Customer Analytics in Wealth Management

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12 December 2013


Increasing competition and regulation are putting pressure on financial services firms’ revenue growth. To uncover opportunities, many wealth managers are increasing their investment in customer analytics to glean insights from detailed information about customer accounts, demographics, and transactions.

In the report Customer Analytics and Wealth Management, Celent discusses the major types of customer analytics and the advantages of aggregating data to provide a 360-degree customer view. Firms are looking to improve their customer analytics in order to:

1) Grow share of their wallet with existing customers.

2) Improve customer service and reduce customer churn.

3) Increase effectiveness of customer acquisition strategies and tactics.

“The ability to process larger, more detailed data sets can enable analysts to observe commonalities that will improve predictive and prescriptive analysis,” says Bill Fearnley, Jr., Senior Analyst with Celent’s Securities & Investments Group and author of the report. “User-created content such as social media interactions and web information, when combined with the firm’s existing data, can provide a broader picture of the customer.”

This report analyzes the customer analytics process and examines the goals of customer analytics, including customer segmentation, cross-sell and up-sell, channel management, and customer service and support.