Tag Archives: Digitsation

How a cost driven solution becomes a differentiator for wealth managers…

… About the important role of digitisation in the segmentation strategy for wealth managers and their clients…

Segmentation

In the past I have written about the importance of the right segmentation strategy for wealth management firms and private banks. The segmentation subject sometimes has a negative undertone. Reading quite some angry comments on blogs that are discussing the impact of digitisation on levels of service from the negative side or what they call ‘reduced services’. I would like to use this blog to discuss the important role digitisation has in a segmentation strategy for the wealth manager and the added value to their clients.

Historically wealth managers (and banks in general) segment their clients primarily based on Assets Under Management. Advisers look into CRM systems and refer to conversations they previously have had (although this probably is captured in the CRM systems), to define the strategy how to approach the clients. Is the client an entrepreneur, a doctor or politician? This is how their segmentation is done. Of course I describe this very ‘black and white’, but Scorpio Partnership highlighted this recently as well. ‘Too rigid’? Oh Yes!

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Banks are changing rapidly behind the scenes, but still need to have the basics right

During some informal chats with Senior Sydney bankers in the past days one thing became clear about digitisation in the banking industry: Banks are really moving forward and are changing the way they interact with their clients. On the other hand, this does not automatically mean that we are really experiencing the added value this change yet.

Almost all banks have launched one or more mobile apps in the past years. A lot of them were copies of the existing online environment and used to show off, while missing the potential of mobile solutions. We have also seen launches of online platforms by larger banks. It might be worth reading the online reviews before deciding to apply for such an account. Continue reading