerous systems and data quality issues.Data storage is
46、 an essential process in data management.All types of data need to be pulled in,cached,and stored to be ready for the portal to access.This creates a more secure backend,but it also creates complexity because a layer to integrate and combine data is required.For example,there might be different syst
47、ems looking at discretionary and model portfolios.Still,there is a need to combine all that data and have an aggregated view too.An integration layer is very valuable here so that it can deal with each of the backend systems and take in data to aggregate it,which then can be used as a base to model
48、and see how things look.Caching does come with a few issues,however.In particular,complicating the processes of tweaking data,so sometimes more flexibility is required.In practice,this means getting to the data after it comes from the API,but before it gets to the warehouse,to ensure that the data a
49、nd other content are optimised in terms of accuracy and wording.The need for real-time information is pressing too.So,within the data management process,data needs to be sorted according to whether it should be available in real-time or at end of the day.Document sharing is one thing that comes up r
50、epeatedly as a real-time requirement.While real-time availability sounds like the best solution in general,its resource-intense nature is cause for caution.Also,most systems collect data at the end of the day,so real-time availability could be unnecessary if no other relevant back-office systems sup
51、port it.A focus on the data architecture to make sure firms can take the data and leverage insights more systematically is now largely underway.Wealth managers need not only to serve up data but also to know how and when clients are looking at it and take note of their engagement level.DATA STORAGER
52、ESEARCH FOUND/Data storage is an essential process in data management.All types of data need to be pulled in,cached,and stored to be ready for the portal to access.1514Most,if not all,wealth managers will need professional advice in some form to make robust data management a reality.Being able to ma
53、ke sense of user behaviour is key,too.Knowing how clients use a portal,mobile or desktop,how long they spend on it,and where they hover,can inform the portals future direction.This is as much about behaviours as it is about data.Indeed,pushing information at clients is about so much more than just s
54、howing them their investments.It is about knowing how and when to approach and with what.Often,it is not around valuations or performance,it is around insights and news,about being informed about markets,what is going on,and how all that impacts over the medium and long term,etc.Collaboration with a
55、 vendor is obviously a bonus in this regard,and firms are leaning more towards this model.Having some sort of in-house knowledge is also an intelligent play if firms are looking to understand and glean practical and strategic insight from their data.Data science is also well regarded.Here,the win is
56、 that the scientists bring basic level expertise,which can then be moulded to the business.Indeed,the possibility of someone who sits in between the business and digital innovation,who can translate and explain how data works and its benefits to those making the strategic decisions,can only be a goo
57、d thing.Data science is something that,conceptually,has come a long way in the wealth management industry within a relatively short time.In addition,wealth management can learn from other sectors.Some of the first digital offerings brought in people from the gaming industry resulting in their fronte
58、nds becoming user-friendly,intuitive,and thus,engaging.All of this is essential if wealth managers are to drive up portal use.Realistically,no client will choose a firm just based on a portal.However,not having a well-thought-out portal in terms of data model or UX could mean being filtered out of t
59、he selection process.Good data management and a good frontend are thus vital.MAKING THIS A REALITY/Some of the first digital offerings brought in people from the gaming industry resulting in their front ends becoming very user friendly,intuitive and thus engaging./Having someone in-house that also u
60、nderstands the business is very valuable,as they can spot things that are interesting and of strategic use to us.1716Secure document store Opening,downloading,printing and sharing of documents Valuations,contract notes,minutes of meetings,etc.Push notifications Fully controlled by Sarasin via API bu
61、t MiFID2 notifications have not been integratedSeparate ESG section within the portal and app displaying basic ESG and sustainability metrics OnboardingAllowing access to the portal for clients who are being onboarded and displaying its status:Suitability Specification in progress-ESG reportingThe r
62、eduction in cost to serve brought about by the portal will allow for an extension of users.Now in its second year and second phase,the Sarasin implementation was built on the following aims:Broaden clientele Showcase the companys USPs Respond to the ESG buzz Establish digital communicationCreate an
63、online communityReduce costs React to regulatory requirementsPutting it into practice:How has Sarasin found the client portal experience and what are the key takeaways?In the last section,Dorsum shared its case study about a successful client portal implementation project they delivered for Sarasin.
