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Introducing Digital Tools for Wealth Maximization
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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India houses one of the highest numbers of asset management companies. 42 large scale asset management companies cater to almost 75% of the High Net Worth Investors in the country. These companies deal in a blend of personal and digital tools to inform, engage and transact with their customers.
Keeping the customer happy is the main mantra that any wealth management organisation follows. Following are the key areas of a client-investor interaction which benefit from optimum use of digital platforms:
The Indian market requires wealth managers who focus less on competitors in the technology sector and more on digitally developing localized services, along with building clients’ financial literacy online. Investors should understand the following data commonly provided by the manager’s online, in order to make sure that the above mentioned support services can be efficiently used in their best interest.
Digital tools for wealth management
The tools discussed above can be made available to investors through a series of social media and online platforms. A host of new communication and analytical capabilities are rendered to clients for better investment experiences.
Depending on investor’s needs, wealth managers present a wide choice of different tools among the existing software solutions available.
Mobile Applications for Wealth Management
50% of the Indian HNIs connect to their wealth managers through their smartphone applications. Each bank, each financial company is eyeing India to launch their application and capture a higher market share. Mobile applications have risen to be the most dominating technology tool for investment banking. Following are the major trends that are relevant in the mobile space:
Still, less than 15% of advisors today use a full-fledged professional digital application for making investment related decisions. Financial advisors in the fields of mobile apps, digital communication and analytical and social media solutions offer services based on CRM, on boarding, financial planning, portfolio management, reporting and client communication. However, it is not your headache to be well versed with these solution services. All you have to do is know your fundamentals and leave the rest on experts who have their best interest in your growth.
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