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1、Five drivers to power client-centric growth in wealth managementGETTING PERSONALCONTENTSExecutive summary 4Powering client-centric growth 5Leading practices in wealth management 6 Operationalizing client centricity 9Using the client lifecycle to prioritize investments 11Starting your client-centrici
2、ty journey 14Conclusion 162GETTING PERSONAL-Five drivers to power client-centric growth in wealth managementFOREWORDIn this report,we delve into the challenges and opportunities associated with embracing a client-centric model in the ever-evolving landscape of wealth management.We aim to provide ins
3、ights and recommendations that will empower firms to navigate this transformative journey successfully.The wealth management industry is undergoing a significant shift driven by changing client expectations,advancements in technology,and increasing competition.Clients now seek personalized experienc
4、es,transparent and timely advice,seamless interactions across multiple channels,quick and easy resolutions to queries,and a company that values their priorities.To remain relevant and competitive,firms must place clients at the center of their strategies,operations,and decision-making processes.At C
5、apgemini,we understand the importance of client centricity and its profound impact on firms growth,sustainability,and long-term success.Through our years of experience and deep industry knowledge,we have identified key drivers that can propel organizations toward a more client-centric model.These dr
6、ivers encompass client-facing elements,such as personalization,availability,autonomy,trust and credibility,and diverse offerings,as well as certain enablers to support a client-centric business model,such as technology,data,culture,strategy,and your operating model.In these past few months,we conduc
7、ted a study that included interviewing C-level executives from various wealth management firms to shed light on the challenges and opportunities pertaining to client centricity in the industry.Coupled with past research done by Capgemini,specifically the World Wealth Report 2023,Unlock Growth in Wea
8、lth Management,we have been able to provide some insight in the concept of client centricity,and where wealth management firms should prioritize their efforts.We extend our gratitude to everyone who participated in our study,and hope this report serves as a valuable resource,providing insights and a
9、ctionable recommendations that will enable firms to navigate the path toward a more client-centric future.Chandramouli VenkatesanVP,Front Office Transformation,BankingPatrick BucquetVP,Capgemini Invent,Financial ServicesSaurabh KulkarniVP,Digital TransformationInsuranceGETTING PERSONAL-Five drivers
10、to power client-centric growth in wealth management3Digitalization is raising client expectationsand empowering them to easily switch allegiances to whoever can best meet their needs.Its a new meritocracy,and companies that fail to make clients the centerpiece of their strategies will likely struggl
11、e to grow in the years ahead.What do clients want?They expect personalized digital experiences delivered seamlessly across all touchpoints,and a diverse array of offerings,tailored to their individual needs and lifestyles.They also want to feel empowered to find their own answers and make their own
12、investments.These are the terms of the competition and the pathway to cultivating long-term,profitable relationships.Wealth management firms understand client-centricity firsthand because intimacy has always been part of the business.But this version,driven by rapid changes in technology,client expe
13、ctations,and the competitive environment,feels especially tricky to navigate.What does it take to remain relevant?To answer the question,Capgemini surveyed clients and interviewed industry executives and other experts to identify the primary factors that can accelerate a firms transition to a more c
14、lient-centric strategy.This report builds on the results of Capgeminis World Wealth Report 2023.The first part highlights the strategic initiatives taken by firms that are further along the client-centricity pathway.We focus on four broad themesdigitalization,data-driven personalization,client empow
15、erment,and expanded product and service offeringsthat can serve as guideposts for firms eager to jumpstart or accelerate their own transition to client-centric strategies.In the second part of our analysis,we leverage our interviews and data to suggest a way to operationalize client centricity by em
16、bracing an enablement framework to guide the transformation.We start by identifying five client-facing driverspersonalization,availability,trust and credibility,diverse offerings,and autonomythat can be emphasized to power client-centric growth,and five enabling capabilities,such as enhanced data an
17、d technology tools,that are needed to support those drivers.We then explore how to prioritize those drivers and enablers across different client segments and lifecycle stages.For example,diverse investment offerings can fuel client acquisition but dont matter much in the onboarding stage.Targeting i
