Tag Archives: Retention

Customer Experience: Playing maturity catch up…

Observations from the Sydney CX Design & Implementation Conference

(11 November – 12 November 2015)

I was lucky to be able to attend the Customer Experience Design & Implementation conference in Sydney last week listening to and speaking with organisations as each shared their experiences, success stories (of course) and learnings (can’t be enough) from organisations covering (but not limited to)  Telco’s, Financial services, Age-care, Government, Recruitment, Logistics, Design, Technology vendors, Fintech and Startups.

It was great to hear the variety of ways organisations make an effort to improve customer experiences across different industries. Such perspective across industries becomes increasingly valuable as many of the experiences people have to one industry drive their expectations and perception of others. As a result, a glass ceiling is put over industries with lower maturity levels in regards to customer experience and related expectations. From my view, which focuses on financial services and wealth management, those industries with lower customer experience maturity levels must play ‘maturity catch up’ versus other more established industries and/or organisations.

In case you are not interested to read further for more detail, buzzwords to summarise the conference include: #Employeeengagement drives customerengagement; #Designthinking; #Listening; #Empathy; #ValueExchange; #Culturalchange; #Differentiateyourexperience; #Multiscreen/#Multidevice; #Rewarddrivescustomerbehaviour; #Customerownsthejourney; #Actionable; #Beingandfeeling; #Voiceofthecustomer; #Nuroscience; Continue reading

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Loyalty in Wealth management requires ‘Chameleons’

Loyalty is like a key performance indicator for wealth managers and worth of mouth referrals are the best leads to new clients. As wealth manager you focus on making your wealthy clients (HNWI) happy. If all (or most) of your clients are happy, we could argue that you do not have to worry about the size of the portfolio you are managing.

Unfortunately, the loyalty subject is not very easy to catch. The loyalty of a 60 year old HNWI will be achieved in a complete different way than for a 30 year old HNWI. Different life stages, different personal interests or different needs are just examples explaining this. Again flexibility is asked from the wealth manager and yet another example of the fact that a wealth manager needs to be a ‘Chameleon’ like. Without going to discuss the role and activities of the wealth managers too ‘broad’, the job of a wealth manager requires increasing flexibility in managing client relationships. HNWI demands have never been as high as they are today and because of the increased diversity of the HNWI population this requires this flexibility of them. Diversity has never been discussed so often.

chameleon-1

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What is the issue in retaining client relationships after wealth transfers?

High Net Worth Individuals (HNWI’s), or millionaires, see their Wealth Manager (or bank, in this blog I continuously refer to Wealth Managers as such) as their most important service provider. Not surprising, clients need a sense of security with the Wealth Manager where they have entrusted their money. They expect Wealth Managers to act in their best interests. Many clients expect their banking products and services to be a commodity. The promise to protect and the ability to grow clients wealth is only part of what a bank should offer to promote customer loyalty.

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