How to digitize the affluent customer relationship

Voice of the Members

December 2019

All over the world, we see financial institutions undergoing incredible digital transformations. These transformations are not confined to retail banking.

Private banking, typically a high-touch, personal form of banking, is certainly being transformed. The demands of the newly affluent are changing. As a result, banks must adapt to serve and cater to their clients.

The main challenge banks are facing is how to incorporate digital strategies and offerings while maintaining a superior level of service. How do they utilize new innovations to not only eliminate burdensome tasks through automation but also create fully digital, omnichannel offerings specially tailored to the unique demands of their affluent clients?

In the following pages, we explore the new preferences of affluent customers and the ways in which banks are evolving their servicing to ensure they meet their needs. We spoke with private bankers from member institutions on different countries. With the seven interviews included, we believe that you will better understand how banks around the world are using digitalization to achieve a new level of personalization in private banking.

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Keywords : Financial advice , Digital/Mobile channels , Affluent/Private , Customer service