Corporate Finance
Professional Legal Services
Full Credential Description
A leading private bank recognized the need for a significant transformation to enhance customer centricity and maintain its market leadership in the evolving wealth management landscape. The bank faced challenges in understanding its clients' unique needs and goals, which were compounded by a lack of visibility into both bankable and non-bankable assets. This limited insight hindered the bank's ability to provide data-driven investment recommendations and necessitated a shift from a product-centric to a customer-centric approach. Additionally, the bank needed to adapt to rising customer expectations for richer digital experiences and integrated , including retirement and tax planning. To address these challenges, the bank partnered with EY, leveraging their expertise in the private banking sector and their proven track record in implementing comprehensive transformation initiatives. EY adopted a future-back approach to develop a strategic roadmap that aligned with evolving customer needs and market innovations. This involved extensive market research, including interviews and surveys with over 1,600 clients, which informed the creation of 11 working groups focused on various aspects of the value chain. The transformation plan emphasized the integration of wealth planning expertise, personalized investment products, and enhanced data-driven insights to deliver a seamless omnichannel experience. As a result of the transformation, the bank began to integrate data more effectively, gaining holistic views of clients' holdings and needs, which facilitated richer client interactions. The implementation of new technology reduced administrative burdens, allowing advisors to focus on high-value tasks that strengthen client relationships. The bank is now positioned to continuously innovate and respond to customer demands, with a focus on developing new products rapidly to meet market needs. This strategic shift not only aims to enhance customer satisfaction but also to secure the bank's competitive edge in a rapidly changing industry.
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