Consistency rules all in finance: omnichannel success is key.

In the digital era, wealth management strategies have shifted towards a hybrid model that integrates in-person and digital interactions. However, maintaining consistency across these channels poses a challenge for financial institutions. Consistency in financial planning entails the coherent integration of inputs and calculations, ensuring a uniform financial planning narrative throughout the customer’s journey. Achieving consistency is often hindered by the siloed nature of traditional financial services and legacy systems.

Kidbrooke, a company offering a financial simulation engine powered through APIs, emphasizes the importance of consistency in omnichannel financial planning experiences. Consistency fosters trust and brand loyalty, which are crucial elements in the finance sector. McKinsey’s research supports this, highlighting the significant impact of consistent customer journeys on satisfaction and loyalty. Consistency also empowers clients to make informed financial decisions by providing consistent advice and data across channels. Furthermore, a consistent customer journey aids in strategic differentiation and innovation, essential in a competitive market dominated by a manual and siloed approach to wealth and financial planning.

Consistency in customer journeys enhances the overall customer experience. Studies by McKinsey demonstrate that consistency is more predictive of satisfaction than individual interactions. Financial institutions can forge deeper relationships with customers by aligning services with their perspectives and needs. Consistency also streamlines operations and reduces complexities and costs associated with managing different systems for various channels. Optimising customer journey experiences can boost revenue and significantly cut customer service costs.