18、nvestments in drivers and enablers on the segments and stages where they can have the greatest impact is vital to success.Finally,we provide a methodology for getting started.Assessing organizational strengths and weaknesses,understanding how data and technologies can be leveraged to deliver client
19、experiences,and aligning governance and metrics to support the strategy all can help lay the foundation for a successful transition.Pivoting to a client-centric strategy can be challenging but the potential payoffsin terms of growth and profitabilitywill likely justify the time and investment.EXECUT
20、IVE SUMMARY4GETTING PERSONAL-Five drivers to power client-centric growth in wealth managementDigitalization has empowered clients like never before,raising their expectations and giving them the power to quickly switch relationships if they get a better offer.That has changed the dynamics of what it
21、 takes to compete and grow in virtually every industry.From Starbucks and Amazon to Disney,growth-minded companies have invested in the technologies,processes,and leadership to create timely experiences that prioritize client needs and can build stronger,more profitable relationships.Wealth manageme
22、nt firms intuitively understand the important role client-centricity plays in powering both loyalty and growth.In Capgeminis World Wealth Report 2023,76%of industry executives said enhancing client experiences was vital to their strategies.1 In a digital world,however,many firms struggle to embrace
23、the tools,technologies,and mindsets needed to compete.Where loyalty was once built on personal meetings,intimate planning sessions,and handholding,todays client-centric strategies are also about using data and technology to tailor products and services to meet clients unique needs.Delivering the sam
24、e kind of hyper-personalized,data-driven experiences clients get elsewhere in their digital lives and consistently being there with the right product at the right time and channel along the client journey is critical to forging the trust,credibility,and intimate connections that drive customer loyal
25、ty.Even so,the modern-day version of client centricity can be daunting for wealth management firms to grasp and manage.For example,while wealth management firms have invested billions of dollars in initiatives that promise to improve the client experience,many struggle to measure the impact of those
26、 investments on client loyalty.Orchestrating a client-centric strategy can be complicated.For example,while serving high-net-worth individuals(HNWIs)remains most wealth management firms bread-and-butter business,many firms also want to tap into the fast-growing affluent market,which boasts$27 trilli
27、on in investable assets.The two segments have different wants and needs and neither group feels like those needs are being met.Just half of the HNWIs said they are satisfied with their wealth managers capabilities while only 18%of affluent clients said they are happy with their current wealth manage
28、r.2 Clearly,there is work to do.Powering client-centric growthHead of Digital and Engineering for a leading global wealth management firmClient centricity is critical to our growth strategy.”1 Capgemini,“World Wealth Report 2023 Unlock Growth in Wealth Management”,June 2023.2 IbidSo how can a wealth
29、 management firm successfully pivot to a holistic client-centric strategy and supporting business model?Our research and interviews provide a roadmap.We start by looking at what is working for firms that have already embarked on their transformation journeys,and then suggest a framework that can hel
30、p ensure investments in key drivers and enabling capabilities occur at the right time and place in the client lifecycle.The transformation to client centricity can be challenging,but firms that can effectively harness the drivers and enablers to meet expectations and put the client first will be pos
31、itioned to compete in a changing environment.GETTING PERSONAL-Five drivers to power client-centric growth in wealth management5Leading practices in wealth management For wealth management firms,every day is judgment day:a test to see if they can deliver personalized experiences that parallel what cl
32、ients experience in other parts of their lives.Loyalty,long a crucial component of the business,can still be won,but the terms and tools of relationship-building have changed.Our research identifies four broad strategic initiatives that forward-thinking firms are pursuing today to become more client
33、 centric.Each of those initiatives aims to address the changing expectations of clientsand involves specific challenges that can make execution difficult.They include:Investing in digitalization 64%of clients expect companies to respond to and interact with them in real time.3 The pandemic accelerat
34、ed client expectations to access information in a variety of ways.Providing seamless,convenient access to personalized services and advice,anytime and through the channel of a clients choosing,is critical to enhancing the client experience.The goal for wealth management firms is to provide real-time
