How to meet wealth management customers’ expectations, and what does it mean to provide modern private banking today – these were the topics we discussed during the dedicated webinar yesterday, on December 12, with Sławomir Wójcik (Product Manager at Comarch Wealth Management, Poland) and Maximilian Clary (Head of Private Banking & Wealth Management at Erste Bank, Austria).
80% of millennials want more digital tools for interacting with their wealth manager, versus around 30% for the baby-boomer generation – these are the data according to the EY Global Wealth Research Report 2022.
It means that phygital – a mix of digital tools with the human touch – is becoming a necessity.
The average age of private banking customers reflects the product and service models. Maximilian mentioned that 68 years (baby-boomer generation) is the age of their private banking customers at Erste Bank in Austria. But we do see and expect private banking customers are becoming younger (Millennials and Gen Z, especially the ones gaining their fortune in the IT sector, are entering private banking) and banks should prepare the offer for the younger generation.
The convenience of tools, and the possibility to trade and have access to private equity markets for private investors via the mobile application, interactive reports, delivered in real-time, and a combination of robo-advisory and human advisors – this is what becoming crucial nowadays. Customers would like to receive flexibility to decide where and in which channels they’d like to buy products or interact with the bank. Modern private banking is about delivering excellent service in both digital and physical channels, being really omnichannel for the customers. Convenience and user experience are the main selling points, and personalization, of course (Sławomir presented great ideas for personalized offers).
To learn more, watch the webinar’s recording below:
