Customer experience is a growth driver that’s becoming increasingly crucial in all businesses. Beyond the quality of service and products, it provides a favourable and unified experience from one end of the interaction between a customer and a company. The challenge is considerable in financial products, where compliance with regulations requires potential future investors to fill out lengthy questionnaires, particularly given the MiFID II regulation and the deadline of 2 August 2022. So, what processes should be put in place to ensure compliance while guaranteeing the best possible customer experience?
MiFID II: the rules for compliance
Financial advisors are already familiar with the MiFII suitability questionnaire, designed to gather information from investors about their financial objectives, risk profile, financial knowledge, and investment experience. In addition to this already lengthy questionnaire, from August 2022, a series of questions relating to clients’ sustainability preferences will have to be added by the Delegated Regulation. This new regulatory requirement comes at a time of growing interest in ESG products and a clear appetite among investors for financial products in line with their environmental and societal values. MiFID II aims to protect investors by ensuring that their products correspond to their desire for impact.
So, this is quite positive from a customer experience point of view, as financial institutions are sending a message that their customers’ concerns are taken seriously and that it is crucial for them to offer suitable products. On the other hand, having people fill in lengthy suitability questionnaires is not optimal for customer experience.
Customer experience in finance: what are investors’ expectations?
In a world where personalization is king, customers are more than ever interested in buying products and services that reflect their values. Considering their ESG preferences is, therefore, a step forward. At the same time, digitalization has opened the field of possibilities: investors are used to having everything right away. They are fond of digitalized and gamified solutions, which serve them while entertaining them. In this respect, we should note the arrival of a FinTech host, capable of offering entirely digital customer journeys adapted to new digital uses.
In this context, the prospect of filling in an archaic questionnaire, whether on paper or online, is shunned. Therefore, gamification is of great interest to financial institutions. The latter see this technique, which consists of borrowing the codes of games to make an action more fun and more engaging, as a way of renewing their image and improving their customer experience.
Gamification also makes complex concepts accessible. For example, it can improve investors’ financial knowledge and democratize the world of investment.
Gamification: a playful solution to assess your clients’ ESG preferences in compliance
The benefits of gamification also apply to the assessment of ESG preferences. Instead of affecting customer relations with indigestible questionnaires, financial institutions can rely on digital tools specially designed for this purpose. This is what InvestProfiler is all about: a fun application that allows investors to discover their investment values through an investment game based on behavioural finance.
Simple to use and easy to learn, InvestProfiler allows you to obtain a ranking of the impacts your clients are looking for in their investments via an interactive experience. Our tool has already identified more than 1000 different ESG profiles!
By using InvestProfiler, you can be sure that you are complying with MiFID II to the letter, but you also have a great tool to boost the sale of ESG products. Once ESG appetite has been captured, our tool can identify the ESG product most in line with a given client’s values and offer a personalized investment suggestion. On average, the use of the InvestProfiler increases the sales of ESG products by 30%.
To provide a unified customer experience and ensure that InvestProfiler is seamlessly integrated into your processes, we adapt the tool to your products and methodologies. InvestProfiler is 100% anonymous and can be deployed on your servers or in the cloud to be easily integrated into a well-oiled customer journey.
Are you looking for an innovative solution compatible with a successful customer experience to comply with the new regulations? Ask for a InvestProfiler demo.