The Future of Client Servicing. Using data to power your offering

10 November 2022

AIClient ExperienceCommunicationDataDigital SolutionsMindful OfWealthTech Matters

Expert: Ákos Szalay Facilitator: Nicola Carney


  1. Data presents as much of a solution as it does a challenge
  2. In an end-to-end model, data presents various opportunities
  3. Data must initially be approached at the micro level
  4. Data is in essence useless without insights to understand customer journey
  5. Clients are increasingly open to discussing digital engagement requirements


Data solutions

The biggest challenge is understanding data, and its sheer size. Data is gathered (dark data) in different places in siloes, which firms are unable to leverage – note that over 55% of current data is not utilised for any specific purpose.

That said, there is a hidden asset to be leveraged - modern data architecture, through which firms can hyper-personalise. Many current HNW individuals seek personalised experiences, and this can only be done if all the data is appropriately aggregated and analysed – driving sales and organic growth.

At this point, what we can do is aim to leverage what the likes of modern tech companies (Netflix, etc.) are doing with their data, and begin with something small. Simple analysis will give powerful insights (interaction on desktop versus app, etc.), supporting understanding user behaviour and perhaps more specifically, supporting clients whose interactions are less than desirable.

Dorsum use a combination of in-house tech, Google Analytics and HotJar, allowing for a wealth of interaction-related information. While GA is fully-anonymised (mass data based on all clients), HotJar allows for connecting to individual users – providing insightful elements such as videos of client journeys. Considering this, Dorsum propose that data initiatives be phased, from gathering to analysing feedback – in essence, creating a track record of client feedback.

API data has undoubtedly begun driving a transition toward a single source of truth. While legacy technology ultimately must be displaced, we need to concede that one single system will never work. Instead, the focus should centre around ensuring automation, and that systems are able to communicate with one another.

End-to-end process

At Sarasin, Dorsum have implemented a minimum viable product which is quick and successful, with minimal function. Based on different data gathered (since January) however, they have amassed insights on product, approach etc. For example, during COVID, RMs were able to see when clients were logging in - and acting - during extreme market volatility.

This all supports client servicing and retention. While by no means complex to monitor from a tech standpoint, this evidences client commitment and pays dividends.

Approaching at the micro level

Based on FCA requirements, clients need to be provided certain documents. This system allows for uploading onto the portal in order to monitor and be notified where a client has read / accepted. While this surpasses the current system (post) in offering this guarantee, firms can't do much more than nudge, or in many instances gauge whether clients have adequate understanding.

T&Cs are very different than quarterly valuations in terms of CX - the requirement is quite distinct, given its impact. While not explicitly required, firms often end up with a list of individuals who haven't acknowledged such documents. In practice however, little is done with this information.

Under their current model, following a certain amount of time unopened, documents are sent via post (per reg requirement), and Dorsum are still in the process of transitioning (intent on moving to the portal entirely), however as stickiness remains a challenge, using historic methods – such as email – cannot be entirely abandoned.

Insights to understand customer journey

Budget (in terms of hiring data analysts) presents an initial challenge, as does understanding what to do in cases where hires have been made.

Adequately addressing this requires first cleaning data, and thereafter understanding what firms want to do with the data – “What do we ultimately want to achieve from clients?”

Digital engagement requirements

As opposed to submitting an error functionality on-page, clients in the app (beta) generation are happy to feed frustrations back in-person.

Every customer knows exactly what they want in engaging a given technology provider, however technology providers are often absent of this information. While UX is important, online is not the sole reason for capturing key clients – rather one aspect.

Quality of advice, of information, would rank much more highly. That said, feedback on issues experienced clearly needs to be understood, though firms are currently much more concerned about understanding incorrect data. Unless a client has come to you outside their normal mode of interaction, advisors tend to just run with it.

Quality of the data, extent of client engagement etc. is of utmost value, however it is immensely difficult to capture information (despite its value) as is fed through personal interaction. To that end, the shift to heavier telephony / digital interaction, etc. provides an opportunity, only if there is a data strategy underneath - that the advisor knows what can be leveraged from these new mediums.

Future thought: video conferencing still needs to leverage opportunities such as AI-driven emotion-tracking, sentiment analysis, etc. In line, the talent pool must be considered (preparing for the future generation) to ensure that these skills are brought in-house - especially given the anticipated shift of wealth.

Key takeaways:

  • Solutions need to be driven by deeper data analytics – the biggest challenge is understanding data, and its sheer size
  • Whatever is gathered in the end-to-end data process is utilised throughout different steps – be it Product or CX
  • It’s often rather difficult to begin initiatives with large sets of data. Instead, Dorsum propose beginning small
  • A major challenge remains in adopting multichannel communication (which often means incomplete, and uncorrelated data), and firms agree that the industry is significantly behind the curve in terms of a single source of truth