top of page

Wealth Management and the customer data

The ability to deploy new technology and automation for a holistic 360 view of the customer is fast becoming a key necessity due to the unprecedented volumes of data and the compliance measures that all organizations are now dealing with. The integration of changing data sources and the substantial volume of data pose a major challenge. Yet, there are unlimited opportunities, in part due to advances in recent years in Cloud, AI technology and global digitalization that have led to new capabilities for Wealth Managers and banks. These uniquely provide the necessary catalyst and opportunity from which Wealth Managers and Banks can engage, interact and hone their offerings to grow their customer base, for a better understanding of customers’ needs and to service them in a more efficient and personalized fashion.

What are we hearing?

  • Wealth managers want to increase the number of customers and require increased amounts of customer information, better exploitation of data and automation. Understanding the customer behavior and account patterns can lead to more intuitive offerings and responses and faster processes.

  • Wealth Managers want a better understanding of which products and service offerings customers buy or sign up for or, bypass through online channels.

  • Wealth managers require valuable insights to serve greater numbers. The insight that effective consumption of data can bring a wealth manager is valuable, in terms of KYC and to provide personalized service.

  • Each customer is unique. The 360-degree view in order to deliver ongoing exclusive service is absolutely vital and is key to overall business strategy success.

  • Customers expect personalized service faster, similar to other digital service offerings.

  • Need for data-led or digital transformation – both for independent advisors, as well as those who are internal.

  • Risk: Wealth Managers want to respond quickly to current and future customers with the best service, while being kept well-informed of the controls and compliance requirements.

  • Need to affect the customer experience – improve, change, personalize the experience they have through whichever channel they choose to use.

  • 360-degree view create insights into a customer’s needs and behaviors. The algorithms deployed need to be trained on the correct datasets for personalization at scale.

  • Understanding customer journeys within a service organization and how to best enhance to meet the business strategy.

There are several challenges at play, however.

  • Overcoming data and technical silos to deliver a unified and actionable view of customers is not an insignificant undertaking.

  • Financial institutions, struggling to deliver insights and applications under tighter timeframes, are looking for solutions that enable the business to expand big data access and for ways to monetize data assets. Also, to eliminate operational burdens and IT data infrastructure management.

  • Scarce skillsets and talents for Cloud and AI to help deliver on the service levels.

  • Due to Increased risk and regulatory pressures data managers have the added challenge to ensure that capabilities are in place to safeguard data, protect customers and the integrity of the brand.

Ensuring that Wealth Managers and banks are prepared for what is ahead is one of the highest challenges. Data protection regulations such as GDPR [Global Data Protection Regulation] and CCPA [California Consumer Privacy Act] are challenging businesses and industries.

28 views0 comments

Recent Posts

See All


bottom of page