Asian Private Banks: How to Embrace Digital TransformationAs Asian investors increasingly use social, mobile and analytics technologies for their wealth management needs, private banks must take a digital approach to more effectively deliver meaningful, high-value-adding interactions and tailored advice.

• Cognizant Reports

cognizant reports | october 2014

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Executive SummaryWealthy clients in Asia are actively using digital tools and are expected to rely more on them in the coming years for their wealth management needs. However, private banks in Asia continue to lag behind their clients in adopting digital technologies, especially social media and mobile. On the internal front, they face challenges from information silos, a dearth of skilled employees, fragmented operations and legacy systems. Externally, they face regulatory restrictions and threats from lean startups and non-banking firms. Banks’ revenues and margins are also being adversely affected by rising regulatory burdens, talent shortages, increasing client acquisition and servicing costs, and low advisor productivity.

To deliver meaningful, high-value advice to clients, banks need to gear up for their digital odyssey by taking the following steps:

• Create a holistic digital banking strategy: Banks embarking on a digital transforma-tion should clearly define their objectives and create a holistic digital banking strategy to achieve them. Banks should evaluate their current maturity and readiness levels to build a digitally-enabled business and leverage exist-ing systems. They also need to strike the right balance between technology and high-touch advisor services to create a model in which both of these service delivery channels symbi-otically supplement each other.

• Manage change: To ensure the success of a digital transformation initiative, banks should manage change and address employees’ concerns about such initiatives.

• Derive value by deploying digital. This can happen in a nuber of ways.

» Digital-empowered targeting: Banks should tap into the potential of social, mobility and analytics to differentiate their value propo-sition. By using digital technologies, they can understand and target their customers accurately with customized products and services that can be delivered anytime and anywhere.

» Enhanced customer experience: A unified view of their clients can help private banks spot up-sell and cross-sell opportunities. Banks should leverage their technology plat-forms and use the digital information that customers generate through their online interactions and transactions (what we call a Code Halo™) to deliver unique and cus-tomized experiences to clients at every touchpoint.1

» Improved efficiencies: Banks should invest in a robust infrastructure, digital technolo-gies and process automation to effectively engage with customers on digital channels and improve efficiencies.

Why Asian Private Banks Must Go Digital

Online Activities of Wealthy Asian Customers

Figure 1

Source: Scorpio Partnership and Sungard

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Investor Reliance on Digital Wealth Management ToolsAsia’s wealthy are active users of digital technolo-gies (see Figure 1). On a weekly basis, they spend an average of four hours each on instant mes-saging and social media channels (see Figure 2, next page).2 Many use digital technologies and

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channels to track and educate themselves about wealth management and to select advisers based on online ratings and reviews. Over the next five years, wealthy clients in Asia are expected to increase their use of digital communications (see Figure 3).3

According to a 2014 Futurewealth Report, 92% of the 3,025 wealthy investors surveyed4 world-wide were going online to learn about and

support their wealth management transactions and decisions.5 For instance, clients reviewed portfolios, checked performance analyses, read market reviews and found securities information on the online accounts provided by their banks.

Private Banks in Asia Lag Behind Customers There are numerous reasons why private banks in Asia are playing catch-up with customers who use digital tools to manage their wealth. These include:

Asian Wealthy Are More Tech Savvy

Figure 2

Source: Scorpio Partnership

Time spent on various methods of communication each week.

The Americas Europe Asia-Pacific

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Rising Use of Digital Communications

Figure 3

Source: Scorpio Partnership

How long do you currently spend using the following communications each week, and do you plan to use these communications more in five years’ time?

