Digitalization of our wealth management business is enabling our wealth advisors to deliver a distinctive and differentiated client experience.
BNY Mellon Wealth Management is always on the lookout for ways to improve the client experience. Among other initiatives, the Wealth Management information technology team refreshed and repositioned our mobile solutions to meet – and anticipate – our clients’ evolving needs. Building on the success of our Apple apps, the Private Workbench (PWB) development team expanded our technical offerings to include Android apps and enhanced the existing suite of Apple apps.
The team deployed agile methodology to quickly develop and deliver the apps. As a result, Wealth Management clients are now empowered with key account capabilities at their fingertips, including current market value, changes in investment value, holdings, transactions and alerts. “The PWB apps are a terrific example of how BNY Mellon Wealth Management continues to invest in technology to offer clients a distinctive and differentiated experience,” said Wealth Management Information Officer Uday Shankar. “We’re seeing improved client engagement, and, I believe, our mobile solutions contribute to our industry-leading client satisfaction rates.”
The new Private Banking Overdraft Workflow application, another result of a rapid agile development project, has stepped up notification times to clients, enabling the business to review the transactions and react quickly. A rigorous set of business rules governs an automated approval process. The application systematically identifies transactions that require review and delivers all the relevant information the business needs to decide a course of action. “This new tool is clearly a win-win: Our clients benefit from quicker notifications, which reduce their risks. And, with the aid of automation, our wealth advisors can better focus on delivering exceptional client service,” said Bhuvana Jayaraman, Head of Private Banking Product and Service Delivery.