High service levels Bespoke / personalised offering Exclusivity everybody
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4 4 Private banking To some, private banks present the epitome of exclusive, even excluding. Wood panelling rather than ipads is the perceived style. It is true that many of these institutions have a long history at the heart of their appeal. Take the world s oldest private bank Berenberg Bank of Hamburg. Founded in 1590, it commands more than four centuries of tradition. And long tradition has become synonymous with personal and private service to the wealthy, a highly tailored approach and the kind of bespoke ethos not found on the high street. Yet beyond the hushed corridors and leather armchairs real or imagined times are changing. The march of technology, manifested through digital platforms and applications, appears unstoppable. Societal change on a global scale is reality. The inevitable question arises: what will elite banking look like in the next decade of the twenty first century, as the profiles, tastes and demands of the wealthy undergo their most radical shifts since 1590? As a sector, private banks have been markedly slower to respond to these broader societal changes. The values and approaches of what we might term the traditional Swiss-style private banking service have not been quick to embrace mobile apps, social media or live-chat. The centrality of the Private Banker is deeply engrained and suggestions that their role could be reduced or sidelined have not had the best reception. While private banks remain protective of the primacy of the managed relationship, most do recognise that their customers are not immune to the changes going on around them. 1 Social media may not be ubiquitous among the traditional, older clients of private banks, but it is among their children and grandchildren, and increasingly we see a new, younger breed of client whose wealth has grown from entrepreneurship, and who are themselves inherently digitally native. The transformation of delivery channels is the most obvious sign of a continuum of change. This began with the rise of telephone banking in the nineties, it continued with PC and then internet banking in the noughties, and now is forging ahead through mobile banking in the teens. Driven by the need to react to (and reconcile) the twin forces of consumer demand and reductions in cost to serve, retail banks have invested a great deal of time and money in updating the ways they reach customers. Beyond retail banking, the world of direct to customer (D2C) wealth management has undergone even more rapid change. While stockbroking saw a similar shift through telephone and internet channels in the nineties and noughties, the bow-wave of RDR and pension reform has turned the industry on its head and produced unprecedented levels of new proposition development, product innovation and service delivery.
5 Private banking 5 To anticipate what rising generations of clients might look for private banks to offer, it is useful to understand the core of the private banking value proposition today. We argue, informed by our own regular conversations with bankers and their clients in the sector, that it is based on three key components: High service levels Private banking is very much a relationship service, built on deep understanding of the client by the banker, who is then able to personalise the service received by the client. This service features high levels of availability. Call me day or night is the mantra of the Private Banker. Bespoke / personalised offering Not only is the service personal, but so too are the products. The private difference applies to investment portfolios and credit applications designed, assessed and managed by human beings, not computer algorithms. The products offered by a private bank are typically crafted around the needs of the individual concerned. As a result they are often more complex, and always much more tailored, than their retail banking equivalents. Exclusivity The very essence of the private banking proposition is that it is exclusive, maybe even elitist. It is by invitation only and by definition not available to all. It is quite literally private, not just in terms of client confidentiality and discretion, but in the sense of not publicly accessible. Many of the core components of private banking are being democratised on a daily basis. Mobile technology and ubiquitous connectivity mean that information can be accessed 24/7. Retail banking customers have immediate, secure access to balances, statements and the majority of transactions. Paradoxically, the role of the human agent could inhibit availability rather than enhance it. Your Private Banker could be speaking to other clients, or be in a meeting when you call. By contrast, the app world really is always on. Through our social profiles and online shopping accounts, our lives are increasingly being measured and modelled. We are presented with personalised approaches and services at every turn. Advertisements target us based on our s and Facebook posts. We receive vouchers and offers fine-tuned to our shopping habits and hobbies. The quantified self is on the march and heading for the segment of one, where everybody is the recipient of fully personalised marketing. Are we now all private clients of virtually every brand?