35、 access and experiences that look and feel the same whether through the website,a mobile app or a call center.Being available through multiple channels and offering flexible service hours,can help firms be more relevant to clients and keep them engaged and loyal.Our research suggests that wealth man
36、agement firms are not as far along in their digital transformation journeys as companies in other industries.While digitalization is well underway in some areas,such as financial planning and account aggregation,risk profiling and asset allocation,firms have been slower to embrace APIs,cloud-based a
37、pplications and the artificial intelligence/machine learning(AI/ML)technologies that power the data analytics.Industry leaders recognize they are behind the client-centricity curve.Just 26%of wealth management executives said their firms have the digital maturity to agilely leverage technology in re
38、sponse to new market trends and market disruptors;85%said upgrading their technology infrastructures is a priority.4 More firms are investing in advanced technology infrastructures,platforms,and digital tools to deliver customized investment strategies and financial plans that align with clients uni
39、que needs and objectives.Senior Executive,Digital Channels and Products for a global wealth managementand insurance companyClients want to control when and how they communicate with their wealth management firm.”Chatbot for an easy,personalized,and hassle-free experience Client storyA multi-national
40、 property-casualty insurance provider was having trouble managing high volumes of client queries related to claim status and claim submission.We helped deliver a chatbot experience that engages with clients when they have claims-related queries,guides them through completing claims forms,and provide
41、s 24x7 connectivity for rapid query resolution.The solution drastically reduced the contact centers call volumes and improved productivity for client service agents,freeing them to focus on resolving complex issues.AVAILABILITY3 Salesforce,State of the Connected Client,20204 Capgemini,“World Wealth
42、Report 2023 Unlock Growth in Wealth Management”,June 2023.GETTING PERSONAL-Five drivers to power client-centric growth in wealth management6They also are embracing mobile apps,client portals,and virtual meeting platforms to fuel more real-time client engagements,leveraging AI/ML to generate data-dri
43、ven insights that are key to personalizing experiences and empowering clients with the tools to manage their own investments.Using data to personalize experiences90%of consumers said personalization appeals to them;they are 10 times more likely to be among a firms most profitable and loyal clients.5
44、 Personalization is about more than simply knowing clients interests.As the managing director of one wealth management firm explained,its about understanding the context and relative importance of those interests to clients at a given point in time and empowering them to achieve their unique goals a
45、nd ambitions.Leveraging data to understand clients individual needs and then meeting expectations at the right time and place can make the firm an indispensable partner in their journeys,while also opening the door to new growth opportunities.For wealth management firms,building customized,connected
46、 experiences that clients have come to expect in other parts of their lives are table stakes for competing in the digital world.Most wealth management firms understand the value of using data-driven insights to orchestrate those personalized experiences.Yet,many struggle to use the information they
47、possess to deliver higher-quality experiences.Often,data remains trapped in silos,preventing firms from getting a full picture of the clients unique situation;other times,the analytics arent robust enough.Just 26%of industry executives said they have mature data and analytics capabilities and can us
48、e data to gain a competitive advantage.6 As clients expect more personalized experiences,using data to identify trends,pain points,patterns,and anomalies can help firms offer investment strategies,products,and financial advice tailored to the individual.Leveraging the cloud and centralized,connected
49、 data warehouses and data-management systems can fuel innovation and power both acquisition and cross-selling efforts.Head of Product and Design for a global investment and wealth management firmCurating hyper-personalized client experiences based on individual expectations and needs,rather than cre
50、ating something that is one-size-fits-all,is a differentiator.”By combining demographic information,financial profiles,and historical data,wealth management firms can offer personalized investment strategies,tailored product recommendations,and relevant financial advice.Portfolio of digital experien
51、ces Client storySmall business owners(SBOs)gave the bank high marks for its breadth of products and services.And yet,the digital customer experience was perceived by SBOs as too product centric and too complex to navigate.Capgemini created a personalized,small business product recommendation engine.
