A recent report indicates that private banks and wealth managers should follow the lead of the luxury industry when it comes to tapping digital technology to deliver customer service fit for the high net worth, high income demographic.
The information stems from a Futurewealth Report by SEI, Scorpio Partnership, and Standard Chartered Private Banking that surveyed 3,477 respondents worldwide with an average net worth of $1.9 million. The survey indicated that financial services are not adequately tapping digital technology to its fullest to improve customer relations.
Industry insiders are searching for methods for their institutions to effectively leverage online services to retain their upscale clientele, Investment Europe reports.
“It’s obvious the banking and wealth management industry is making strides in using technology and digital communications, but not yet meeting the demands and interests of its clients,” said Joseph P. Ujobai, Executive Vice President, SEI.
“Technology integration and workflow management features available through today’s wealth management platforms are certainly helping, but it’s personal and online relationships that will close the gap between financial services and other industries. Wealth management providers need to recognize and concentrate on what drives the up-and-coming wealthy to select and commit to certain brands.”