Sandra Rutz reports from the Digital Finance class May 9, 2020, 8.15h – 17h.

During the lockdown relaxation Covid-19 our online zoom class HWZ DF 1 – 2020 received a very informative, professionally and broadly based lesson on the topic of Digital Wealth Management from Luc Schuurmans.

The day began with the question, what are the main needs of bank clients? Therefore Luc Schuurmans outlined the four important categories:
Financial Planning, Financial Advice, Financing and Payments. Wealth Management provides services mainly in the areas of Financial Advice and Financial Planning.

This blog is based on the two Product Categories: Financial Planning (F. Planung) and Financial advice (Anlegen) please see pic. Luc Schuurmans 2020).

My best take away therefore, is Luc Schuurmans Business Modell Framework of the 5 W’s, which also applies to Digital Wealth Management.

Based on the two models “Finanzdienstleisterund ihre Produktkategorien” and “Geschäftsmodell-Framework 5 W’s” I summarize a contribution to Women’s Digital Wealth how I see as a role model within UBS successfully implemented.
How UBS encourage women to become more financially involved by a digital wealth approach:

UBS Women’s Wealth Academy

“In Switzerland, seven out of ten women do not participate in long-term financial decisions – but leave them to their partners. This is shown by the UBS Investor Watch study. While men often take responsibility for long-term financial decisions, women tend to deal with short-term finances, such as managing daily expenses or paying bills. Why is this number important? What appears at first glance to be a pragmatic division of tasks involves risks: women in Switzerland live around four years longer than men. This not only means that they have specific requirements in terms of retirement planning, but also often leads to financial problems after a divorce or the death of the spouse. This makes it all the more important for women to get involved in long-term financial decisions at an early stage.”

(UBS Investor Watch Switzerland insights 2019 Volume 1)

So have a look at the highly informative infographic from UBS 

With the Women’s Wealth growing the aim is women to participate actively in financial decisions early on increase their chances of financial security and worry less about their future (UBS Investor Watch Switzerland insights 2019 Volume 1)


Luc Schuurmans therefore stated: “And the most important asset of a bank is trust. This is the only way clients will entrust the banks with large assets for management purposes (Luc Schuurmans, 2020).”

This means for me build trust and growth by providing supportive education 24/7 when, where and how women want.
Digitally or personally.

The Challenges

Women fear and have a lack of financial knowledge. Women find it difficult to locate finance information fast.
Financial information is often too complicated.
Who to trust?

The Solution

Provide women with an instant and always accessible multilingual educational platform, that answers questions and transfers knowledge to users in order to build trust and client relationships.

  • Always with you approach, throughout the women’s life cycle.
  • Lead with life pictures and financial journeys.
  • Provide easy to understand financial information, sharing the latest investment trends and news.
  • Build a network with the users to facilitate collaboration and relations.
  • Leverage the latest technologies to deliver a one device strategy.
  • Include Multimedia and video, chatbot and integration content.

A great example from UBS:

Financial Planning: Looking ahead

You go your own way – but do your assets follow? 

Few discover their life’s journey neatly mapped out for them. Life instead presents us with possibilities, forks in the road and detours. We take on these challenges gladly because they enrich our lives. Some are perhaps less intended than others. But one thing remains true: when it comes to drawing up a strategic plan for long-term asset development and to secure your wealth, the more prepared you are, the better you’ll do.”

Where do you see yourself right now? Do you know what you should be watching out for at this phase in your life in terms of finances? Click on the symbols in the graphic to find out.”     

https://www.ubs.com/ch/en/microsites/womens-wealth/lifestages.html  

Enable, empower and motivate women

Integrate new women into the business, keep them updated with new information and communicate with them.

Direct Communication:
Use latest mobile technologies for fast communication.
Connect and communicate easily with every single woman through a company branded app.

Empower and motivate women with fast access to accurate and up to date information using multimedia

Digital Dashboard personalized dashboard with all the relevant information about and for the women. All reports, analysis and data, in one place with access to it 24/7. women can monitor important key metrics about their investments which simplifies decision making.

Digital Instructions are especially useful when one has poor or no internet connection but would like to access some information. Use images or videos to visualize steps.

Get women familiar with processes, services and products

eLearning easy to understand personalized teaching materials with ongoing access to resources and downloads.

Gain new women through leads and support them throughout the women lifecycle

eCommerce and sales support answer women pre-sales questions to build trust and ensure that women have all the details they need about our products and services. Identify women, learn about them meanwhile improving their shopping experience.

Support women in the usage and configuration of products and services, provide information to retain, prevent churn and identify opportunities for upsell

Chat bot a cognitive assistant will act on our behalf and make direct connection with women to resolve high-frequency questions and increase women quality time.

FAQ let women help themselves to find the answers to their questions and reduce the work of your women care team.

Multimedia Guide assist women with a step by step guidance of images or videos to help them understand product functionalities. Having an easy to understand multimedia guide reduces women care and puts your company in better light.

Digital communication engage and delight every woman with real time information, offers, feedbacks, acquire new women, upsell to existing ones and provide better value and service with your branded digital communication app. Real-time messaging function builds trust and loyalty, use push notification for important messages.

Listen to the UBS House View – Podcasts, Insights from the Chief Investment Office Global Wealth Management.

Tune in

https://www.ubs.com/global/en/wealth-management/chief-investment-office/market-insights/house-view/cio-audio-alerts.html#english

My conclusions are

  • Treat women as a unique market, personal or digital.
  • Build network around key segments of women.
  • Lead with advice and not product.
  • Women investors want advisors who understand their life pictures and financial journeys.

This blog paper on digital wealth management, which focuses on women’s digital wealth, shows how Luc Schuurmans various theories are put into practice for me as a wealth management client of UBS, but also how much more opportunities I do see all banks need to pursue in the digital (women) wealth management.

Thank you Luc Schuurmans for the exciting and instructive day and all the class mates for the lively and valuable discussion!