52、It includes a dynamic quiz,accessible from a public website,that can assess a small business owners(SBO)needs and recommend relevant products and services.As SBOs engage,the engine can also pinpoint data-driven correlations between products and gaps in the current product portfolio,creating opportun
53、ities for new product development and more effective marketing.PERSONALIZATION5 Refinitiv,“The Power of Personalization in Wealth Management”6 ElifTech,“How to Leverage Data Trends to Grow Wealth Management Startups”,July 2023GETTING PERSONAL-Five drivers to power client-centric growth in wealth man
54、agement7Empowering clients 70%of clients expect a firms website to include a self-service application.7 Enabling clients to play a more active role in managing their own financial affairs is a growing trend.It might feel counterintuitive but letting go of some control and giving clients the advice,o
55、ptions,and digital tools to manage their own investments can create a sense of ownership that wealth management firms can leverage into stronger relationships.Our survey results show a growing preference,especially among affluent clients,for digital self-service options.Enhancing efficiency through
56、automation and technology and providing clients with the investment research tools they need to make informed decisions independently,can drive growth.The challenge lies in instilling confidence in digital tools while ensuring accessibility for all clients.As clients take more responsibility for inv
57、estment decisions,firms can leverage their operational expertise to assist in the journey.For example,firms can validate and execute trades,provide aggregation services and models to understand the implications of investment decisions and monitor performance in real time.Facilitating the sense of fu
58、lfillment that clients get from successfully managing their own finances can position the firm as a trusted partner.hedge funds,and commodities.The same group allocated 40%of its assets to ESG and sustainable investments.9 Building out a robust menu of products and services that can meet clients uni
59、que needs and expectations can differentiate the firm from rivals and attract more business over time.The wealth management industry is adapting to serve a diverse client base that ranges from mass retail to HNWIs.There is no one-size-fits-all solution.This can require firms to expand their offering
60、sfor example,addressing specific needs such as mental wellness and adopting a client-centric strategy that caters to a broad spectrum of clients.Growth-minded firms also can devote greater attention to Gen Z,women,tech-wealth,and LGBTQ+groups,each of which is growing as a percentage of the potential
61、 client pool.Those groups often need more personalized and responsive service than traditional clients,with a focus on augmented digital solutions and products.10Chief Operating Officer for Wealth Management at a financial services firmEducating clients on good financial habits and building their kn
62、owledge base might be even more important than providing advanced technologies.”Chief Analytics Officer at a globalwealth management firmWe want to become the Amazon of financial services,so clients dont need to go anywhere else.”Improving acquisition and retention with data Client storyA global ret
63、ail banking and wealth management firm wanted to offer more personalized,data-enabled client experiences.We built a client-experience platform that leverages real-time client behavior to improve consent,content,and communication management,and engage the right audiences with the right messages at th
64、e right time.The ability to personalize offers and communications helped establish more relevant connections with clients,and improved acquisition and retention rates.DATAAccelerating new product development55%of HNWIs said the quality of a firms product offerings is a critical factor in advisor sel
65、ection,while 50%of those under 40 said they are not satisfied with their firms offerings.8Clients individual aspirations,values,and risk profiles vary,and they expect investment options that reflect that diversity.On average,HNWIs in our survey held 13%of their assets in alternative investments,incl
66、uding digital assets,7 Capgemini,“World Wealth Report 2023 Unlock Growth in Wealth Management”,June 20238 Capgemini,“World Wealth Report 2023 Unlock Growth in Wealth Management”,June 20239 Ibid10 Capgemini,“World Wealth Report 2022 Customer First Strategy”,June 2022GETTING PERSONAL-Five drivers to p
67、ower client-centric growth in wealth management8Operationalizing client centricityWhile some wealth management firms are already transitioning to client centricity,many more struggle to keep pace in a rapidly evolving environment.There are so many potential paths to follow,unknowns to consider and c
68、hanges to embrace,it can be difficult for growth-minded firms to know which parts of the client experience to tackle first and where to focus their efforts and investments.To help demystify the process,we have created a framework that firms can use to prioritize actions and accelerate their transfor
69、mations.The framework,derived from conversations with industry leaders and tested in the field,provides a roadmap for turning client centricity from an abstract white-board concept to an actionable strategy by highlighting when,and how to execute on the drivers that can fuel loyalty and growth.Clien
70、t-facing drivers and backstage enablersBuilding a successful business model begins by understanding and embracing the drivers that promote client-centricity and the capabilities needed to enable those drivers.The figure below shows five client-facing drivers and five backstage enablers that our rese
71、arch shows can have the greatest impact on growing client loyalty.The client-facing drivers are the front porch of todays wealth management businessthe things clients can touch and feel that can make the relationship standout in their minds and build connections.Investing in these five drivers can e
72、nhance client satisfaction and deliver value,leading to increased loyalty and positive word-of-mouth referrals.Personalization Tailoring experiences to help clients achieve their unique financial needs and expectations can build loyalty and deeper wallet shares.Availability Delivering consistent exp
73、eriences regardless of channel and providing flexible service hours can help meet client expectations for real-time assistance.Trust and credibility Nurturing a reputation for transparent and ethical communications is vital to acquiring new clients and building strong relationships.Diverse offerings
74、 Offering a menu of alternative and sustainable investment options that cater to individual client aspirations can differentiate firms.Figure 1.Client centricity in wealth management frameworkClient-facing driversBackstage enablersClient lifecycleTrust and credibilityBuild trust throughreputation an
75、d ethicsDiverse offeringsProvide a wide rangeof financial offeringsAutonomyEmpower clients to makeinformed decisionsDataLeverage data to tailorthe offerings with clientsAI and technologyAlign technology witha client-centric approachStrategyCultureAttract,retain,andincentivize top talentOperating mod
76、elEstablish an operating modelthat emboldens theclient-centricity strategyPersonalizationTailor clients experiencethrough customizationAvailabilityBe responsive andaccessible to clientsAcquisitionOnboardingServicingCross sellingBackstageENABLERSClient-facingDRIVERSSource:CapgeminiEnsure the plan and
77、 visionset by the leadership are centeredaround customer needsGETTING PERSONAL-Five drivers to power client-centric growth in wealth management9 Autonomy Giving clients the digital tools and advice to manage their own portfolios can help make wealth management firms trusted partners in clients finan
78、cial journeys.Client-centric strategies can require different operational tools,practices,and skills to execute.We call these the backstage enablerscapabilities that lie beyond the view of clients but are critical to delivering on the growth potential of the client-facing drivers.They include:Strate
79、gy Aligning strategy across the organization to deliver timely and personalized omnichannel client experiences can deliver value and long-term growth.Data Building the data capabilities to understand a clients needs and situation can fuel the personalization that is central to client centricity.AI a
80、nd technology Upgrading technology infrastructures to embrace digitization and data-driven personalization can improve client engagement and increase operational efficiency.Operating model Automating administrative tasks can allow relationship managers to focus on client interactions,while a moderni
81、zed operating model enhances efficiency and trust.Culture Embracing a culture that values and incentivizes client centricity,innovation,and collaboration is a critical part of adapting to todays changing industry dynamics.GETTING PERSONAL-Five drivers to power client-centric growth in wealth managem
82、ent10Using the client lifecycle to prioritize investments Delivering personalized products,services,and experiences at the right time and place lies at the heart of client centricity.Our research shows that a client-facing drivers impact on client centricity success can be heavily influenced by when
83、 it is used in the client lifecycle.The wealth management value chain is complex.For example,while the client-facing drivers are important to both HNWIs and affluents,the specifics of whats important to each group are often different:HNWIs value face-to-face contact and estate planning services whil
84、e affluents prefer mobile apps and real-time self-service options.Firms often must design entirely separate experiences for each segment to succeed with a given driver.We suggest focusing on the four critical lifecycle stages in the below enablement frameworkclient acquisition,onboarding,servicing,a
85、nd cross sellingto help prioritize when and where a firm can best leverage specific client-facing drivers to win and retain clients,and deepen relationships.Below,we illustrate why its important to look at client centricity from a client lifecycle perspective and present in greater detail how the li
86、fecycle stages can be used to prioritize effort and investments by exploring two stages:acquisition and servicing.Figure 2.Client-centricity enablement modelPersonalizationAvailabilityTrust and credibilityDiverse offeringsAutonomyAcquisitionOnboardingServicingCross sellingLowMediumHighRelativeimport
