IFZ Study Digital Bank Advisor Workbench 2024

Most retail banks continue to rely on personal advice when it comes to creating positive and sustainable client experiences, even in times of digitalization. However, numerous technological advancements are changing the way this business model can be operated successfully in the future. A new study by Institut für Finanzdienstleistungen Zug IFZ, co-sponsored by Finfox, provides interesting insights into the current state and further development of the digital bank advisor workbench.

The development of the digital bank advisor workbench must be understood in the context of the digital transformation of banks. The advisor workbench refers to the toolkit available to client advisors, encompassing all types of tools needed to handle their tasks. In the study, 69 functionalities were examined in the three areas of face-to-face advice, client lifecycle management, and market development.

Five selected key takeaways at a glance:

1. A comparison with the results of the 2021 study on the same topic shows that the requirements for the digital advisor workbench are growing faster than the coverage of functionalities.
2. The advisor workbench remains a key competitive differentiator; consequently, banks are investing in it and the quality of advisory services.
3. More efficient processes and relief from administrative tasks lead to significant time savings for advisors in the long run, which can, in turn, be used for revenue generation.
4. Artificial intelligence will significantly contribute to process optimization in the future. Early detection of client needs and personalized approaches will improve cross-selling and customer retention.
5. Digitally supported collaboration between client advisors and clients will be further expanded in line with a more advanced understanding of a hybrid bank.
   

We are delighted that Finfox, as a co-sponsor of the study, contributed to this highly relevant research. In the area of investment advice, in particular, the implementation of end-to-end, automated, and thus more efficient processes, as well as the reduction of routine tasks, will be of great importance in the future. Wealthtech solutions like Finfox play a key role in meeting these requirements and making the bank advisor workbench future proof.