Wealth management returns: how Celonis and process mining can help

Over the last decade, financial services has undergone a fintech revolution: characterized by start-ups introducing new technology-enhanced services to the market. One of their focus areas? Wealth management. 

Blue-chip companies, not wanting to be left behind, followed start-ups’ lead and combined technology with their long-honed strengths. The result: Global heavyweights like Blackrock and Investec, among many others, now offer wealth management technology. 

Best possible service at the best price 

Having technology handle monotonous wealth management tasks frees people up to deal with more complicated, front office customer questions and concerns. But wealth management companies still have some way to go when it comes to ensuring back and middle office operations are streamlined enough to ensure the business as a whole can offer the best possible services at the optimal price. 

With that in mind, wealth management firms are focusing on digital transformation as the way to navigate fast-moving regulatory landscapes, while balancing world-class service with tough margins. 

Reduce cost, improve service, drive compliance 

Process mining, for many, is a foundational part of this transformation. The technology deployed at the heart of an Execution Management System (EMS) already has a track record helping financial services optimize processes across the board. Whether it’s the likes of Wells Fargo finessing their mortgage application process, insurance companies like UNIQA perfecting claims handling, or banks nailing down Know Your Customer, the beauty of process mining is that it applies to any process — and that includes wealth management. 

With process mining, wealth management firms can see what’s working and what’s not. Imagine an x-ray that clearly shows all the process inefficiencies inside a business — as well as their root causes. 

With that information firms can: 

• Reduce cost ​​by automatically revealing and fixing inefficiencies and errors

• Improve service quality by meeting SLAs with intelligent prioritization and automation

• Drive compliance by centralizing and standardizing processes

The wealth management firms that understand how their processes work will make better-informed decisions about how to pursue their next stage of digital transformation. In return, customers will thank them for shorter lead times, faster bottleneck resolution, and lower costs. 

Reduce cost, improve service, drive compliance 

Further digitalization of the client experience is a non-negotiable in financial services. Add to that the extremely high expectations of wealth management clients and an all-out digital mindset is essential. 

How well these clients get served by wealth management in the near future will depend on firms’ interest and enthusiasm to prioritize innovation. 

To find out more about how Celonis can help banks optimize their wealth management processes, get in touch.

Edward Baggaley

Content Marketing Lead

Edward writes about Celonis, its customers, partners, and product. He creates blogs - perhaps the one you’re reading - as well as ads, ebooks, keynotes, and advertorials. Newsweek, The Times, Time, and many B2B magazines have published his work.