What if your clients could have a single consolidated view of their transactions in flight without having to view multiple web portals? For many investment banks, this may sound like the stuff of science fiction, but with digital disruption upon us, the current single-dealer, full-service portals of today are likely to become things of the past. That’s because clients will increasingly expect a unified customer experience across channels—just one of six themes expected to be driving forces in the coming digital disruption of investment banks.
Investment banks today
Many investment banks have already invested in client web portals that cross multiple products and services. However, clients that are significant all use multiple investment banks. That means these clients are likely using 5-10 web portals across products and trade lifecycles, and you bet their customer experience could be better.
Investment banks in the future
Now, what if those same clients who are using 5-10 web portals had their needs and experiences prioritized? What if they could see aggregated positions and trade across sell-side institutions? What if they could track bilateral pricing data from multiple banks? This is the trend in the investment banking industry. Think web portals that aggregate information and services across investment banks.
There’s no looking back for clients—and banks
The client benefits of multi-bank, client-centric portals speak for themselves: customer self-service, empowerment and customization, but there’s also potential advantages for investment banks. Analytics could enable a bank to understand which of its offerings are resonating with particular clients, and cross-bank analysis could help banks understand their “shares of wallet.”
So, how can investment banks win in the digital age? It’s critical to think about your current institutional client portals, but don’t stop there. Savvy banks will develop strategies for the longer game that include multi-bank portals, and that means differentiating based on products, client relationships and the ability to deliver the lowest cost, where appropriate.
Please join my colleague, Laurie McGraw, next week as she looks at the second theme emerging from digital disruption. Until then, to learn more, read: