Tech Adoption and Strategy for Innovation & Growthaccenture
Accenture presents the benefits of investing in technology at scale by discussing the importance of tech adoption and strategy through case studies. View more.
The enterprise software industry is being transformed by substantial investor capital, Cloud 2.0, artificial intelligence, data protection, preferred platforms, and a talent shortage, leading stakeholders of all kinds to make big changes, and big choices.
Fintech New York: Partnerships, Platforms and Open Innovationaccenture
We are in the midst of a major disruption in the financial services that will see increasing adoption and evolution of disruptive FinTech solutions. Read our report released at the Fintech Innovation Lab’s Fifth Annual Demo Day Event.
Top 8 Insights From the 2018 Beauty, Health & Wellness SurveyL.E.K. Consulting
Think nutritional supplements and skincare are of interest only to consumers of a certain age? Think again. According to L.E.K. Consulting’s third installment of a biennial survey of the healthy living marketplace, this one focusing on nutrition and skincare, some 80% of health and wellness (H&W) consumers across generations — from millennials to baby boomers — are highly engaged with both categories.
The survey captured insights from more than 1,600 respondents, representing roughly 77% of the U.S. adult population who identify with H&W themes, and generated eight key insights across categories. Together these insights make clear that consumer interest in nutritional supplements and skincare often lasts a lifetime.
Unlocking the data possibilities of Big Data presentation shared at the Big Data / Internet of Things Conference Board Conference June 25-26, 2015
http://www.pwc.com/us/en/analytics/big-data.jhtml
Federal Technology Vision 2021: Full U.S. Federal Survey Findings | Accentureaccenture
Leaders don’t wait for a new normal, they build it. The Accenture Federal Technology Vision 2021 identifies five key trends that agencies must address to lead in the post-pandemic world. Explore the full survey findings here. https://accntu.re/3sIBI0k
Tech Adoption and Strategy for Innovation & Growthaccenture
Accenture presents the benefits of investing in technology at scale by discussing the importance of tech adoption and strategy through case studies. View more.
The enterprise software industry is being transformed by substantial investor capital, Cloud 2.0, artificial intelligence, data protection, preferred platforms, and a talent shortage, leading stakeholders of all kinds to make big changes, and big choices.
Fintech New York: Partnerships, Platforms and Open Innovationaccenture
We are in the midst of a major disruption in the financial services that will see increasing adoption and evolution of disruptive FinTech solutions. Read our report released at the Fintech Innovation Lab’s Fifth Annual Demo Day Event.
Top 8 Insights From the 2018 Beauty, Health & Wellness SurveyL.E.K. Consulting
Think nutritional supplements and skincare are of interest only to consumers of a certain age? Think again. According to L.E.K. Consulting’s third installment of a biennial survey of the healthy living marketplace, this one focusing on nutrition and skincare, some 80% of health and wellness (H&W) consumers across generations — from millennials to baby boomers — are highly engaged with both categories.
The survey captured insights from more than 1,600 respondents, representing roughly 77% of the U.S. adult population who identify with H&W themes, and generated eight key insights across categories. Together these insights make clear that consumer interest in nutritional supplements and skincare often lasts a lifetime.
Unlocking the data possibilities of Big Data presentation shared at the Big Data / Internet of Things Conference Board Conference June 25-26, 2015
http://www.pwc.com/us/en/analytics/big-data.jhtml
Federal Technology Vision 2021: Full U.S. Federal Survey Findings | Accentureaccenture
Leaders don’t wait for a new normal, they build it. The Accenture Federal Technology Vision 2021 identifies five key trends that agencies must address to lead in the post-pandemic world. Explore the full survey findings here. https://accntu.re/3sIBI0k
Right Cloud Mindset: Survey Results Hospitality | Accentureaccenture
Looking two years ahead: Functional objectives along with technology related challenges and top five areas of investment for hospitality companies. Learn more: https://accntu.re/3uB9LL1
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a collection of PowerPoint diagrams and templates used to convey 20 different digital transformation frameworks and models.
INCLUDED FRAMEWORKS/MODELS:
1. Ten Guiding Principles of Digital Transformation
2. The BCG Strategy Palette
3. Digital Value Chain Model
4. Four Levels of Digital Maturity
5. Customer Experience Matrix
6. Design Thinking Framework
7. Business Model Canvas
8. Customer Journey Map
9. OECD Digital Government Transformation Framework
10. Accenture's Nonstop Customer Experience Model
11. MIT's Digital Transformation Framework
12. McKinsey's Digital Transformation Framework
13. Capgemini's Digital Transformation Framework
14. DXC Technology's Digital Transformation Framework
15. Gartner's Digital Transformation Framework
16. Cognizant's Digital Transformation Framework
17. PwC's Digital Transformation Framework
18. Ionolgy's Digital Transformation Framework
19. Accenture's Digital Business Strategy Framework
20. Deloitte's Digital Industrial Transformation Framework
Employee Inspiration: How to Create Energy That Drives Better Customer OutcomesQualtrics
Engagement has become the new holy grail for satisfied employees and a key issue for business leaders. But what does it mean to be engaged? Bain & Company is redefining the employee experience with a system for building inspiration through productive team discussions, candid frequent feedback and an outer loop for addressing systemic issues. Inspired employees should be everyone’s priority to fuel customer loyalty and organic, sustainable growth. We will share the results from our latest study, describe the mechanisms required and the behaviors to aspire towards – all key ingredients of a customer centered Employee Inspiration system.
Intelligent Operations for Future-Ready Businesses | Accentureaccenture
Accenture reveals that the relationship between intelligent operations and business value creation is key to becoming a future-ready organization. Read More.
Is customer centricity just another management fad? Globally, companies are investing more than USD 10 billion annually to drive customer centric transformations, yet four in five are left unsatisfied.
Cracking the Code on Consumer Fraud | Accentureaccenture
"Accenture research highlights how public safety agencies need a new approach to tackle consumer fraud – more intelligence-led,
proactive and collaborative."
Unleashing Competitiveness on the Cloud Continuum | Accentureaccenture
Accenture reports how the cloud continuum creates a seamless technology & capability foundation that meets business needs now and in the future. Read more.
When, Where & How AI Will Boost Federal Workforce Productivityaccenture
Accenture developed an economic model to understand how AI will impact the U.S. federal workforce, through automation and augmentation. Learn more: https://accntu.re/3hsRG8O
Shaping the Sustainable Organization | Accentureaccenture
Accenture helps companies unlock the business and environmental value of organizational sustainability by strengthening their sustainability DNA. Read more.
TMT Outlook 2017: A new wave of advances offer opportunities and challengesDeloitte United States
Important trends continue to shape the technology, media, and telecommunications (TMT) industry. What developments should you anticipate in 2017? https://subscriptions.deloitte.com/default.aspx?eventid=1323075
In the fifth annual Millennial Survey, Deloitte uncovers what tomorrow’s leaders think of business today. With two-thirds of Millennials expressing a desire to leave their organization by 2020, businesses must adjust how they nurture loyalty among these young leaders. http://www2.deloitte.com/global/en/pages/about-deloitte/articles/millennialsurvey.html
The tipping point for electrified vehicles is in sight, and a combination of hybrid and fully electric powertrains is expected to cut the global market share of pure internal combustion engines (ICEs) by about 50% by 2030.
The 2016 Strategic Hospital Priorities Study examines the current direction of the industry and, in particular, how Medtech companies can capitalize on the many needs of hospital administrators.
While the healthcare market has steadily evolved since L.E.K. Consulting issued its first hospital study in 2010, many of the same trends remain in place — among them consolidation, non-acute care integration, accountability, technology enhancements and novel pricing schemes.
This Executive Insights addresses a number of key topics, including:
Hospital administrator’s chief priorities
Most valuable medtech services
Focus on IT spending
Outlook for outsourcing
Of the different patterns that have emerged in governments’ fight against coronavirus—crush and contain is the most effective. While many countries missed the initial opportunity to crush and contain, it is critical that governments prepare now to make sure they don’t miss the opportunity again.
Digital Transformation Framework By IonologyNiall McKeown
An academically peer reviewed digital transformation framework. Taught by leading universities, used by hundreds of organisations around the world.
This framework uses modern data sources to help guide organisational leaders, digital marketers and technology professionals to create a sustainable, innovative engine of growth through digital transformation.
Going Digital: What Banking Leaders Need to KnowCognizant
To compete in the digital era, banks need to embrace data, put customers first and manage organizational change -- three concepts, one payoff. Here's how your bank can put it all together.
Right Cloud Mindset: Survey Results Hospitality | Accentureaccenture
Looking two years ahead: Functional objectives along with technology related challenges and top five areas of investment for hospitality companies. Learn more: https://accntu.re/3uB9LL1
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a collection of PowerPoint diagrams and templates used to convey 20 different digital transformation frameworks and models.
INCLUDED FRAMEWORKS/MODELS:
1. Ten Guiding Principles of Digital Transformation
2. The BCG Strategy Palette
3. Digital Value Chain Model
4. Four Levels of Digital Maturity
5. Customer Experience Matrix
6. Design Thinking Framework
7. Business Model Canvas
8. Customer Journey Map
9. OECD Digital Government Transformation Framework
10. Accenture's Nonstop Customer Experience Model
11. MIT's Digital Transformation Framework
12. McKinsey's Digital Transformation Framework
13. Capgemini's Digital Transformation Framework
14. DXC Technology's Digital Transformation Framework
15. Gartner's Digital Transformation Framework
16. Cognizant's Digital Transformation Framework
17. PwC's Digital Transformation Framework
18. Ionolgy's Digital Transformation Framework
19. Accenture's Digital Business Strategy Framework
20. Deloitte's Digital Industrial Transformation Framework
Employee Inspiration: How to Create Energy That Drives Better Customer OutcomesQualtrics
Engagement has become the new holy grail for satisfied employees and a key issue for business leaders. But what does it mean to be engaged? Bain & Company is redefining the employee experience with a system for building inspiration through productive team discussions, candid frequent feedback and an outer loop for addressing systemic issues. Inspired employees should be everyone’s priority to fuel customer loyalty and organic, sustainable growth. We will share the results from our latest study, describe the mechanisms required and the behaviors to aspire towards – all key ingredients of a customer centered Employee Inspiration system.
Intelligent Operations for Future-Ready Businesses | Accentureaccenture
Accenture reveals that the relationship between intelligent operations and business value creation is key to becoming a future-ready organization. Read More.
Is customer centricity just another management fad? Globally, companies are investing more than USD 10 billion annually to drive customer centric transformations, yet four in five are left unsatisfied.
Cracking the Code on Consumer Fraud | Accentureaccenture
"Accenture research highlights how public safety agencies need a new approach to tackle consumer fraud – more intelligence-led,
proactive and collaborative."
Unleashing Competitiveness on the Cloud Continuum | Accentureaccenture
Accenture reports how the cloud continuum creates a seamless technology & capability foundation that meets business needs now and in the future. Read more.
When, Where & How AI Will Boost Federal Workforce Productivityaccenture
Accenture developed an economic model to understand how AI will impact the U.S. federal workforce, through automation and augmentation. Learn more: https://accntu.re/3hsRG8O
Shaping the Sustainable Organization | Accentureaccenture
Accenture helps companies unlock the business and environmental value of organizational sustainability by strengthening their sustainability DNA. Read more.
TMT Outlook 2017: A new wave of advances offer opportunities and challengesDeloitte United States
Important trends continue to shape the technology, media, and telecommunications (TMT) industry. What developments should you anticipate in 2017? https://subscriptions.deloitte.com/default.aspx?eventid=1323075
In the fifth annual Millennial Survey, Deloitte uncovers what tomorrow’s leaders think of business today. With two-thirds of Millennials expressing a desire to leave their organization by 2020, businesses must adjust how they nurture loyalty among these young leaders. http://www2.deloitte.com/global/en/pages/about-deloitte/articles/millennialsurvey.html
The tipping point for electrified vehicles is in sight, and a combination of hybrid and fully electric powertrains is expected to cut the global market share of pure internal combustion engines (ICEs) by about 50% by 2030.
The 2016 Strategic Hospital Priorities Study examines the current direction of the industry and, in particular, how Medtech companies can capitalize on the many needs of hospital administrators.
While the healthcare market has steadily evolved since L.E.K. Consulting issued its first hospital study in 2010, many of the same trends remain in place — among them consolidation, non-acute care integration, accountability, technology enhancements and novel pricing schemes.
This Executive Insights addresses a number of key topics, including:
Hospital administrator’s chief priorities
Most valuable medtech services
Focus on IT spending
Outlook for outsourcing
Of the different patterns that have emerged in governments’ fight against coronavirus—crush and contain is the most effective. While many countries missed the initial opportunity to crush and contain, it is critical that governments prepare now to make sure they don’t miss the opportunity again.
Digital Transformation Framework By IonologyNiall McKeown
An academically peer reviewed digital transformation framework. Taught by leading universities, used by hundreds of organisations around the world.
This framework uses modern data sources to help guide organisational leaders, digital marketers and technology professionals to create a sustainable, innovative engine of growth through digital transformation.
Going Digital: What Banking Leaders Need to KnowCognizant
To compete in the digital era, banks need to embrace data, put customers first and manage organizational change -- three concepts, one payoff. Here's how your bank can put it all together.
Banking in the Digital Era: Regaining Consumer TrustCognizant
Amid wavering consumer confidence, changing banking behaviors, widespread hacks and new competition, here’s what traditional banks can do to rebuild trust in the digital era.
Digital Banking: Enhancing Customer Experience; Generating Long-Term LoyaltyCognizant
To stay profitable and grow in the new digital economy, banks need to adopt a customer-centric business model, diversify online delivery of products and services channels, and begin making meaning from valuable trails of digital information.
Digital Banking: Enhancing Customer Experience; Generating Long-Term Loyalty ...Cognizant
To stay profitable and grow in the new digital economy, banks need to adopt a customer-centric business model, diversify online delivery of products and services channels and begin making meaning from valuable trails of digital information.
Banking & Innovation: How Financial Services Can Embrace the Customer RevolutionComrade
Financial services companies are increasingly seeing opportunities to be at the forefront of innovation. Historically, banks have been slow to translate consumer demands into technologies like paperless statements and mobile check imaging. However, they were quick to implement online banking and, today, customers who bank online are typically more satisfied as well as more cost-effective to maintain. Banks have also responded to the shift in consumer demand for mobile banking on tablets and smartphones. The next challenge facing financial services is how to address the rise of consumer trends evolving mainly outside of the industry. We’re pleased to have partnered with Matchi to publish “Banking & Innovation: How Financial Services Can Embrace the Customer Revolution." This paper focuses on three phenomena that will ultimately impact every bank:
- Crowdsourcing
- Wearable Technology
- The Sharing Economy
We explore the state of each these trends, and how they relate to financial services.
Digital Marketing in Banking: Evolution and RevolutionCognizant
Proving the effectiveness of bank marketing strategies beyond brand-building has always been a challenge. Now, several converging forces may help propel marketing forward as a revenue source rather than a cost center.
Private bankers could be forgiven a sense of deja-vu as 2014 unfolds. A quick glance at the trade press suggests that for many it’s a case of “new year, same challenges”. So, what does the future hold for wealth management marketing strategy? Do more cost-effective models exist for private banks and wealth advisers and what role can digital technology play in helping the wealth community broaden its appeal amongst HNWI as well as newer and more profitable segments.
U.S. Consumer Banks and the Potential of Location-Based OffersCognizant
The increasing use of mobile devices, plus advances in location-aware technologies, are driving the adoption of location-based services across customer-facing industries, including retail. U.S. consumer banks can take advantage of this trend by using the vast amount of customer data they collect to help retailers develop contextually relevant, location-based offers that strengthen and grow customer relationships and position retail banking services as more than mere commodities.
Investments in Customer Centricity Are Seeing Dividends for Financial Service...1to1 Media
A look at how Retail Banks and Insurance Companies are evolving their product-focused missions into customer-centric strategies for financial gains. www.1to1media.com
Boston Consulting Group partners with leaders
in business and society to tackle their most
important challenges and capture their greatest
opportunities. BCG was the pioneer in business
strategy when it was founded in 1963. Today,
we work closely with clients to embrace a
transformational approach aimed at benefiting all
stakeholders—empowering organizations to grow,
build sustainable competitive advantage, and
drive positive societal impact.
Our diverse, global teams bring deep industry and
functional expertise and a range of perspectives
that question the status quo and spark change.
BCG delivers solutions through leading-edge
management consulting, technology and design,
and corporate and digital ventures. We work in a
uniquely collaborative model across the firm and
throughout all levels of the client organization,
fueled by the goal of helping our clients thrive and
enabling them to make the world a better place.
Independent of industry, BCG Green Ventures believes in 12 concrete opportunities the world needs to get to net zero. These are the 12 levers available for any given corporate to participate in the decarbonization economy, which we are treating as a massive value creation opportunity.
BCG has launched its Telco Sustainability Index, designed to capture the four dimensions most relevant to a telco’s environmental strategy. The index tracks the company’s commitment to sustainability, its emissions intensity and that of its upstream and downstream partners, its elimination of waste, and its customer enablement.
BCG has launched its Telco Sustainability Index, designed to capture the four dimensions most relevant to a telco’s environmental strategy. The index tracks the company’s commitment to sustainability, its emissions intensity and that of its upstream and downstream partners, its elimination of waste, and its customer enablement.
COVID-19’s uneven trajectory has created a slower-than-expected rebound in urban travel worldwide. Some mobility modes, however, are poised to exceed pre-pandemic levels. BCG provides a breakdown of recovery levels in urban mobility by region and mode--and over time.
The retail banking industry is facing unprecedented challenges as a result of COVID-19. Customer behaviour has changed drastically and will continue to evolve in a post-Covid world. This LABTalk explores trends in channel usage, customer preferences and brand perceptions captured in the latest REBEX Pulse Survey spanning 30 countries. Join this LAB Talk session to learn how you can use the data and insights for your next case.
Authors: Thorsten Brackert, Mindy Hauptman, Byron Marshall, Holger Sachse, Bjorn Schwarz, Aldo Tolentino & Monica Wegner
Radical change in racial equity is needed. In order to successfully drive that change, a holistic response is required—with attention to business drivers, teams and culture, and resources.
What Does the Recovery of Demand for Urban Mobility Look Like Post-COVID-19?Boston Consulting Group
Based on a survey of 5,000 residents in china, the EU, and the US, BCG analyzed the likely recovery of demand in urban mobility following the COVID-19
outbreak. Ultimately—until a cure emerges—we expect we expect a major shift away from public transit toward private mobility modes, specifically private cars and bikes. But the magnitude of the shift will differ across the varied type of cities.
One in four customers is planning to either use branches less or stop visiting branches altogether after the COVID-19 crisis, according to new BCG retail banking consumer “pulse” survey.
While security servicing providers have performed well in recent years, they face anemic core growth, shifting client expectations, rising pressure on fees, and the potential for disruption. The COVID-19 pandemic and associated recession will put further pressure on the industry. In response, they must be bold in their planning and approach to service delivery.
The COVID-19 crisis is threatening the lives and well-being of the global community. Health, political, societal, and business leaders must drive an integrated response to navigate, manage, and lead through it.
The COVID-19 crisis is threatening the lives and well-being of the global community. Health, political, societal, and business leaders must drive an integrated response to navigate, manage, and lead through it.
Covid-19 Is a Call for Retail Banks to Accelerate Digital TransformationBoston Consulting Group
We see nine imperatives that can help retail banks remain firmly on their feet during the crisis and enable them to move forward rapidly in its aftermath. Ultimately, the crisis reinforces an urgent need for banks to accelerate their digital transformations.
How should nonprofit leaders adjust to the new reality of operating under COVID-19? This detailed checklist can help you understand the actions needed to protect team health, improve financial resilience, and continue executing on your mission with clarity and impact.
COVID-19: Sustaining Liquidity/Funding Management and Treasury Operations in ...Boston Consulting Group
As COVID-19’s international spread has accelerated, markets have started to price in epidemic-related risks. This paper provides a four-step approach that can enable executives to quantify impacts and define mitigating actions, helping them tackle near-term (crisis management) and long-term (structural liquidity management).
This paper provides a specific framework with practical examples to address the above challenges, leveraging on BCG experience with financial institutions impacted by COVID-19 (e.g., in Italy, China), as well as well ongoing discussions with Regulators and previous experience during severe pandemic and systemic crises.
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how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
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2. Boston Consulting Group partners with leaders in
business and society to tackle their most
important challenges and capture their greatest
opportunities. BCG was the pioneer in business
strategy when it was founded in 1963. Today, we
help clients with total transformation — inspiring
complex change, enabling organizations to grow,
building competitive advantage, and driving
bottom-line impact.
To succeed, organizations must blend digital and
human capabilities. Our diverse, global teams
bring deep industry and functional expertise and a
range of perspectives to spark change. BCG
delivers solutions through leading-edge
management consulting along with technology
and design, corporate and digital ventures — and
business purpose. We work in a uniquely
collaborative model across the firm and
throughout all levels of the client organization,
generating results that allow our clients to thrive.
3. October 2019
Anna Zakrzewski, Ella Rabener, Lucas Du Croo De Jongh,
Maximilian Klein, Josh Schachter, Romain Dorange
In collaboration with
Decoding the Human
Truly Understanding Clients in Wealth Management
White paper
4. 2 Decoding the human
Decoding the Human – Truly Understanding your Client” is a joint publication by
BCG, BCG Gamma and BCG Digital Ventures. BCG Gamma, the data analytics arm
of Boston Consulting Group, combines advanced skills in computer science and
artificial intelligence with deep industry expertise. BCG Digital Ventures (BCG DV)
invents, launches and scales disruptive new ventures and businesses with the
world’s largest companies. In collaboration with BCG and Gamma, BCG DV
has already founded over 80 ventures across a diverse range of sectors and
geographies.
In this paper, we discuss the importance for private banks of developing a strong
understanding of their customers’ needs, at a time where client-centricity has
become fundamental for growth. Similarly, any lack of understanding can be a
significant obstacle to growth or even entire business models. When we talk to
banks about their views on how to optimize client experience, we typically hear
one of the following: they may have plans for a new mobile app, or cross-platform
onboarding, or improved active advisory or exploring new marketing channels.
We also often hear the phrase: “we know what products our clients want”.
However, in an industry where client profiles and therefore needs are changing
more rapidly than ever before, and when unprecedented changes are taking place
in how clients collect and interact with information, we believe we are justified in
questioning whether private banks do genuinely understand their clients.
The client base is undoubtedly changing in very significant ways. The new genera-
tion is typically more tech-savvy and has higher expectations when it comes to
technological functionalities. Moreover, in the age of information, the current gen-
eration is more informed about different bank offerings and pricing, and is thus
more selective in choosing their bank, as well as more open to switching banks
later on. An improved user experience with higher levels of convenience is expected,
and digital has become the new imperative in multi-channel interactions. Further-
more, digital disrupters across various consumer industries have shaped everyone’s
expectations of what digital can and should deliver. In the past decade, a wide
range of brand new companies have achieved massive valuations by completely
re-inventing the user journey, for instance when hailing a cab or searching for
accommodation for a family trip. These innovations greatly reduce costs while at
the same time offering convenience.
FOREWORD
“
5. 3 Boston Consulting Group
The competitive landscape is also evolving more quickly than ever before. New
entrants add to the challenges faced by the sector. These players might be fintech
startups and spin-offs offering a fresh approach on complex banking services, or
established e-commerce and other tech companies making forays into basic but
highly scalable services such as payments. Even the latter might soon set their
sights on more complex financial products and services, leveraging the trust they
enjoy with consumers and their access to tens, or even hundreds, of millions of
users.
This paper outlines our perspective on how private banks and wealth managers can
understand their clients better, a crucial ingredient in retaining their competitive
advantage. We explore how a range of modern tools, from ethnographic research to
advanced data analytics, can be put to use alongside more traditional methods in
the journey towards client-centricity.
The paper reflects the findings of BCG, using interviews with banks and high-net-
worth individuals (HNWIs) as well as our extensive project experience. These find-
ings are supplemented by fresh insights from BCG Gamma and BCG Digital Ven-
tures.
Anna Zakrzewski Ella Rabener Lucas Du Croo De Jongh
Managing Director DV Managing Director Partner and Associate
and Partner and Partner Director, BCG Gamma
6. 4 Decoding the human
Introduction
Client experience is one of the most fashionable terms now used in private bank-
ing. Wealth managers like to tell people how well they understand their clients and
how client-centric their whole business is, right through from offering to delivery.
They are certainly right to believe in the importance of a state-of-the-art client ex-
perience. It is a clear imperative for banks if they wish to retain clients and estab-
lish long-term relationships. This has never been more true than today, with younger
customers more inclined than ever before to question their parents’ choice of bank.
For many of this new generation, a lack of digital sophistication is reason enough to
switch banks. To complicate matters further, client centricity will be judged differ-
ently as needs and expectations evolve. For example, clients used to be more than
happy when their relationship managers offered a general overview of market
trends once in a while. Now they expect real-time updates about how recent mar-
ket events might affect their portfolio performance. They also expect multi-channel
interactions that are more frequent, and more tailored to their specific and immedi-
ate needs. In particular, the new generation is demanding better content, delivered
at the right time for them and through their preferred channels.
Developments in other industries have made this change in client expectations in-
evitable. In retail, people have moved from family grocery shopping to home deliv-
ery in record time. Transportation has been disrupted by ride-service hailing com-
panies where customers can order a taxi directly from their phone in just a few
clicks. The hospitality industry has faced a major shift with home-sharing platforms,
reaching all the way up to the highly desirable properties of wealthy homeowners,
offering a new alternative to conventional hotels through easy-to-use marketplaces.
Meanwhile, the knowledge available to clients and new entrants has expanded dra-
matically. Once upon a time, accessing and navigating information on financial
markets was a major challenge. With low-cost but intuitive and easy-to-use tools,
it’s fairly easy now. Portfolio construction and risk-return management have be-
come commoditized, with ever-increasing scrutiny through regulatory advances
such as the second payment services directive (PSD2). This allows new players in
the market to retrieve a wealth of data, aggregated and accessible at the touch of a
finger.
In summary, only a few private banks have as yet truly embraced customer centricity.
To achieve it, they must learn to excel in three activities: using data and analytics
to understand who their customers are on an individual rather than on a customer
segment level; continuously observing their clients with ethnographic research to
understand what they really want and why; and encouraging innovation and up-
grading technology in relation to how new insights are delivered to improve the
overall client experience.
7. 5 Boston Consulting Group
Intensifying Competition
In this new information age, competition in the finance space has increased dra-
matically, with new players entering the market and challenging the incumbents.
Fintech startups, such as Wealthfront and Betterment, can offer vertical services
without having to build them on top of legacy technology stacks. They have attracted
a lot of attention in the retail arena, capturing progressively more market share as
well as building increasingly sophisticated offerings for the HNWI market.
Tech and e-commerce players have also been looking to diversify further into the
banking market, exploiting their access to a wealth of client data. (Examples in-
clude Alibaba bank, the brand new Apple Card in partnership with Goldman Sachs,
and Amazon Pay). While these players may initially focus on plain-vanilla services
such as payments, they may well in time move into the more complex wealth man-
agement industry.
Although the private banking industry has been gathering data from its clients for
years, it is way behind consumer goods or internet companies when it comes to
knowing its clients. Know-your-customer (KYC) information, as well as personal de-
tails on family, lifestyle, health conditions, personal activities and habits, are buried
somewhere within the firms’ systems, but have not been used in any coherent
way. Wealth managers also tend to have detailed information on the investment
behaviors of their clients through their transactions, payments and portfolios.
Getting the most out of these data sources is essential if they want to achieve true
client centricity.
Where Private Banks Are Now
Extracting and organizing relevant data is just the start. Building services and
digital experiences that fully reflect the insights generated by the data is a major
challenge, and will require a more flexible, modular approach.
Traditional • RM
• Surveys 1-on-1s
• Holistic analysis
~50%
~30%
~20%
Breadth of insights Share of banks
Most banks today
Few adopters
Front runners
Progressive • Analytics using internal data
• Customer interviews
Advanced • AI tools using
internal + external data
• Ethnographic research
Source: BCG experience
Exhibit 1 | Most Banks Are Not Yet Accessing Full Breadth of Insights
8. 6 Decoding the human
Most banks say they are gradually differentiating their service level for each specific
individual. However, the reality is that they still mostly rely on old-fashioned personas
or wealth bands that were designed using approaches, such as client surveys, that
cover only certain client needs. As a result, they are still classifying clients in rather
large clusters. They try to rectify any particular instances of where the client jour-
ney doesn’t fit the category, but without any fundamental understanding of why it
doesn’t. Although there is an increasing focus on analytics, they are mostly one-off
investments for specific challenges and not strategically integrated to cover the full
life cycle of the client journey. Even if client data is analyzed systematically and reg-
ularly, private banks usually lack the technology and the tools to translate insights
into a more tailored experience for each client – whether this concerns the commu-
nication channels or the way the portfolios are built and managed. After all, clients
at the lower end of the HNWI spectrum are still mostly grouped in just a handful
of model portfolios, as banks lack the tools to create bespoke portfolios in a cost-
efficient way for clients that aren’t at least in the upper HNWI range. A genuinely
individual offering, in contrast, reflects personalization in any number of ways:
communication channels, content, portfolio strategy, the level of client involvement
in decision-making, setting of investment preferences and more transparency with
regard to the sustainability impact of their investment choices.
Banks are some way from achieving these goals. They tend to underestimate the
threat of new entrants by deriding their current AuM levels rather than appreciat-
ing their growth and their technical capabilities, overestimate the lure of their
brand’s cachet and how it will protect them from competitors, and lack a vision for
how modern technology and methods could upgrade their whole offering. They
also tend to make incremental rather than radical adjustments, due to a combina-
tion of risk aversion, a lack of a bold vision, political rather than rational decision-
making, and concern about costs.
They need to understand that the real battle to retain and acquire clients will
probably be less about portfolio management, investment advice or the image of
a heritage brand than ever before. Instead, private banks will need to provide
affluent clients with a holistic offering through digital means. This will mean im-
proving their capabilities (such as tax planning, and accounting for real estate) to
maximize wealth.
They will also need better digital tools to help with communication and transparency.
Private banks will have to communicate with clients at exactly the right time with
exactly the right message, using both digital signals and other data. To do so, private
banks need an up-to-date and detailed profile of their clients, and understand what
life events mean for the management of their wealth. They also need to offer clients
more ways to engage with and shape their portfolios, while using technology and
big data to appraise them of the implications of their preferences. After all, numer-
ous studies have shown that a client’s engagement in the decision-making increases
the likelihood that they will stick to the selected strategy, and that careful coaching
through difficult market periods can help improve returns by avoiding rash decisions
which lead to panic-induced losses. Both these scenarios increase loyalty and, con-
sequently, customer lifetime value.
9. 7 Boston Consulting Group
Missing the “WHY”
Private banks and wealth managers may collect a lot of data. However, they
generally focus on what is happening, and not enough on the why, understanding
what has caused a certain behavior or decision.
Use Case – Leveraging Insights for a Better Client Experience
In today’s world, investment advice is far too often determined by available products
rather than being tailored to client needs. Imagine a young couple in their early 30s,
thinking about how to invest their wealth for the next decade.
In a meeting with their Relationship Manager (RM), the couple informs the RM about
their intent to save and to invest over the long term. The RM proposes an investment
strategy with a range of long-term investment products that reflect the bank’s house
view and his or her own personal preference. After the meeting, the RM notes down
the information from the meeting in the CRM system and sets a reminder for three
months to discuss the performance of the couple’s portfolio with them. The RM
sends weekly emails with the current weekly investment advice to the couple, whilst
they can also view the performance on their online banking account. After a year, the
couple decides to switch to another bank. The RM notes that in his opinion, the
couple left the bank because they felt that the investment advice was not tailored to
their specific needs – but no further follow-up or analysis is conducted.
In the world of the future, the focus will be entirely different - investment advice will
be client-centric. The RM recognizes that the couple is asking for longer-term wealth
planning advice because they want to start a family soon. The bank of tomorrow has
conducted best practice ethnographic research (as described in this paper) and has,
based on this, recognized that the couple is most likely to be looking for risk-averse
investing.
Automated web-crawling using natural language processing techniques collect
additional information about the couple’s careers and lifestyle. Instead of an RM
selecting one of a few model portfolios as would happen today, an automatic portfolio
is created according to the couple’s risk appetite, information about their tax situa-
tion (incl. other assets that might generate tax burdens), and other existing assets
such as real estate and art. The resulting unique portfolio, optimizing risks while
taking into account the total asset and tax situation (including tax-loss harvesting and
using tax allowances), allows the RM to set up investment proposals and performance
reporting in e-banking which demand little time commitment from the couple.
