By Shri Krishnansen Posted on 24.09.2024
On a recent holiday at Walt Disney World in Florida, I realised there are some useful lessons that the wealth management sector can learn from the world’s best-known theme park.
For those unfamiliar with Walt Disney World, it is the behemoth of theme park resorts. Its six theme parks and more than 30 hotels occupy an area roughly the size of Manchester or twice the size of Manhattan Island. Each year it attracts more than 50 million visitors, who are entertained by 75,000 employees, or ‘Cast Members’ as Disney calls them. A staggering 70% of first time visitors come back for more.
So, what’s the secret to Disney’s success in customer experience? Fireworks? Rides? Disney Princesses? Pixie dust?! I think the reason is actually Disney’s investment in core infrastructure. This has enabled the business to build, iterate and enhance the customer experience perpetually for over 50 years. Let’s consider key components of this infrastructure and the lessons we can learn to improve our own client experiences.
Don’t end up a pumpkin…diversify your carriages
There’s no point building the best user experience in the world if you cannot get it to your customers. With tens of thousands of visitors to shuttle around everyday, each with their own preferred ways of travelling, this is a big challenge for Walt Disney World and no single mode of transport will do. The solution is an interconnected transport system equivalent to Atlanta’s traffic. It includes trams, trains, ferries, a 14-mile monorail carrying 150,000 people daily, buses, taxis, and the Disney Skyliner cable car connecting four hotels and two parks with continuously running gondolas.
Disney also leverages partnerships with third parties to enhance movement around the site. For example, rideshare company, Lyft, provides a themed taxi (the “Minnie Van Service”) for visitors who desire more private carriages to the ball, so to speak.
The lesson for wealth managers is that we need to get our propositions to clients by interacting with them on their terms through an omnichannel approach. We need to meet them wherever they are in their lives, when their financial needs arise. While some prefer virtual consultations, others value in-person interactions. Digital platforms may suffice for portfolio reviews or payments, but many clients seek personal assurance before making significant changes like investment alterations.
Investing in infrastructure for omnichannel connectivity, like Disney, enhances client experiences. This involves ensuring core systems have diverse APIs for various channels. It’s not just about having an API, but a rich suite of APIs tailored to specific customer journey needs, akin to Disney’s transport modes. Examples include WebSocket APIs for data streaming, RESTful APIs for data fetching or updating, and GraphQL for targeted queries.
Additionally, infrastructure that is interoperable with modern APIs is critical for embracing new technologies, like generative AI (GenAI). Modern APIs connect systems like puzzle pieces, allowing data to flow freely. GenAI needs these APIs to access data and to function, allowing you to create features like conversational interfaces and personalised recommendations for better client experiences.
There’s more happening down the rabbit hole than you think
Behind every great customer interface, is sprawling backend infrastructure. Nowhere is that more true than at Disney’s Magic Kingdom. The entire theme park is built above a cleverly concealed underground level that houses the ‘backend of the theme park’. Hidden from visitors, this network of tunnels and corridors — known as ‘utilidors’ — is vital for park operations. It houses forklifts moving stock to various locations, Cast Members transitioning between areas, and a complex system of pipes and chutes transporting waste, water, and ventilation across the park’s 100 acres.
Thanks to these utilidors, repairs and modernisation can happen without needing to close areas of the park for extended periods. The benefit of these tunnels is that guests get pristine customer experiences, without disruptions that might spoil the magic. It keeps guests immersed and increases the time they want to spend at Magic Kingdom.
In wealth management, there’s a lot to be learned from this. First, keep customers within an experience without breaking it. The way Disney keeps guests immersed in an environment and oblivious to its inner workings is something we should emulate. We need to ensure there are no breaks across experiences that cause clients to switch channels, apps or mediums unless they want to.
The next lesson is the recognition of the need for multiple disparate functions to harmoniously come together to create good customer experiences. Each function must be well-managed and interact seamlessly with others. In the park, hidden utilidors enable different teams to function perfectly. During a character dining experience, food supplies are transported, Cast Members get into costume and travel to the restaurant, while maintenance teams concurrently attend to essential services and repairs, ensuring the restaurant’s smooth operation. Above ground, visitors to the park are oblivious to this inner world but benefit immensely. This experience only happens when the infrastructure is connected and intelligently designed.
In wealth management, technology can optimise your key functions like onboarding, payments, portfolio and account management through microservices. This allows each function to evolve independently, yet connected with ease to compose and orchestrate client experiences.
You won’t need a genie when you have this app
The Walt Disney World app is the mother of all apps. A one-stop shop for experiencing the park, it lets visitors take care of everything from buying tickets and merchandise to navigating the resort and coordinating plans with family and friends.
The app is a critical part of the infrastructure that has helped Disney increase the capacity of daily visitors. But it also runs off an innovative ecosystem, powered by a combination of high speed Wi-Fi across the resort, partnerships with third parties (e.g. Google and Apple), and radio frequency technology readers.
If you don’t have or want to use a mobile device, Disney offers alternative solutions, like RFID (Radio Frequency Identification) cards and Magic Bands (wearable RFID tokens) that mimic app functions. Cast Members are also equipped with similar technology to assist guests, upon request. Consequently, all visitors can access information, book tickets, and plan travel, irrespective of their preferred method.
The lesson for wealth managers is that tech infrastructure can help you to scale your business and offer better customer experiences. A well-designed system should connect all of your services, exchange and surface information from one location to another at the click of a button, and be accessible through multiple channels. The infrastructure should allow rapid changes and updates to enhance the experience without lengthy test and release schedules at specific points in the year. Solid technological infrastructure powers extraordinary experiences.
The real magic happens behind the scenes
Walt Disney World’s magic spell is cast by star attractions and rides that keep everyone entertained. Yet without dependable infrastructure, there’s a risk that this spell could be broken.
It’s the same in wealth management. Your advisors can be charismatic and client portals sleek. But if your backend system is clunky, clients will get frustrated by service delays and platform outages. You may not even be able to attract clients because you can’t access them. Evidence suggests younger clients are leaving wealth managers because of a lack of digital engagement and transactability.
You will also struggle to fully embrace and realise the potential of new and emerging technologies in CX, like GenAI. It’s important to recognise that client experience is not just about the frontend — it relies on a solid backend to build upon.
This is why investing in robust technology infrastructure is crucial for wealth managers. It enables smooth account management, omnichannel servicing, as well as real-time data interactions. This empowers advisors to focus on personalised services and building strong relationships with their customers, delivering the kind of magical experience you’d get at Walt Disney World. Disney’s success underscores that technology infrastructure investment isn’t a luxury for wealth managers, but a necessity for delivering exceptional client experiences.
Access the Client Experience ToolKit report here.
Get in touch with shri@wealthos.cloud to find out how WealthOS’s platform can support you in delivering a superior customer experience.
