17 Jul The human approach: a key differentiator for technology providers
The Wealth Mosaic Talks To Luc Larose, Vice President of Client Experience at Croesus, to get his perspective on key attributes financial services firms should bear in mind when choosing a technology provider. He outlines how Croesus human-centric approach to technology plays a big part in the firm’s ongoing success.
In this series, we interview senior executives from leading wealth management firms, solution providers, and WealthTech influencers to learn more about them, their journey, their perspectives on the market, and how they see the future of wealth management.
For this issue of TWMTT, we talked to Luc Larose, Vice President of Client Experience at Croesus, to get his perspective on key attributes financial services firms should bear in mind when choosing a technology provider. And the importance of building strategic partnerships with vendors, versus simply transacting with them. The result in Croesus’ case? A human-centric FinTech for wealth management.
TWM: What should be the role of a technology provider in wealth management?
Larose: In a constantly evolving sector, technology plays a crucial role. Banks and financial services firms must therefore establish strategic partnerships with reliable and innovative companies. Technology providers must stay at the forefront of innovation while ensuring their solutions address clients’ actual needs. Artificial intelligence, the cloud, and APIs are all technologies that can improve the client experience, provided they are used responsibly and appropriately.
Beyond features and algorithms, the human approach remains paramount. It allows the establishment of a relationship based on trust, essential in the financial services industry.
TWM: How does the human approach contribute to mutual success?
Larose: A FinTech company’s value proposition extends beyond its features, technologies, infrastructure, and security. It also encompasses expertise, commitment, and long-term support. Clients are looking for partners who understand their challenges, advise them, and help them achieve their goals.
Specifically, this means that FinTech leadership must be accessible and attentive to their clients. Open and transparent communication, particularly when clients face challenges, strengthens trust and facilitates solving problems.
Over the years, Croesus has experienced this first-hand through numerous client experiences. In particular, some banks that initially chose other providers found themselves disappointed. After suffering costly delays and making significant investments, they turned to us. In a short time, they became our clients and have remained so ever since.
Responsiveness is also crucial. Responding quickly to client requests and concerns demonstrates a strong commitment to the client’s success.
A recent example of this involves a wealth management firm that contacted us a few days before Christmas. Their system was failing, and their existing provider couldn’t help. We listened to them and found solutions together, then we worked tirelessly to implement these. Their new system was operational before the end of the year, and they then signed a five-year agreement with us.
This demonstrates the difference between a simple provider and a true partner. A partner doesn’t just adhere to the letter of the contract. Of course, the contract frames the business relationship, but you also have to be able to think outside the box to find solutions to problems and innovate.
The client should be able to contact their technology partner in brainstorm mode and say: “We would like to carry out this project, how can you help us?”. Communication should be simple and direct, without administrative burdens.
TWM: What are the keys to the success of such a partnership?
Larose: Technological innovation and reliability are undeniably key factors, but they are not enough to guarantee the success of a partnership. The human approach is just as crucial. By prioritising availability, responsiveness, transparency, and expertise, technology companies can establish lasting relationships built on trust.
Trust is built over the long term, through continuous listening and support that allows for adaptation to the evolving needs of clients. A true partnership involves mutual commitment, where the technology provider becomes a strategic ally, actively contributing to the success of its clients.
Prioritising WealthTechs that places a human touch at the heart of their approach can be decisive. WealthTech firm Croesus champions this approach. This leader in wealth management technologies develops secure, robust, and high-performance portfolio management solutions that improve the efficiency, accuracy, and daily lives of wealth management professionals.