By analyzing large data sets such as the couple’s historical transactions, Google and
Facebook data, it also becomes evident that the couple has a strong belief in sustain-
ability that was not apparent in the initial conversation. By continuously analyzing
10. 8 Decoding the human
the client situation, the bank is able to pick up on new behaviourial patterns and
changing preferences. As a result, the RM includes ESG investment products in the
investment advice.
What’s more, the bank is able to identify potential trigger points for meetings. Using
advanced analytics on the couple’s transaction histories and by leveraging today’s
machine learning technologies, the bank is able to uncover significant changes in the
couple’s lifecycle (such as expecting a child), to forecast their future needs (for
example, wanting to buy a new house) and to proactively offer customized solutions
(such as proposing a mortgage). Moreover, picking up on an increasing number of
logins might trigger proactive communication to ensure the couple isn’t worried
about their portfolio’s behavior. With the use of advanced analytics, ethnographic
research and state-of-the-art technologies, the RM can understand the couple’s needs
systematically and serve them accordingly. In this way, attrition risk is greatly reduced.
Because of this failure to dig deep into reasons why, specific problems are misun-
derstood or missed completely. Private banks and wealth managers assume they
know why something is happening without the evidence to support their judgment.
This leads to various challenges. As it still heavily depends on wealth bands and un-
reliable behavioral profiles, client segmentation does not live up to its full poten-
tial. The subsequent offering either tends to be a one-size-fits-all approach, or is left
to the discretion of the RM who is typically very familiar with some products but
less so with others. Currently, therefore, it is rather common for all clients in a given
RM’s portfolio to have a very similar product mix. Alternatively, products are allot-
ted by category of customer rather than individual. It is frequently presumed that
specific products and services are demanded by an entire segment (for example,
the young or the wealthy), or part of the population (such as women). Product-
centric marketing is also common, with campaigns focused on promoting certain
products or events rather than solving client problems. Communication may be
timely, but is unlikely to fit with the preferences of the individual client.
There is often a failure to get to grips with why clients leave. At best, private banks
ask the RMs, but almost never the client. What’s more, if they don’t identify the
main pain points for clients (such as higher pricing relative to competition, long
processes and exchanges back and forth for simple operations, cumbersome admin-
istrative procedures, or inaccurate reporting), they cannot be resolved.
One reason for private banks missing the ‘why’ is that digital tools, platforms or
offerings are not being seamlessly integrated into the client journey. Most of the
limited investment in digital is dedicated to standalone deliverables (such as
developing a mobile client app), and too little to digitalizing the core (such as service-
oriented architecture or a centralized data layer) that are a prerequisite for deliver-
ing a complete end-to-end digital experience. It is true that portfolio monitoring
and interaction with RMs have both been brought into the digital fold. However,
the overlap and potential synergies are often overlooked.
11. 9 Boston Consulting Group
How to Achieve True Client Understanding
Private banks and wealth managers can improve their client experience substan-
tially by changing the way they gather information on client needs, and using data
more effectively. Nowadays, properly understanding clients can be achieved by the
right combination of behavioral science insights and psychological research tools
(including ethnographic research), data analytics and its advanced applications
(such as pattern detections) to complement existing approaches. Wealth managers
can then use technology as well as innovative solutions and ways of working to
create a holistic experience for the client.
Digitalization spend
% of business-line OpEx
Budget allocation for
digitalization by function
14%
13%
37%
27%
9%
Channel incl. Front Client Interface
Operations incl. processes
Data analytics across value chain
Foundations incl. supporting software, APIs,
data lake foundations analytical tooling
Support functions
4.2 %
Source: Digital Banking Benchmark 2018
Exhibit 2 | Digitalization Spending Still Low and Mainly Allocated to Channels and Operations
Know what they do not
necessarily tell you
Leverage the full set of
available data
Detect patterns to
anticipate untold events
and circumstances
Grasp what they want
before they know it
themselves
Immersion study
observing customers
in real-life situations
Uncover the why
(the journey behind
the journey)
Understand WHO your
customers really are
HOW you will deliver on
your new insights
Understand WHAT your
customers truly want and WHY
Data
analytics
Ethnographic
research
Technology
innovation
TRUE CUSTOMER EXPERIENCE
Source: BCG
Exhibit 3 | How to Step Up on True Customer Experience and Why Clients Behave in a Certain Way
12. 10 Decoding the human
Clients Don’t Always Know What They Want – Banks Need to
Uncover Their Clients’ Pain Points and Latent Needs
Behavioral science has suggested that people have difficulty identifying and
describing their major life challenges, let alone figure out the most appropriate
solution. Often, they become accustomed to cumbersome workarounds, without
realizing that a much smoother experience is possible. Just think of the decades-
long dominance of paper bag-based vacuum cleaners, before Dyson introduced
bagless models that revolutionized the market. This poses an interesting dichotomy
between satisfying behavioral and functional investment needs. The customer may
not know that is how they behave, and if they did then they might make a different
demand. Without this understanding, the client is unlikely to be able to hit the
efficient frontier in investment. This also indicates that traditional methodologies
such as client surveys and feedback forms are unable to grasp the full extent of
client needs.
Ethnographic research, the study of human behavior in context, can be used as a
complementary, qualitative methodology. In this method, researchers observe and/
or interact with a study’s participants in their real-life environment. The underlying
principle is not to ask the client directly but to step into their shoes by observing
them in the context of the situation. The ultimate goal is not to understand what or
how someone does something, but most importantly, to understand why. In a bank-
ing context, this may involve observing a couple having a conversation about their
financial plans for retirement, following a young professional performing a certain
number of tasks at a branch, or studying a client meeting with an RM.
There are several benefits to ethnographic research. It allows researchers to focus
on real behavior as it occurs, rather than intended behavior or socially desirable
responses to survey questions. It enables them to identify recurring pain points in
the client’s journey which would not necessarily be shared out of context. For
example, a couple might only disclose certain elements of their future plans in a
meeting in which they are only asked a particular set of pre-defined questions, but
would reveal more details in a free-flowing conversation in their own home.
Ethnographic research thus reduces the impact of existing biases and beliefs on
why and how people behave by looking at the studied population in context of
real-life situations and behavior, and accounting for those environmental factors.
Ethnographic research is generally used not as standalone methodology but as
a complement to more traditional methodologies (such as market discovery and
future visioning). The results of the observations have to be validated with
quantitative research, and can be used to strengthen other creative processes,
such as design-thinking or product definition sessions.
If I asked people what
they wanted, they
would have said faster
horses”
Henry Ford
It’s not the customer’s
job to know what they
want”
Steve Jobs
“
“
13. 11 Boston Consulting Group
Source: BCG Digital Ventures
Data Gives You a New Edge
Private banks now also have access to new quantitative approaches with the explosion
of available data and the emergence of new disciplines such as data analytics and
more complex human-to-machine interactions.
