Corporate Finance
Professional Legal Services
Full Credential Description
A leading private bank faced significant challenges in adapting to the evolving wealth management landscape, where clients increasingly demanded tailored advice and intuitive digital tools. The bank recognized that to maintain its market leadership, it needed to innovate its customer service approach. Specifically, it sought to enhance visibility into customer needs and life events, as well as to shift from a product-centric to a customer-centric investment process. The existing technology framework and organizational structure were inadequate for delivering the integrated hybrid experiences that high-net-worth clients now expect, which included a broad range of such as retirement and tax planning. To address these issues, the bank partnered with EY, leveraging their deep understanding of the private banking market and proven track record in end-to-end transformation initiatives. EY implemented a comprehensive strategy that blended high-touch and high-tech solutions, focusing on four critical dimensions: strategy, people and culture, organizational structure, and technology. This involved extensive market research, including interviews with over 1,600 clients, to inform a new integrated advisory model that emphasized wealth planning expertise and personalized investment products. As a result of this transformation, the bank began to integrate data for a holistic view of client holdings and needs, which facilitated richer client interactions. The implementation of new technology reduced administrative burdens, allowing advisors to focus on higher-value tasks. The bank is now positioned to deliver customized, omnichannel experiences that align with client goals, ultimately enhancing customer centricity across the organization. Looking ahead, the bank aims to continue collaborating with EY to accelerate product development and further meet customer needs in a rapidly changing environment.
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