Re-imagined Wealth Management System (WMS):
1.Easy On-boarding & KYC :Provide good experience by using WhatsApp Video call.
In many big banks, which had acquired other financial entities, there are duplicate CIF in their database. Clean that & provide correct 360 view.
2. GAMIFICATION for RISK PROFILING: Don’t ask 30 boring questions? Use interactive 4D game based on say, MONOPOLY & do RISK Profiling/Portfolio Creation.
3. INTEGRATION with SOCIAL MEDIA :Stock price is a favorite topic during tea. Integrate with social platform ( can be closed group). My friends can share their views on a stock/Rank that stock. Gamify that.
4. Structure Product (SP): Automate your process & offer personalized SP. Don’t confuse him with jargons like knock in/knock out. Simplify investing for him.
5.OPEN BANKING :In case customer is having accounts in multiple banks, aggregate that data by OPEN banking API & provide full view to customer.
Offer Personalized products based on this data. Allow him to create rules for SIP. Allow SIP on all days.
6. Engage with Full Family: Today investing is a boring/complex topic. Provide incentive & change the saving/spending habits of family.
Bring Fun here. Happy family will take better investment decisions.
