Many wealth clients are clearly ready to go on a data-driven journey with providers. But how far and how fast can this go?
It’s notable that, in addition to the 72% of clients willing to share their financial goals and ambitions, more than half are also happy to divulge their personal aims and objectives — information that’s key to delivering tailored services and engagement.
However, wealth firms could do more to extract value from the data they already have. Providers can harness the wave of data being released in the form of documents, downloads, logins, messages and meeting requests. A clear data and analytics strategy will help firms to gather and label this fast-growing data set, clean and structure it in a single “golden source” and interrogate and analyze it.
Leading providers can then use AI and machine learning to optimize the applicability and value of their client data. Firms seeking inspiration could look to their counterparts in technology and online retail, industries that thrive on customer data and are innovating at a staggering pace. The use of neuroeconomics can also help to develop richer client insights.
In the long term, clients will only be willing to share their data if they believe the process is creating value. That depends on more than just applying data insights in a relevant way.