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Wealth Management, Private Banking: How can we face the new 2021 business objectives?

Wealth Management and Private Banking today face enormous challenges, while dealing with equally important growth objectives.


As we know, the environment has changed completely in the last year and financial institutions are now in the middle of the road. The health crisis has accelerated digitalization. The sector has been forced to rethink its customer relations. New Fintech players are making their mark and taking market share. Clients, for their part, have slowed down on many of their projects in 2020, and changes in behaviour have also influenced the transformation of investment projects.

In addition, regulatory requirements have become more reinforced: MIF2, AML/CFT, PRIIPS, IDD, etc. Private bankers are overwhelmed with compliance obligations. According to the latest studies, more than 70% of the working time of a private banker or wealth management advisor – the backbone of the bank’s revenues – is devoted to administrative work and regulatory compliance obligations.  This leaves less than 30% to achieve 100% of the business objective.

At the same time, demographic changes are leading to the emergence of new customer profiles. The new post-baby-boom generations are now customers, and the Millennials are arriving. Their behaviour and expectations are very different from those of previous generations, in terms of usage, consumption and ethics.

These new clients expect highly personalized advice and customized support in the face of complex asset or family situations, and recommendations for certain non-financial investments, such as real estate or private equity, often inspired by their social networks.

They also want more transparency. Transparency on fees, but also on the financial products that are presented to them. They want to understand their investment, to make it concrete, to give it meaning, on a more responsible basis.

Finally, they are more demanding about service, in terms of availability, response time and access to information. The relationship with the private banker is different, still present but at a pace more defined by the client and punctuated by the contribution of digital technology.

Crisis, increased regulation, competition, new behaviours: How can we face 2021 and put ourselves in a position to reach ambitious commercial objectives?

Wealth management and Private Banking must optimize sales time. The 30% of time available for “selling” must be made more efficient in order to meet the new objectives of personalizing recommendations and prioritizing sales actions.

Digitalization does not call into question this personalization of advice, on the contrary, it exacerbates it. The increase in data collection and technological developments are seeing the emergence of solutions dedicated to Wealth Management advisors in their commercial tasks.

These solutions are based on artificial intelligence. They implement customer data processing and analysis processes. They train deep learning algorithmic models and, through business applications, provide recommendations, with explanations, to facilitate sales argumentation.

They go as far as to select the clients who are most interested in discretionary management and in an advisory offer. They suggest to the advisor to take the “next best action” for a given client, on the basis of a given product, and according to a given criterion.

They are transparent, in that all process steps are documented and fully traceable.

They provide the advisor with a highly personalized and high value-added recommendation.

They allow the selection of the relevance of an ESG (responsible investment) product according to the profile of clients who want to give meaning to their investment.

These functionalities allow the advisor to gain in productivity and efficiency.

They are the real foundations of the new wealth management and private banking model. They will allow the advisor of tomorrow to appear as a partner, not just a product provider, and ultimately to reach his commercial objectives.

DreamQuark is at your side to help you achieve your commercial objectives, optimize your advisors’ working time, enable them to “hit the right notes”, at the right time and in the right place, to improve their transformation rates, boost their portfolios, and steer clients more towards managed accounts.

The biggest players in Wealth Management trust DreamQuark. They manage to increase their conversion rates up to +75% on up-sell/cross-sell actions carried out by private banking and wealth management consultants.

At the beginning of this year, it’s time to discover how DreamQuark will help you achieve your 2021 sales objectives.

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