The 360-degree client view: the whole is (much) greater than the sum of the parts

The 360-degree client view – also referred to as the single client view – gives wealth managers just one place to go, to gain oversight of all interactions, activities and transactions relating to every client. Despite proving elusive for many years, the single client view delivers countless benefits and is entirely possible, with careful planning backed by innovative technology. A 360-degree client view provides a digital environment within which advisors can view every aspect of their relationship with a client – information that is generally scattered around an office, in physical form or in unconnected systems across the organisation. Those who have successfully achieved the 360-degree client view have reaped the rewards throughout the COVID-19 crisis, not only because they have been able to serve clients effectively, but also because they have been able to meet regulatory requirements. How can you achieve a 360-degree client view?
  1. Analyse and extract intelligence from client interactions. Regulators require every interaction that may result in a trade, from any device, to be recorded and retained. But retention alone is a missed opportunity to gather insightful intelligence and context, which enables you to provide more relevant and timely advice. Knowing exactly what happened, when and why, is one thing. Being able to personalise communications and make proactive, next best recommendations, based on automated analytics, is more useful and profitable for everyone involved.
  2. Leverage technology to digitise manual processes. Automation enables a single client view by ensuring that data capture, client service and compliance processes are managed and recorded digitally, alongside all other interaction and transaction data. In the past, a relationship manager recorded conversations on a Dictaphone, had an administrator transcribe the dialogue, and then analysed the script several days later. Today, it is entirely possible to record video conferences and phone calls digitally (with consent), automatically transcribe them, analyse the content and context, and highlight follow-on actions based on sentiment, next best action, and so on. The relationship manager can focus on the conversation, not note-taking, there is no downstream administration, and all compliance checks are executed automatically.
  3. Put data to mutually beneficial use. Data is the lifeblood of the 360-degree client view, and trust and transparency are key elements that influence a client’s consent to data collection. Although capturing data across the entire client lifecycle gives an extra level of compliance protection for all, the key driver must always be service delivery. When data is captured with the goal of getting the best outcomes for clients, consent will be forthcoming for as long as the value is apparent. Any negative repercussions, including continued duplication of data capture or little evidence of added value, can cause clients to lose faith and withdraw consent.
  4. Tag and analyse conversations to assess context. The single client view relies on data accuracy and hygiene, which must be an area of focus moving forward. By capturing, classifying and analysing every interaction automatically, you can determine how best to increase share of wallet, train new staff and underperforming teams on best practice approaches, identify a deterioration in client sentiment that requires remedial action, and personalise communications to ensure optimal performance. From a compliance perspective, conversations are analysed to ensure that the relationship manager said and did the right thing, at the right time, and anomalies can be quickly remedied.
  5. Capture a defensible audit trail, across the entire client lifecycle. The 360-degree view is highly appealing for compliance teams, and reassuring for clients. By capturing evidence of all interactions and meetings, including ‘get to know you’, fact finding and recommendation meetings, then moving on through engagement, onboarding and beyond, wealth managers can evidence that they did – at all times – act in the client’s best interests.
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Wealth Dynamix delivers Client Lifecycle Management solutions to the world’s leading private banks and wealth and asset management firms.


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