87、anceSource:Capgemini GETTING PERSONAL-Five drivers to power client-centric growth in wealth management11Acquisition:Giving prospective clients what they want 65%of the customers consider offering diverse portfolio options(traditional assets,ESG,digital assets)as the most important factors while choo
88、sing a WM firm.11 Digitalization allows clients to switch wealth managers more easily than in the past,creating acquisition opportunities for growth-minded firms.All client-facing drivers play a role in acquisition,but our research shows that what matters most is the eye candythe ability to impress
89、prospective clients with investment alternatives and tools that can support their visionsand a firms reputation.Clients are looking for several seemingly contradictory attributes when choosing a new wealth management relationship.On one hand,they want the assurance implied by a trusted,credible firm
90、.On the other,many have their own investment ideas and value innovation.Offering the flexibility of a diverse menu of portfolio options backstopped by the strength and stability of a strong brand can win over prospective clients.Diverse offerings are important to both affluents and HNWIs in the acqu
91、isition stage,but we see clear differences in the specifics of what those segments expect.For example,affluents are more interested in ESG investments,digital assets,and other alternative offerings,while HNWIs are seeking additional services such as estate planning,insurance,and tax services.Leverag
92、ing the right metrics,incentives,training,and upskilling programs and other cultural attributes to communicate new priorities to the workforce can be critical to an acquisition strategys long-term success.For example,one firm we work with has adopted performance scorecards that incentivize advisor b
93、ehaviors,such as the amount of time spent in client meetings,while downplaying the role of traditional sales targets.Wealth management firms that can adapt their cultures to put client interests over those of individual silos can position themselves to compete more effectively for new business.Chief
94、 Operating Officer forWealth Management at a global financial services firm Were fostering a culture of innovation,adaptability,and continuous learning to ensure our offerings align with our clients diverse values and preferences.”Figure 3.Relative importance of the client-facing drivers in the acqu
95、isitionstage of the client lifecycleLowMediumHighRelativeimportanceTrust and credibilityAvailabilityAutonomyPersonalizationDiverseofferingsSource:Capgemini 11 Capgemini,“World Wealth Report Unlock growth in Wealth Management”,June 2023GETTING PERSONAL-Five drivers to power client-centric growth in w
96、ealth management12Servicing:Delivering exceptional experiences 65%of HNWIs said their wealth manager communicates effectively about portfolio performance;53%are happy with their firms digital interfaces.12 Providing consistent,personalized guidance and communications across channels and enabling dig
97、ital self-service options that allow clients to manage their own portfolios and address concerns in real-time are hallmarks of good servicing.Only about half of HNWIs reported being pleased with their primary firms abilities in such key servicing areas as transaction execution,portfolio reporting,an
98、d transparency on product pricing,features and risks.Clearly,there is room for improvement.Effective servicing is rooted in technology and a culture of innovation that can meet various needs in real-time across multiple channels.Its important in a broad sense to both affluents and HNWIs,but while af
99、fluents typically want the quickest solution through a digital channel.HNWIs,but affluents often prefer speaking to a relationship manager or service representative over the phone.Catering to both segments expectations can be a data,technology,and operating model challenge.Streamlining processes to
100、enhance efficiency can help the firm address client needs more quickly and boost servicing quality.For example,relationship managers today say they dedicate as much as two-thirds of their time to administrative tasks,leaving little room for client interaction.Refining the operating model to encourag
101、e collaboration and leveraging automation where possible can allow those managers to allocate more time to value-added activities,enhancing the client experience.Figure 4.Relative importance of the client-facing drivers in the servicing stage of the client lifecycleLowMediumHighRelativeimportanceDiv
102、erseofferings Trust andcredibility AutonomyPersonalizationAvailabilitySource:Capgemini 11 Capgemini,“World Wealth Report Unlock Growth in Wealth Management”,June 2023GETTING PERSONAL-Five drivers to power client-centric growth in wealth management13Starting your client-centricity journeyAssess,Strat
103、egize,Design,Execute(ASDE)Navigating the transformation to client centricity effectively requires a structured approach centered on four broad steps that can help a wealth management firm implement a new strategy.We suggest a methodology that includes four broad actions,which we explore below:Assess
104、 your client centricity maturityPerforming a systematic maturity assessment to understand how the firms existing offerings and capabilities fit in a client-centric model can provide direction on next steps.Identifying which of the firms backstage enablers can support the client-facing drivers and wh