6 6 Private banking Rupert Hawes-Jenkins Age: 63 7 th Generation landowner Benefactor of the National Trust Discretionary portfolio, held in family trust Meets his Banker twice a year for portfolio review Member of the RAC Club Sofia Dubov Age: 35 Founder and CEO of a nanotechnology company Investor in several startup incubators / accelerators Diverse advisory portfolio, including EIS and SEIS investments Monthly meeting with Banker to discuss investment opportunity ideas Member of the London Entrepreneurs Network Private banks must now face a choice. Should they follow the digital wave and replace the Relationship Manager with a suite of digital apps aimed at fulfilling and anticipating almost every client need? Or, is there still life in the relationship model? In making their choice, private banks need crucially to understand what their customers really want, and that means first understanding who they are. Capco s ongoing research, across a spectrum of current and potential private banking customers, aims to understand what the next generation of private banking services might look like. Our findings suggest that commentators who predict a suite of clever apps will replace the Private Banker are likely to be disappointed. This does not mean there is a reactionary resistance to all things digital. As the expectations of mobile access and digital capabilities become commonplace across all aspects of lifestyle, there is an expectation that private banks must keep pace. Private banking clients do indeed expect an exclusive and high quality service and they will not tolerate an offer inferior to that offered to retail customers. Immediate and simple access to information on the client s money, user-friendly transactional capability, a secure always-on service: all these attributes need to be fully supported by the private bank of the future.
7 Private banking 7 The profile of a traditional client for a private bank is familiar. Generally older, the majority of clients have inherited their wealth, and for them the bank represents stability and security in protecting and transferring that wealth to the next generation. It is clear that a new generation of clients is emerging though. What are the characteristics of this new generation, and how do they differ from the last? A number of fundamental shifts are apparent: Earned vs inherited wealth 2 Private banking clients are increasingly active wealth generators. They tend to be entrepreneurs who are highly engaged in wealth creation and expect similar entrepreneurial behaviour from their banker. Networks vs clubs The closed (often excluding) clubs of the 19th and 20th centuries are giving way to networks which seek to open themselves to the business people who understand that wealth and influence grow by making the right connections at the right time. Influence vs wealth It is hardly a new idea to suggest that we must consider not just an individual s wealth but also their social power. How long before we measure that social power by their Klout score? 3 Source of wealth vs level of wealth Emerging models of client segmentation focus on the industries, sources of wealth and professional networks of the client (e.g. sports and media, new technologies, entrepreneur, etc), rather than simplistic levels of wealth, which are increasingly irrelevant to the needs and expectations of the client (though more relevant to the profitability of the service model). Impact investing vs charitable giving The wealthy client still invests money with a view to earning a return, but their choices of investment have a wider social purpose. 4 Investments in community enterprises, grassroots startups or providers of foreign aid and support are some of the opportunities private bankers need to offer their clients.
8 8 Private banking Again based on our primary research among private bank clients and industry practitioners, there appears to be little or no desire for digital apps to replace Relationship Managers. The Private Banker still embodies the (essentially human) values of service, personalisation and exclusivity that are central to the offer. Rather than using digital technologies to disintermediate the client/banker relationship, we see many opportunities to strengthen these ties. Digital technologies can help private banks stand out in the crowd as both the easy and right choice for prospective clients. Once chosen, these technologies can support Private Bankers in creating and managing a strong and value-adding relationship. We have identified three core strategies to achieve this: analytics and insight, omnichannel client engagement and process digitisation. The successful Private Banker needs a comprehensive understanding both of individual clients and the make-up of their client portfolio as a whole. As the data universe expands, the bank has ever greater opportunity to apply big data analytics and machine learning to drive timely and sophisticated insights into client needs and preferences. These insights might identify emerging threats to portfolio performance, or highlight new investment opportunities or an interest in a specific business network not yet discussed with the Banker. In retail banking, such data-driven insights are starting to manifest in a range of direct-to-consumer propositions and apps. Within private banking, they serve as rich stimulus material for the Banker seeking new ways to add value to client relationships and reduce the threat of attrition. There is no reason why such insights need only be supplied to the Relationship Manager. Delivering digital news to both the client and the Banker may be just the right prompt for a dialogue. Omnichannel is one of today s industry buzzwords. In practical terms, it stands for the ability to enable multiple channels of communication between client and institution, and for all of these channels to be sufficiently integrated that the conversation can switch from one to another, while maintaining continuity. Frankly, such a vision is still far beyond reality. While contact histories are core to many CRM solutions, these are often passive logs of contact and are not ubiquitous across all channels. Meanwhile, , instant messaging, video conferencing, screen sharing are all appearing across the financial services landscape, often in proof of concept mode. Security must and will be paramount in the adoption of these channels. Data secrecy regulations in many jurisdictions globally may prove to be a constraint, but it is unrealistic to believe that the next generation of entrepreneurial private banking clients will opt for the wholesale rejection of these communications methods with their bank, given that they are so fundamental to their other business relationships. For all of the creativity and innovation that is emerging in the industry, too often the practical implementation of the private bank s proposals to a client reverts to lengthy and complex form-filling, data-gathering and (dare we say?) box-ticking. The regulator expects the bank to gather data from which to grow understanding. Yet, the bank sends out forms which are often confusing, time-consuming and prone to misinterpretation. An opportunity exists to use digital forms of engagement with clients, to get back to a focus on relevant data and real understanding. Interactive forms, multimedia help, chat or video conferencing all offer the potential to simplify some of the core data gathering processes especially around KYC, onboarding and client suitability reviews.
