Personalised client experiences in private banking and wealth management

As a concept personalisation has been talked about for a number of years. But how can this be applied to the private banking, wealth and asset management sectors? 

Deploying a more personalised experience can be hard as the obvious blockers tend to crop up; where do we start, do we have the right technology and is this going to add any value.

Key takeaways

  • The role of personalisation in delivering a tailored experience
  • The importance of building single client profiles
  • Why personalisation is about mirroring the offline experience
  • The importance of feeding relationship managers with digital intelligence

When we speak to clients, there’s a common tendency to think that your own challenges are unique to your own organisation.  Now that’s not to say that there are some challenges which are very much unique, but the reality is usually that there are a series of common challenges we see pop up time and time again.

  • Generating value for relationship or sales managers: different companies will call these functions by different names but in a nutshell, the challenge is the same. How can marketing help the business to succeed and grow by driving and supporting business growth
  • Measuring the impact digital has in driving business value: again this isn’t a challenge which is unique to the asset management world. We see marketers from across sectors, throw their hands ups in frustration at this one. Especially in B2B type companies, where there’s a tendency for people outside of the department to comment that all marketing does is provide a nice-looking brochure. Nothing frustrates a marketer more than hearing this.
  • Producing loads of content but not having any idea if they are effective: this is especially relevant if you produce lots of thought leadership and reports. You have content produced by super smart people, you have a lot of it but you’re not 100% sure if the content is effective, let alone knowing how to report against content effectiveness.
  • Differentiate against the competition: this isn’t unique to this space. We’re asked this by almost everyone we speak to. There’s an almost irresistible temptation to look at your competitors for examples of best practice and how you should be doing things.  The danger with this is a creeping sameness across competitors websites. So the question, is how can you be different from the other guys?
  • Data held in different silos: this can be a big challenge for many organisations but we see it come up and time and time again within the asset management space where data can be spread across customer portals (which are often built on a separate platform from the website), CRM and the website.

The below personalisation study takes you through this process in much more detail

Tip: Click on the below presentation to scroll through the slides