64、In addition,we asked the participants about their vision and strategy for implementing a client portal.Key points:The portals reception was positive with a high take-up.The level of feedback from clients,both solicited and unsolicited was impressive.The client portal has been presented in a hybrid s
65、ervicing model.However,it does not aim to completely replace face-to-face interaction with relationship managers or other methods of communication such as e-mail or phone.CASE STUDY THE SARASIN EXPERIENCE Phase 1 Phase 2 and beyondPHASE ROADMAP18The results of the implementation are impressive,Saras
66、in has found that 75%of users logged in within a week of receiving access.This is pleasing given that the firms client base is largely into retirement.33%of logins come from the app,68%from the web portal,out of these web users 81%are logging in via desktop and 19%on their mobile devices.First-time
67、users are more likely to access the portal via a desktop,but then there is a switch to using it via the mobile app.Why was take up so good?The answer lies in the fact that Sarasin was using its account directors to actively engage with their clients and encourage them to try the portal.Instead of a
68、client-wide generic announcement,there was a personalised recommendation coming from a trusted adviser.In addition,the firm tried hard to meet users on their level.For example,those looking for valuations online have continued to make use of this function via the portal.In addition to this,there hav
69、e been push notifications and emails about new content and help in accessing it but there has been a fine line between useful encouragement and overkill,and the overarching strategy has been to use the content to give people a reason to log on.Crucially,the firm has also supported advisers by showin
70、g them how to get the best out of the system,and how to communicate that to their clients.The level of feedback from clients,both solicited and unsolicited,was impressive.The firm also sought to gauge opinions using selected clients.The aim was to make the first iteration as good as it could possibl
71、y be to promote uptake it worked.Just as importantly,the client portal has been presented as an additional service element.It does not replace face-to-face or other methods of communication such as email or phone,instead,it promotes a more hybrid approach.TAKE UP IS GOOD/Actually,the most engaged cl
72、ients were in their 70s,retired,and with free time to engage with the portal,and this is a key learning outcome for us./We were surprised by the number of clients who had something to say about our portal;they care more than we thought they did,and they came back with unpromoted feedback and ideas.T
73、hey promoted a new level of engagement that we were not expecting./Set-piece meetings and greetings are very much a thing still.But what we are seeing is that clients are more inquisitive due to having more content and information.That means they will get in contact briefly to check something or ask
74、 a question.2021NEXT STEPSThe Sarasin implementation has been a success.By using the portal with the means to engage clients further,and add depth and value to the relationships,the firm should be able to retain and attract more clients-both in the prospecting stage as well as extending its reach do
75、wn the wealth chain.And by considering the architecture and management of data that lies underneath,the portal is able to make good on what it promised.This aspect is likely to be the hardest one going forward.Firms are seeking to bring in expertise and partner with vendors in order to leverage tech
76、nology to afford the very best client portal possible.The reduction in cost to serve brought about by the portal will allow for an extension of users.Prospects will be given limited access to the portal as a means to showcase what to expect once fully onboarded.This is seen as a relatively inexpensi
77、ve measure that could yield results when it comes to conversion.In addition,younger people that are not yet in the required Assets Under Management(AUM)wealth bracket,or sons and daughters of existing clients could be brought in;thus,the portal would act as an incubator.To attract a younger generati
78、on,wealth managers need to be at the top of their game with ESG and sustainability data and content.This was one reason it made the shortlist of initial requirements of Sarasin&Partners.There was also a heavy emphasis on positive and intuitive UX,something that the younger generations like and that
79、the older generations require when getting to grips with something new.CONCLUSION/Being able to appropriately manage data over a portal also means that cost to serve comes down,you can then look at opening up to groups where it was previously not possible./The next-gen is a huge area of interest for
80、 us,and so we are looking to leverage our portal to this end.Hadley Simons,Chief Operating Officer-Client Affairs,at Sarasin and Partners23kos SzalayHead of Product-Wealth Portal at DorsumJames GoadManaging Director at Owen James GroupAlison EbbageWriter and Editor at The Wealth MosaicOwen James int
81、ernal survey dataDorsum COO Briefing London participant interviews AUTHOR SOURCES24Please note that the information contained in this document(hereinafter referred to as:Information),has been provided to you at your request for discussion and informational purposes only.The Information is not intend
82、ed as,and shall not be understood or construed as,professional advice or services.Before making any decision or taking any action that may affect your business,you should consult a qualifi ed professional adviser.DORSUM Co.Ltd.and its related companies(Dorsum Software SRL.and Dorsum Bulgaria EOOD)(D
83、ORSUM Co.Ltd.and its related companies hereinafter referred jointly to as:DORSUM Group)make no warranty or undertaking,express or implied,as to the accuracy,reliability,or completeness of the Information.No entity in the DORSUM Group shall be responsible for any loss whatsoever sustained by any pers
84、on who relies on the Information.Any assumptions,time schedule and estimates expressed in the Information constitute DORSUM Groups plan and are subject to change by DORSUM Group.The Information is confi dential,and you must not distribute it to any third party,in whole or part,without DORSUM Groups written permission.Copyright Dorsum Co.Ltd.2022.All rights reserved.