Data analytics, the science of analyzing large amounts of data in order to draw
conclusions, is critical for banks in achieving a quality client experience.
First, data analytics gives banks another means of segmenting clients. Second, it
paves the way for more sophisticated versions like machine learning and artificial
intelligence (AI), which can be used to detect patterns in a large dataset, offering a
more extensive perspective on clients. For example, detecting patterns in historical
transactions and expenditure can shed light on which types of investment a client
might be interested in. A client showing a tendency to buy ecological products may
not be interested in investing in unsustainable energy sources but rather in more
sustainable assets such as environmental, social and governance (ESG) investments.
RMs have limited time to keep up to speed with recent developments in their clients’
lives as they are often on the move with back-to-back meetings. Using robotics to
gather information on the client and focus on their most relevant life events will
help RMs to improve salesforce effectiveness and client retention.
Automated web-crawling associated with NLP (natural language processing) tech-
niques can automatically enter structured, up-to-date insights on a HNWI situation
into the bank’s CRM system, strengthening the relationship while greatly reducing
the time and effort allocated.
Depth of
insights
Number of people
surveyed (N)
More time is spent getting the
deep underpinnings (attitudes,
behaviors, aspirations) through
extensive laddering
N = high, robust sample size
aimed to achieve statistical
significance to arrive at
conclusive results
Quantitative surveys
Ethnographic research
Soliciting input across a set of
closed responses that help validate
hypotheses, solicit preferences and/or
degree of importance
N = low derives directional
insights to inform product
design, but not conclusive
Exhibit 4 | Depth of Insights Varies Across Research Methodologies
Balanced tradeoffs between interview numbers and level of depth of insights required.
Ethnographic research and quantitative surveys can be used complementary
14. 12 Decoding the human
Indeed, for ultra-high-net-worth (UHNW) individuals, it is not uncommon to find
news about them in newsfeed aggregators, whether it’s a new property acquisition,
a child’s wedding or a lawsuit with a former business partner. For example, a recent
donation from an UHNWI client mentioned on the Internet can be automatically
collected and integrated into the CRM tool, and may trigger an alert to the RM.
Perhaps the client might be interested in obtaining trust services from the bank to
set up his/her own charity foundation.
The same concept can be used for company as well as individual monitoring, cap-
turing for example the latest events about a family-owned business, or changes in
the board of the company a client is part of.
Peer identification among the client base (using digital DNA to measure the degree
of similarity between two) can help to identify and replicate suitable investment
strategies while also leveraging the ideation process of investment opportunities.
As Warren Buffett said, “people don’t invest in things they don’t understand.”
On a practical level, the note-taking-process can be made much more efficient:
automated tagging and classification of ideas can lead to machine-generated
summaries, sometimes supported by voice recognition (for calls) and computer
vision technologies (for hand-written notes).
Finally, machine learning can help to identify situations where it might be beneficial
for private banks to contact their clients. For example, machine learning may detect
that a client is worried about his/her portfolio performance from an increased
frequency of app login-ins and an analysis of click patterns in e-banking, allowing
the RM to react to the client’s concerns when needed.
Pattern detection
using historical
transactions
Improved profiling
and risk assessment,
predictive layer for
future life updates
Social graph
relationships and
peer identification
Prediction of
best-time to reach
out” with machine
learning
Leverage natural
language processing
to capture insights in
web content
Benefit from speech
recognition and
computer vision to
summarize
exchanges
Identify and replicate
investment
strategies across
similar customer
classes
Timely marketing
communication,
product offerings
call-to-actions,
increased salesforce
effectiveness
Automate collection
and monitoring of
events related to
clients and their
businesses
Improved note
taking, classification
and reporting of new
customer data into
the company CRM
“
Source: BCG
Exhibit 5 | Data-Driven Techniques Can Significantly Improve Customer Knowledge
and How RMs Interact With Customers
15. 13 Boston Consulting Group
The new era of data-powered insights does not only change the level and nature of
client data available, but also the way we collect it and how it affects our relation-
ship to them.
First, the data is objective and reduces bias. Insights made available from data ana-
lytics focus on all information available, lowering dependency on what the client
is willing to share. Traditional ways to gather client preferences such as polls or
surveys are extremely limiting as they come with pre-defined answers that do not
cover the entire range of possibilities. How many people will answer “other” if they
are offered the choice of yachting or a Formula One race as an event to attend,
when really their big passion is cigar tasting?
Second, the data is also more timely and predictive. As data points for the individual
change every day, the client profile and classification can be refined in a continuous
way without having to wait for the next contact with the RM. Up-to-date personal
information in close to real time makes it easier to anticipate future client needs,
and to send marketing communication and product offerings at exactly the right
time.
Gathering and computing data does not always require direct client input; data-
driven approaches therefore permit more time to be spent on the interpersonal
aspects of the relationship.
Client Benefits
With new ways of interacting with clients and intelligent use of data analytics to
better capture and understand their needs, private banks have a real opportunity
to lead the way in delivering a high-end client experience. HNWIs should expect
no less.
Client experience excellence creates a virtuous cycle in which fulfilling client needs
in the most appropriate way possible will move the business forward. Indeed, clients
will benefit in any number of ways. The tailored and actionable offers will match
their real personal needs. They are more likely to receive communication and con-
tent at the right time. They will experience better and more purpose-driven ex-
changes with RMs who now know more about their financial and non-financial
lives. Clients will have comprehensive and easy access to their financial information,
with transparency on charges and potentially paying less for an improved service
experience.
Banks at the forefront of this development will generate sustainable competitive
advantage as a result. Their user base and assets under management (AuM)
will grow by strengthening relationships with existing clients and attracting new
ones through word of mouth. Cross-selling and share of wallet will become easier.
Streamlined processes and tailored offerings will maximize the penetration of a
bank’s product mix.
16. 14 Decoding the human
The examples and applications discussed in this report offer a couple of illustra-
tions of AI applications. Some wealth managers might think them worthwhile;
some might be discarded by others due to the high marginal costs of implementation.
Such costs might go down in time, however. There are a couple of hundred ad-
vanced analytics applications available. Once a few of these applications have been
implemented, the marginal costs for further applications will decrease. Therefore,
if a wealth manager today chooses the first applications carefully, they will delight
clients, create additional revenue and pave the way for further applications. More
hesitant wealth managers will be playing catch-up when it comes to client expecta-
tion and revenue against early movers and top performers. They will have lost
some of the brand cachet they are so proud of and which defines much of their
business today.
