LC Ideas: Views & Insights
Lighthouse Canton Launches Chat Messaging Services through WhatsApp & WeChat
Lighthouse Canton, a Singapore headquartered global investment institution, is the first independent investment institution of its kind to offer chat messaging services through WhatsApp and WeChat for private wealth clients.
New channel of communication will provide a secure, convenient, easy, and efficient way for clients to communicate directly with relationship managers.
Part of its digitization initiatives, this service aims to provide greater efficiency and connectivity for both clients and its relationship managers.
(SINGAPORE, 6 Sept, 2021) - According to a Global Wealth Management report (Oliver Wyman and Morgan Stanley Research, 2020), large bank-owned Wealth Managers have been more successful at leveraging channel upgrades made over recent years, while smaller independent Wealth Managers have had more difficulty managing client engagement due to a lack of remote working protocols and digital client engagement infrastructure. There has been an increasing need for an omni-channel experience, especially in lieu of the usual face-to-face meetings between clients and relationship managers. It is expected that live chat will form 10% of this omni-channel experience by 2024.
Leading the digital transformation in the independent space is Lighthouse Canton. Private wealth clients of the global investment institution can now use the chat platforms to communicate directly and securely with their relationship managers for their usual wealth services. While a handful of private banks offer a similar service, Lighthouse Canton is the first independent investment institution of its kind to offer chat messaging services through both WhatsApp and WeChat.
The service is accessible through a secure and centralized system, which records and stores all conversations between clients and relationship managers. As such, relationship managers will no longer need to solely rely on recorded phone conversations for important and sensitive communications such as order taking or portfolio proposal requests. All regular services that are usually conducted via telephone or email can now be conveniently and securely conducted through the messaging platforms as well.
These services include receiving reports and updates of banking products with different custodians, placing orders and confirming transaction instructions with relationship managers, or requesting research materials and customized investment proposals, amongst others.
"Enhancing the client experience and providing a seamless, timely, convenient and transparent way to maintain client relationships has been a priority for us in our digital transformation journey. The shift to digital communications through chat messaging platforms such as WhatsApp and WeChat is just one of the many ways we are digitizing our operations," said Audrey Tang, Chief Operating Officer for Lighthouse Canton. "Digital transformation in the wealth management sector is still in its nascent stages, and there is so much potential to leverage digital technology to create innovative tools and intelligent services. These will serve as platforms to directly access our inhouse institutional capabilities, and digitization will ultimately grant clients greater control, clarity and visibility over their investments."
Since the start of the pandemic, Lighthouse Canton's private wealth team has been prioritizing the digital transformation of its operations, working on several initiatives to improve connectivity and efficiencies across the business. Other initiatives that Lighthouse Canton is spearheading in the wealth management industry include a portfolio construction tool which relationship managers can use to provide tailored investment portfolios for clients, as well as an online investor portal for ease of client onboarding, ongoing monitoring, and reporting of investments.
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