This is my first year attending a Finovate conference. This year many of the companies claim to solve one of two problems: fraud or lengthy existing processes to comply with AML/KYC laws. Additionally, there are several companies that facilitate collaboration and co-browsing between representative and consumer, or in the case of wealth management, advisor and client.
Below are companies that have products that touch – some more closely than others – the wealth management space:
Trulioo, one of the verification companies, was memorable for the fictional characters used, “Ryan Lochte” and “Michael Phelps”. Michael Phelps checked out when Trulio selected six of his credentials to validate out of over 200 possible data sources that could be used to verify users. Ryan Lochte did not check out when the same process was used. The presenter joked that Ryan may not be able to open an account with a Brazilian start-up. Trulioo stressed its ability to work in over 50 countries and as such, highlighted that it would be a good vendor for companies looking to expand globally.
In the Backbase presentation, the presenter proved to the audience that it is possible to set up a personal checking account in 60 seconds. Backbase features include: conversational style dialogue to get initial customer details, social security numbers are automatically verified, and official documentation (passport, state ID) and credit card information can be uploaded with a mobile camera. Backbase’s customers include Goldman Sachs and ABN Amro.
TokBox and Salemove facilitate collaboration and co-browsing across platforms. Both companies focus on the fact that customers prefer to see the person they are engaging with online (Proof there is another person answering your questions!) For example, when co-browsing using Tokbox, an advisor can share content with their client, can annotate on the shared screen, and then save the screen to send to their client later. In addition to co-browsing, Tokbox features include: two-factor authentication, secure recording, and multi-party calls.
SaleMove allows advisors to login through a portal on a website. In the case of wealth management, it is designed to run on top of a wealth management firm’s or RIA’s website. The wealth management firm or RIA can create the business rules for when a customer engages with the website. For example, if a client that has previously engaged logs on, SaleMove can direct that customer to the same advisor that previously answered the customer’s chat request. Business rules can also be created so an out of office message picks up.
Personetics’ product is a “savings coach” that helps consumers with short-term goals and retirement. It is a predictive analytics solution with a chatbot. While it is a consumer banking product now, it is possible to envision it being used in the wealth management space as an add-on tool designed for mass market, mass affluent and/or HNW clients. The Finovate presenter gave an example of a customer about to go out to eat and the chatbot alerts the customer that they have been spending a lot on restaurants. Or a customer can ask a general question, like “Can I afford this?” Typically the chatbot will ask how much it costs then the user inputs the price. The chatbot will inform the customer how many months of cash-flow are needed to afford the purchase. The user can also check in regularly with the chatbot to see how much they have saved for a specific goal. Lastly, The Personetics presenter mentioned that the product collects feedback while in interaction. For example, the Personetics chatbot will ask the customer if the chatbot is helpful and the customer can respond “Yes”, “Meh” or “Stop sending me these”.
More to come from Day 2 tomorrow…