105、ich ones need to improve can inform future decisions.Key questions include:Which drivers and enablers can deliver the most value to clients and the firm?Understanding internal strengths and weaknesses is a key first step.What criteria will be used to evaluate each driver and enabler?Using both quant
106、itative and qualitative metrics can inform decision-making.What other data will be used in the evaluation?Using both internal and external sources can help the firm understand where it stands relative to the market.Define your strategy and engage the organizationArticulating a clear strategy that en
107、gages and aligns the interests of various stakeholders can foster the shared vision and goals that can drive success.A unified sense of purpose set by the C-Suite can rally the cross-functional collaboration,Figure 5.ASDE approachDesignDesign the new customer journeys,and the supporting operating mo
108、del,culture,and tech and data infrastructureStrategizeDefine the client-centricity strategy,governance,metricsand stakeholders inalignment to theoverarchingorganizationalgoals and objectives AssessAssess theorganizationsclient-facing andenabler drivers ofclient centricity byleveraging the client cen
109、tricityframework forwealth management ExecuteExecute and implement the transformation plan and changemanagement to establish the new customer journeys Source:Capgemini from client support to performance management,required to power the transformation.Questions include:How will you govern the transit
110、ion?Appointing a chief executive such as a chief client/customer officer(CCO)or chief experience officer(CXO)to spearhead the transition,embedding a dedicated client-experience team to lead the effort and modeling client-centric behaviors can help set the tone for continuous improvement.How will you
111、 engage employees in the change?Highlighting the links between client satisfaction and the bottom-line,and soliciting feedback can help create organizational buy-in.How will you build needed skills and capabilities?Training employees and embracing a framework to guide the use of data and technology
112、can provide the tools for growth.Chief Marketing Officer fora multinational insurance company Defining a digital client-centric strategy and using it as the foundation of our transformation has been critical to our success.GETTING PERSONAL-Five drivers to power client-centric growth in wealth manage
113、ment14Head of Technology for a multinational insurance companyWe continue to invest in training and upskilling to ensure our employees have the client-centric skills we need.Design new client journeysOrchestrating positive client journeys can spark higher engagement and loyalty levels.Managing the c
114、omplete sequence of interactions clients have with your brand is important to building stronger relationships and greater wallet shares in the digital world.Key questions:How will you map current client journeys?Leveraging client feedback to understand where expectations arent being met can provide
115、a starting point for design efforts.How will you begin to redesign the client journey?Revisiting each stage of the journey and addressing pain points can set the tone for an effective design.Where are your backstage enabler gaps?Performing a gap analysis to understand which enablers are impeding the
116、 firms design ambitions can help set strategic investment priorities.Taking a service design approach can help ensure your client-centric strategy and vision is supported by necessary backstage enablers.Execute the transformation Thoughtful,meticulous planning and a robust transformation backbone ar
117、e critical to bringing a client centricity strategy to life.Key considerations include:How will you ensure the transformation stays on track?Proper governance,effective program timeline management,and reporting can enable a smooth and swift transition.How will you manage the change?Establishing a ce
118、ntralized client experience team to manage the change as a portfolio of cross-functional engagements can keep the organization on track.How will you track the transformations value?Measuring the value of client-centricity to the organization allows for better project monitoring,steering,and repositi
119、oning during the transformation.GETTING PERSONAL-Five drivers to power client-centric growth in wealth management15We are in an age where client centricity is expected,and wealth management firms must respond to effectively compete.The ability to deliver seamless,personalized experiences at the righ
120、t time and place in the client lifecycle is now considered a strategic imperativetable stakes in the battle for growth.The question is how firms can quickly incorporate the right mindset and capabilities into their business models.Our research highlights what forward-thinking firms are doing today t
121、o put the client first and identifies a pathway for those still struggling with how to pivot to a client-centric business model.It includes several interconnected components that,combined,can serve as a springboard to position a firm to compete in a fast-changing environment.They include:Operational
122、ize client centricity.Informed by the strategic initiatives of wealth management firms that are further along in their transformations,focusing on five client-facing drivers and five backstage enablers can set the table for deeper,more profitable relationships.Prioritize client centricity initiative
