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Productivity and client experience are key drivers for firms’ technology decisions

The more productive employees are, the better they serve customer needs.

When wealth management firms evaluate their technology needs, their top consideration is productivity, followed by improving the client experience and increasing the profitability of their firms. To a certain extent, these three themes are linked: The more productive employees are, the better they serve customer needs. And a better customer experience is the key to attracting and retaining customers, increasing profitability.

“We recognize that wealth management firms are accelerating efforts to innovate and deliver a refined and unified multi-channel user experience via a common platform,” says Michelle Feinstein, general manager and vice president in Salesforce’s Global Wealth and Asset Management Solutions and Strategy – Industries division.

Well-integrated, easily implemented solutions are critical because technology already plays a key role in supporting several aspects of wealth management practice. More than three quarters (78%) of firms report that digital tools are useful for managing risk. Most also rely on existing technology solutions for client attraction and retention (72%) as well as digital workflow automation (71%). Poorly integrated solutions can put pressure on those existing systems. “Firms need a partner that offers compelling solutions and speed to market when it comes to integration and innovation,” says Feinstein.