CRM in Japan’s Wealth Management Market: Leveraging Data for Enhanced CRM
Japan’s wealth management market is reawakening to the importance of customer relationship management (CRM), and a growing number of financial institutions are rethinking their CRM strategies.
The wealth management market in Japan is on the cusp of an unprecedented generational transfer in wealth. Players in the industry are quietly positioning themselves to capitalize on this opportunity. At the same time, financial institutions are also concerned about a possible outflow of financial assets when existing customers pass them on to the next generation.
In a global context, CRM in Japan can hardly be called advanced, but financial institutions are displaying an eagerness to enhance their CRM approaches by harnessing big data analytics and artificial intelligence.
“At first glance, the many progressive CRM initiatives in Europe and North American markets may seem inapplicable to Japan given its distinctive market structure and environment, but customers in Japan are changing,” says KyongSun Kong, an analyst with Celent's Asian Financial Services Group and author of the report. “While directly transplanting Western initiatives may make little sense, these programs will be able to serve as a valuable reference and resource as institutions in Japan look to enhance their CRM solutions.”
This report examines the state of CRM and existing challenges in Japan’s wealth management market while introducing examples from around the world before concluding with recommendations for players in the industry looking to maximize the return on CRM initiatives.