123、s.Understanding the relative impact of client-facing drivers across client lifecycle stages can help steer investments and energy to areas where they can have the greatest impact.Optimize the client centricity transformation.Leveraging an enablement framework to assess the firms client-centricity ma
124、turity,define a strategy,design client journeys,and execute the transformation can help firms deliver better experiences and accelerate growth.The journey to becoming more client centric requires careful planning,stakeholder buy-in,resilience,and a willingness to embrace change.It can be challenging
125、 but the potential returns in terms of client satisfaction,enhanced competitiveness,and growth can make the transformation worthwhile.IN CONCLUSION16GETTING PERSONAL-Five drivers to power client-centric growth in wealth managementNew client expectations around technology and easy access to data,and
126、ever-higher demands for a seamless and simplified client experience is raising the bar for wealth management firms.With the added complexity of increased regulatory.pressure and digitalization,wealth management firms will find themselves needing to continuously transform their business.Capgemini sup
127、ports financial institutions reinvent their core business model by strengthening the client experience from front to back with innovative,digital solutions and efficient operations.Our capabilities across the wealth management value chain allow firms to meet the needs of new client segments,generati
128、ng additional revenue streams and increasing profitability.Capgemini works with wealth management firms to simplify processes and to provide immediate access to information in all areas across the client lifecycle.We design a seamless digital experience for multi-channel,multi-device,and face-to-fac
129、e interactions.Our innovation and design agency creates best-in-class digital services,fully integrating the digital user experience for our clients and their customers.Capgeminis Wealth Management Maturity Model has been developed to help assess each of the client-facing and enabling drivers as out
130、lined in Capgeminis client-centricity framework.All drivers and enablers are comprised of multiple subcomponents that are assessed based on a pre-defined evaluation criterion.For more information on how to apply it to your organization,contact any of the experts on the next page.UNLOCKING CLIENT CEN
131、TRICITY WITH CAPGEMINI GETTING PERSONAL-Five drivers to power client-centric growth in wealth management17ASK THE EXPERTSChandramouli VenkatesanVP,Front Office Transformation,Banking Saurabh KulkarniVP,Digital Transformation,Insurance Patrick BucquetVP,Capgemini Invent,Financial Services Blake DiCos
132、olaSenior Director,Capgemini Invent,Financial Services Chirag ThakralSenior Director,Capgemini Research Institute for Financial Services Aalekh Bhatt Senior Manager,Digital Transformation GETTING PERSONAL-Five drivers to power client-centric growth in wealth management18DISCOVER MORE ABOUT OUR RECEN
133、T RESEARCH PUBLICATIONSWorld Wealth Management Report 2023World Retail Banking Report 2022World Payments Report 2023DisclaimerThe information contained herein is general in nature and is not intended and should not be construed as professional advice or opinion provided to the user.Capgemini assumes
134、 no liability for errors or omissions or use of this material.This document is provided for informational purposes only;it is meant solely to provide helpful information to the user.This document does not purport to be a complete statement of the approach or steps necessary to address or solve any p
135、articular matter or to accomplish any particular business goal.The user also is cautioned that this material may not be applicable to,or suitable for,the users specific circumstances or needs,and may require consideration of additional factors if any action is to be contemplated.The text of this doc
136、ument was originally written in English.Translation to languages other than English is provided as a convenience to our users.Capgemini disclaims any responsibility for translation inaccuracies.The information provided herein is on an as-is basis.Capgemini disclaims any and all representations and w
137、arranties of any kind.GETTING PERSONAL-Five drivers to power client-centric growth in wealth management19For more information,please contact: About Capgemini Capgemini is a global leader in partnering with companies to transform and manage their business by harnessing the power of technology.The Gro
138、up is guided every day by its purpose of unleashing human energy through technology for an inclusive and sustainable future.It is a responsible and diverse organization of nearly 350,000 team members in more than 50 countries.With its strong 55-year heritage and deep industry expertise,Capgemini is
139、trusted by its clients to address the entire breadth of their business needs,from strategy and design to operations,fueled by the fast evolving and innovative world of cloud,data,AI,connectivity,software,digital engineering,and platforms.The Group reported in 2022 global revenues of 22 billion.Get the Future You Want|Copyright 2023 Capgemini.All rights reserved.