Technology at heart of added client value
• To stand out, private banks need to craft relevant customer experiences
Private banking is the quintessence of personalised service, and the high net worth clientele that banks serve are already discerning and demanding.
There’s also a need to meet growing expectations among digitally-empowered consumers for on-demand service. These factors have necessitated that private banks transform their engagement and client service capabilities.
“The use of technology transcends age demographics. While market segments evolve at different speeds and with varying digital intensity, all consumers now expect their brands of choice to deliver hyper-relevant experiences,” says Wayne Hull, MD at Accenture Digital, Africa.
In a market with minimal product, service or price differentiation and the growing ineffectiveness of traditional marketing, Hull believes that to differentiate themselves and gain a competitive advantage, private banks need to craft relevant customer experiences by combining customer-centric design, applied intelligence and digital technologies.
“Delivering hyper-relevance requires the use of artificial intelligence (AI) and predictive analytics to apply a qualitative lens to data. This creates a deeper understanding of the customer and their evolving needs, particularly in the context of their immediate requirements. Only then can banks evolve from transactionled thinking to experience-led service design that delights.”
SA’s leading private banks and wealth managers already understand these requirements and are investing in digital transformation to improve both internal processes and client interactions. Investec, for example, is embracing technology to deliver a more compelling wealth management and private banking value proposition, while orchestrating distinctive customer experiences to attract and retain clients. Cumesh Moodliar, SA Head of Private Banking at Investec, believes technology’s primary objective is to reduce friction and create a seamless, efficient customer experience.
“The administrative requirements needed to ensure regulatory compliance are onerous, on both the bank and the customer. We therefore continually look at how we can apply technologies such as process automation to improve operational efficiencies. This ensures we meet our compliance requirements with the minimum impact on clients, and also frees bankers to focus on value-adding functions and more meaningful personal client engagements.”
Today’s digitally-savvy clients also expect on-demand access to accurate information via secure digital channels, says Moodliar. Investec’s client support centre caters to this with active voice biometrics, which authenticates clients without needing cumbersome PINs or passwords.
“This improves security without compromising on the client experience. The support centre is also staffed with highly qualified university graduates to offer a different level of engagement and client value.”
Other innovations aimed at improving the customer experience include the use of biometric fingerprint authentication to log in to the Investec app on iOS devices in a simple, secure manner.
“Once in the app, client information is seamlessly integrated to deliver a single view of all banking, lending and investment products, for all local and offshore accounts,” says Moodliar. Clients also gain access to other services in the app, such as prepaid airtime and electricity purchases.
Investec’s digitised services include the electronic storage of important documentation, such as an identity card, driver’s licence or passport. “Once securely stored we’re able to send clients reminders when their documents require renewal. This functionality takes private banking client relationships from highly- to hyper-personalised.”
Vince Boulle, executive head of wealth management at Nedbank Private Wealth, adds that the adoption of intelligent technologies in the wealth management space is also accelerating. As part of the group’s commitment to invest R2bn a year in new technology development, Nedbank has set up delivery teams that respond quickly to client needs via innovative, agile and disruptive digital channels. “For example, our team of specialists respond to clients via a secure in-app chat. This offers a personal touch that goes beyond banking and serves a client’s full wealth management needs.”
Nedbank has also implement a robo-advisor within its wealth management cluster. “This digital wealth management tool is able to answer client questions and make recommendations based on the answers,” says Boulle. “This technology offers an adjunct to our in-person service offering.”
PULLQUOTE IN CAPS FOR DEPTH OF BOX BUT NOT LESS THAN FOUR LINES OF COPY/ OR MORE THAN 8, TWO LINES OF SPACE