Better and more satisfied customer
Tailored and actionable offers that match
true personal needs
Communication received at the right time,
with the right content
Access to financial information in a comprehensive way,
with little to no latency
Sustainable competitive advantage for bank
Growth in user-base and AuM by strengthening
relationships with existing clients and prospects
Increased share-of-wallet and revenues through
tailored cross-selling efforts
Better decisions on where cost can be cut to re-invest
savings into building modern capabilities
Source: BCG
Exhibit 6 | It’s a Win-Win Both for Customers and for Banks Themselves
17. 15 Boston Consulting Group
How To Get Started
The most important learning for any wealth manager aiming for true client centricity
is that this exercise is a journey rather than a one-off task. The sooner the journey
starts and the more preparation goes into it, the stronger the competitive advantage
will be.
To foster their value proposition, the bank can start by tackling client problems
with techniques such as Design Thinking, using the team’s creativity and resolve.
This involves building a profile and client, a description of the problem, followed by
an enhanced value proposition, devising building blocks for the solution and agree-
ing to next steps.
To unlock the full potential of data and make it actionable, banks need to invest in
data assets and teams to act as change champions and guardians of the new gover-
nance, establishing group-wide capabilities and avoiding siloes. They should have a
clear vision of the business use cases to deploy. This is the first stage in determining
how to collect and store data.
How Real Champions Master Client Centricity
To really achieve client centricity and reap its benefits, nothing short of a cultural
transformation is required. A proper change management program needs to be
implemented in order to embed data into decision-making processes, business
operations and the organizational mindset. Client-driven metrics need to be placed
at the core of the bank’s performance management and incentive structure. New
ways of working should be established, including clear roles for leaders and support
functions, with appropriate training and coaching put in place.
18. 16 Decoding the human
About the Authors
Anna Zakrzewski is a Managing Director and Partner in BCG’s Zurich office. Anna leads the
Wealth Management Private Banking segment at BCG globally. She has also been co-author of
BCG’s Global Wealth Report since 2007. Anna has substantial experience with Private Banks in
various areas for over a decade, including client experience, front-office excellence, efficiency and
transformation, client segmentation, digitally enabled service models, and strategy. You may
contact her by email at Zakrzewski.Anna@bcg.com
Dr. Ella Rabener is a Managing Director and Partner with BCG Digital Ventures in their London
office. She leads BCG DV’s Financial Institutions and Insurance practices for the Western Europe
region. Prior to her time as an entrepreneur as co-founder of Scalable Capital, Europe’s leading
digital wealth manager, Ella spent over 7 years with McKinsey Company serving banks and
retailers. You may contact her by email at Ella.Rabener@bcgdv.com
Dr. Lucas Du Croo De Jongh is a Partner and Associate Director for Data Science in BCG
Gamma’s Zurich office. Over the past 18 years, he has supported banks and insurers in analytics-
driven transformations. These covered credit, ALM, risk management and lately analytics for the
sales functions. Lucas believes that analytics will change banking more than digital did. You can
contact him by email at duCroodeJongh.Lucas@bcg.com
Dr. Maximilian Klein is a Project Leader in BCG’s Zurich Office and a core member of the BCG
Financial Institutions practice. He has extensive experience in wealth management and digital
client journeys, leading topics within strategy, service model, value proposition, and operations. You
may contact him by email at Klein.Maximilian@bcg.com
Josh Schachter is a Product Director at BCG Digital Ventures. Josh has led the launch and
development of numerous digital products and ventures for both startups and large enterprises.
You may contact him by email at Josh.Schachter@bcgdv.com
Romain Dorange is a Consultant in BCG’s Geneva Office and a member of the Technology
Advantage practice with additional focus on wealth management. Since joining BCG, Romain
principally worked on digital transformation topics including customer’s digital journey, digitization
of the core, new business models and technology architecture. You may contact him by email at
Dorange.Romain@bcg.com
19. 17 Boston Consulting Group
For Further Reading
Global Wealth 2019: Reigniting Radical Growth
By Anna Zakrzewski, Tjun Tang, Galina Appell, Renaud Fages, Andrew Hardie,
Nicole Hildebrandt, Michael Kahlich, Martin Mende, Federico Muxí, and André Xavier
June 2019
BCG’s 19th annual analysis of the global wealth-management industry features a market sizing
review encompassing 97 markets and drawing on data from more than 150 wealth managers on
performance pressures and critical strategic areas for improvement. The report also includes in-
sights on enlarging the customer base by targeting the expanding and highly competed for affluent
segment, increasing scale and revenue by transforming client engagement models and achieving
front-end excellence, and girding cyber defenses to protect client data and preserve client trust.
Global Wealth 2018: Seizing the Analytics Advantage
By Anna Zakrzewski, Brent Beardsley, Daniel Kessler, Martin Mende, Federico Muxí,
Matthias Naumann, Jürgen Rogg, Tjun Tang, Tyler Woulfe, and André Xavier
June 2018
BCG’s 18th annual analysis of the global wealth-management industry examines the evolution of
personal financial wealth globally and regionally, the widening revenue gap and how institutions
can narrow it, and the state of offshore business. The report also takes a comprehensive look at
a critical initiative for staying competitive in the marketplace: unleashing the value of advanced
analytics.
Global Digital Wealth Management Report 2018
By Boston Consulting Group in collaboration with Lufax
The report, coproduced by BCG and Lufax Holding, examines key technological changes and their
potential for radical transformation in digital wealth management as well as assessing the current
state of China’s wealth management market, providing guidance on winning strategies in these
environments.
Solving the Pricing Puzzle in Wealth Management
By Anna Zakrzewski, Emanuelle Alm, Deepak Goyal, Lukasz Kowalczyk, Martin Mende, and Ian Wachters
The report analyses how leading firms outperform their peers by providing products and services at
a price — or under a pricing structure — that makes economic and commercial sense, enabling
them to post stronger revenue growth: A view on successful pricing that is about more than price
itself.
Acknowledgments
Dean Frankle (Managing Director and Partner, BCG)
Tjun Tang (Managing Director and Senior Partner)
Sergey Sushentsev (DV Managing Director and Partner)
Charmaine Carmichael (DV Managing Director and Partner)
Robert Cressey (Experience Design Director, BCG DV)
Akin Soysal (Venture Architect Director, BCG DV)
Franziska Scheinhardt (Senior Strategic Designer, BCG DV)
Paul Genberg (Strategic Design Director, BCG DV)
Gaby Barrios (Partner and Associate Director, BCG Center for Customer Insight)
Annette Pazur (Senior WM Analyst, Knowledge Team)
Thomas Widmer (Partner and Director, BCG)
Dominik Gedon (Project Leader, BCG)
Emanuelle Alm (Project Leader, BCG)
Luca Bazzani (Associate, BCG)