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Levelling Up Client Onboarding: The Potential of Gamification in Wealth Management CRM ๐ŸŽฎ๐Ÿ“ˆ

Disclaimer: The views and opinions expressed in the vapa Swiss independent wealth management blog posts featured on this page are solely my own and do not necessarily represent the views of any institutions or organisations I may be associated with. These posts are intended to share personal insights and perspectives and should not be interpreted as official statements or positions of any affiliated entities.

Gamification can significantly boost the success of change projects by transforming the perception of changing conditions from a threat into an opportunity. This innovative approach has proven effective in various industries, such as automotive. Here, while drivers traditionally favoured sport mode, leading to high fuel consumption, post-2010, the eco-mode became gamified. Consequently, fuel-efficient driving turned into a personal challenge, engaging drivers in โ€œfree kilometres.โ€

Although this comparison might seem a stretch, it highlights the potential of applying gamification to other complex processes. Specifically, in wealth management, the extensive collection of know-your-client data presents a challenge. Currently, users often struggle with completing numerous, unorganized CRM data fields, crucial for exploratory data analysis. However, the free-text format of the clientโ€™s life story, essential for explaining the origin of funds, remains largely underutilized, even with the aid of AI.

This begs the question: why isnโ€™t the onboarding of wealthy clients gamified internally? Imagine a system where the clientโ€™s situation and structure could be graphically designed using drag-and-drop icons, guiding the user playfully through the financial institutionโ€™s policies and procedures while logically completing necessary datasets.

A CRM system like this could instantly alert for extra documentation, including wealth source checks, and autofill all needed account opening forms. A guided, gamified process could ease tensions between front office and compliance teams, speeding up account approvals.

The potential of a gamified Swiss CRM system in wealth management is huge. Does anyone know of a CRM system in Swiss wealth management that uses gamification to streamline client onboarding?

Source: LinkedIn

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An imaginative illustration showcasing the concept of gamification in wealth management CRM, blending traditional client onboarding elements with interactive and engaging gaming features.

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