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Collective intelligence for financial advisory

Empowering the bank by designing a new, exponential and human-centered service model.

Empowering the bank by designing a new, exponential and human-centered service model.

Industry

Fintech & Insurtech

Year

2016

Client

Private Bank

Services

Envisioning a future-friendly service model

A variety of digital tools have always been available to Financial Advisors (FAs), yet they often remained unused. Thanks to an extensive research phase, we identified the different typologies of FAs based on their technological inclination and clients portfolio, and we mapped their journey by understanding which tools were used in specific moments of their relationship with the client.

The main insight was that there was no use of digital tools at all during the advisory moment, since all FAs prefer to have a personal and direct interaction with the client. Thus, two distinct phases emerged before and after the client’s signing: the preparation of the proposal and the following digitalization of all the information collected on paper.

With an envisioning activity, we decided to focus on the FAs’ creation of the investment proposal, trying to understand which kind of digital ecosystem could support and empower them in setting the best possible solution for the client.

Outcome

In a context where the FAs have to find the perfect match between the peculiar needs of the client and over 40,000 investment solutions available on the market, they tend to rely on the same few ones they are accustomed to and know very well.

Wise Advisor is the first tool that digitalizes the advisory moment: it is able to cluster the clients according to socio-demographic, financial and behavioural data, the FA typologies, and then to give a suggestion about the solution that is most likely to be proposed to such clients by the best performing FAs of the network.

The FAs can then further customize the proposed solution in order to specifically meet the needs of their client.

financial advisors impacted
2.3K
months of project
6

Mapping to reveal opportunities

The research activities were fundamental to identify the opportunity for improvement of the Financial Advisors’ journey: by mapping and clustering clients, FAs, and outlining their step-by-step activities, we’ve been able to design a tool to truly empower the FAs’ skills and help them get the most out of their relationship with the client.

An algorithm to serve the interface

A close collaboration with Bip xTech allowed the identification of the algorithm for clustering clients and FAs in a way that is fully compatible and connected with the tool’s interface: AI and interface design went hand in hand throughout the project.

Fostering the cascading

Part of the project was also the presentation of the tool to the network of over 2,000 FAs throughout the Italian territory: we went to them and explained how Wise Advisor worked and which were the benefits for their activities, thus facilitating the spreading of information among advisors of all levels.

As a side and unexpected effect, many Financial Advisors started to use and propose investment products that they weren’t even aware of before. Wise Advisor therefore revealed itself as a tool for cascading as well, that helped expand the shared knowledge among the whole advisory network.

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