While other segments in the banking and financial sector have evolved to interact over the digital media, the wealth and investment banking sector is still looking to get a foothold. This is mainly because the High Net Worth Individuals (HNWI) and Ultra High Net Worth Individuals (UHNWI) seldom converse on the digital channels. For years now they have preferred to interact with INVESTMENT ADVISORS in person, leaving hardly in digital footprints.
However, the scenario is changing. According to the World Wealth Report 2014, while HNWIs prefer more personal interactions to engage with firms for advice they want the web platform to keep them informed or enable transactions. Most HNWIs under 40 and in emerging markets, see digital media as a platform to drive social impact, which is extremely crucial to them. Almost two-thirds, globally, expect their wealth relationships to go digital in next five years1.
Considering, HNWIs offer a huge potential with their wealth levels crossing $52.6 trillion, 20132, banks and wealth planning organizations have a lot to do to grab a share of the opportunity thrown open by the emerging trend. To employ digital transformation strategies, these organizations need to combine the latest applications in Big Data and Analytics with valuable insights to enable advisors identify targets in the digital wealth management cloud and build a rapport with the lead.
Intelligent analytics through the aspects of behavioral, geographic, social interests, text analytics, click stream and social activity can help identify a target in the crowd. Historical data and evidences pertaining to each aspect are collected and analyzed to provide meaningful insights. These insights help advisors to identify a target and convert him/her to business. The engagement however, does not end there. The advisor further uses the media for real-time discussion with the client. This seemingly social engagement is also a way to keep a tap on the client's friend circle, who may be the advisor’s next target.
These require the organizations to tap into its target audience's interest, identify right leads and run right campaigns at the right time. Running the right campaign at the right time is of paramount importance as far as HNWIs are concerned, as they will never offer a second chance. Therefore, by employing intelligent analytics, informed campaigns can be formulated to identify anonymous leads, and inform the advisor of the right context to speak when he meets his prospect in an attempt to make him advocate. After all, any Wealth Management and Investment Advisory firm thrives on progression of a lead from prospect to a customer and then an advocate.
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