9 Private banking 9 Profound shifts in consumer behaviour, driving change in retail industries and lifestyle services, are undoubtedly reaching into the world of private banking. Whereas the response in many areas of the economy will be a strong move towards selfservice and digital propositions the app economy evidence shows that private banking customers are looking for more. Core values of service, personalisation and (in particular) exclusivity will sustain the role of the Private Banker / Relationship Manager at the heart of the proposition. But there is still a strong imperative for private banks to adapt the ways they meet the changing needs of their clientele (who are themselves looking very different from the traditional stereotype). 1. It is estimated that almost half of all Ultra High Net Worth individuals in Europe use Facebook. A study by Crowd Companies in March 2014 demonstrated that while usage of online services such as AirBnB, Kickstarter and Zipcar was most common among the under 35s, almost 20% of their users were over First-generation entrepreneurs combined with family business owners account for the majority of HNW customers in the UK and Europe (source: Datamonitor 2015). Also, the US Trust Family Wealth and Worth Survey (2014) highlighted that 78% of wealthy customers had created their own wealth, and this US statistic stands alongside the rapid growth in millionaires in emerging BRIC economies. 3. Klout score ranks its users according to online social influence (klout.com). 4. US Trust survey indicates that 63% of Millennials are either already active or are interested in social impact strategies for their wealth. Additionally, 63% of global consumers agree with the statement that: "Environmental/ethical considerations are important in deciding which products or services to purchase. (source: Datamonitor 2015). Effective responses from private banks must emerge on two levels. Firstly, they must reflect the broad societal shift towards the immediacy of information and simplicity of transactions offered by mobile and digital technologies. Secondly, the true opportunity for successful use of digital technologies in private banking lies not in replacing the relationship with the Private Banker, but in enriching it. Our three core strategies of analytics and insight, omnichannel client engagement and process digitisation seek, first and foremost, to create a superb client experience at the heart of the private banking relationship. These strategies will also drive down operating costs, improve compliance, uplift share of wallet and retain profitable customers for longer the very aspirations that have remained unchanged through centuries of banking history and that endure from Berenberg to Bitcoin and beyond.
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11 Andrew Arwas Capco an FIS TM company is a global business and technology consultancy dedicated solely to the financial services industry. We work in this sector only. We recognize and understand the opportunities and the challenges our clients face. We apply focus, insight and determination to consulting, technology and transformation. We overcome complexity. We remove obstacles. We help our clients realize their potential for increasing success. The value we create, the insights we contribute and the skills of our people mean we are more than consultants. We are a true participant in the industry. Together with our clients we are forming the future of finance. We serve our clients from offices in leading financial centers across North America, Europe, Africa and Asia. Amsterdam Antwerp Bangalore Bratislava Charlotte Chicago Düsseldorf Edinburgh Frankfurt Geneva Hong Kong Johannesburg Kuala Lumpur London New York Orlando Paris Richmond San Francisco Singapore Toronto Vienna Washington DC Zürich To learn more, contact us in the UK on , in Continental Europe on , in North America on or visit our website at CAPCO.COM 2015 The Capital Markets Company NV. All rights reserved. T EU
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