A new survey by fintech company Delta Data found that almost 60% of banks are using heavily manual processes in their approach to asset transfers within their trust and wealth management groups.
The processes typically rely on paper processing, email or telephone communication, “not tools that their customers would expect in the digital age,” Delta Data said.
The survey of nearly 40 U.S. banks found that 95% reported that staff must manually post updates to multiple systems to process transactions for customers, and 58% said that account transfer management was fully manual. Only 8% said the process was fully automated.
A majority of respondents (87%) said that transfers do not meet expectations from the front office or from beneficiaries. “It’s worth considering how these missed client expectations affect the bottom line and how many accounts are lost during the onboarding process,” said Whitfield Athey, CEO of Delta Data. “Not to mention the first impression that client interactions not enhanced by automation tools deliver to new customers.”