MORE THAN JUST DATA?

In an age of increased reliance on big data and analytics, organisations are using broad brushstrokes to paint a picture of their customers and to deliver generic financial services solutions, says Investec Private Banking. “The concept of ‘customised’ offerings is being lost to algorithms, averages, collective needs and pre-defined silos,” it adds, in pushing its vision of how things should be, #Morethandata. The company says its focus is firmly on the importance of individual needs, wants and preferences.

Deon Katz, Investec’s head of Private Bank (South Africa) explains: “Investec uses sophisticated data analytics as enabling tools. But, we don’t believe in a one-dimensional approach where we place clients into rigid, defined boxes. It’s impossible for cold data to tell us who they really are. We take the time to get to know our clients personally and professionally and form long-term relationships with them. This enables us to personalise our products and services and ultimately ensures an extraordinary client experience.”

It’s not a new approach for Investec, Katz hastens to add. “This personal connection with our clients and an exceptional client experience is at Investec Private Banking’s core.”