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MeetingFace-to-

Face Telephone

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SecureWeb

PortalSocial

Networking Written SMSInstant

MessagingVOIP

(Skype)

4.9hours

4.5hours

3.9hours

3.5hours

3.2hours

3.0hours

3.0hours

2.6hours

1.9hours

56% 36% 40% 46% 47% 28% 40% 44% 33%Asia Pacific

41% 24% 19% 31% 23% 17% 25% 19% 19%Americas

33% 20% 19% 30% 22% 16% 19% 19% 28%Europe

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• Slow adoption of mobile and social media: We studied 21 top private banks operating in Asia. Of these, three-fourths do not offer a full-fledged mobile wealth management app to their clients. Of the 50 leading global private banks surveyed by Assetinum in 2012, only 22 had a smartphone-optimized Web site, while 14 banks did not have a mobile app.6 According to a Wealth Briefing report, in 2013 a significant percentage of institutions glob-ally did not offer mobile apps and social media channels to help clients communicate and transact. This, however, is expected to improve in the next three years (see Figure 4).7

• Internal challenges:

» Skills: With a dearth of skilled analysts, private banks are struggling to derive meaningful insights from client data. In a CEB survey, 60% of respondents said it was important to organize data for decision-making and actionable business analytics, but only 36% believed their organizations had the ability to do so.8

» Organizational structure: The organiza-tional structure at most banks results in information silos, with each group owning and mining its own data sets. With many firms lacking a central team with a mandate

to run digital technologies across silos, they fail to leverage the true inferential and predictive powers of digital technologies.

» Fragmented operations: Many firms’ functional systems architecture lacks standardization, proper integration and consistent firm-level semantics. Combined with a lack of a strategic vision for manag-ing IT, this results in IT teams implementing tactical fixes without resolving the underly-ing issues.

» Regulatory restrictions: In a study by DST Global Solutions,9 34% of respondents said a key concern was managing cross-border data to properly classify clients to com-ply with cross-border rules. Further, 42% of respondents said a major challenge for managing client data was complying with regulatory restrictions to safeguard client data when moving across regions.10

» Legacy systems: The pervasiveness of legacy systems and low-technology chan-nels makes it difficult for banks to meet compliance requirements and service clients efficiently. Banks also find it difficult to integrate the real-time nature of mobile and online services with their legacy, back-end core systems.

Digital Revolution Underway

Figure 4

Source: Wealth Briefing

Note: Respondent base includes chief technology officers of firms that cover major wealth management markets and together have over $1 trillion of assets under management.

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Institutions that enable clients to transact business or issue instructions through digital channels now and in three years’ time.

Institutions that offer clients digital channels for communication purposes/access to portfolio information now and in three years’ time.

2013 2016 2013 2016 2013 2016 2013 2016 2013 2016 2013 2016

Dedicated Web site Dedicated smartphone/tablet/PC application

Social media (Twitter, Facebook, etc.)

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• Need to overhaul existing infrastructure: In many cases, poor investment data practices and information silos leave banks with incomplete and fragmented client and investment data. This makes it difficult for banks to decipher and understand customer portfolios. Banks will also find it difficult to meet the rising demand for an integrated and online client experi-ence unless they overhaul their infrastructure (see Figure 5).

prerequisite for clients in the digital age. Industry executives cite industrializing11 the advisory pro-cess and automating back-end processing and compliance solutions as top priorities for their wealth management platforms (see Figure 6).

Use cases for industrializing the advisory process include:

» Streamlining the client onboarding process to avoid multiple data entries.

» Automating risk and suitability assess-ments when clients order a specific product.

» Sending targeted product information or investment ideas to clients based on their suitability and risk profile.

» Generating a unified reporting view across multiple accounts.

• New competitors: Lean startups12 and other non-banking firms13 have started offering automated investment advisory services. While they have not yet targeted the ultra-high-net-worth (UHNW) segment, they are likely to disrupt the industry in the future. This will put pressure on incumbent players to invest significantly in technology just to keep up with the new entrants.

• Cost pressures from rising customer acquisition and servicing costs. Banks face increasing costs of acquiring and retaining high-net-worth (HNW) clients in Asia who have relationships with multiple banks.14 Similarly, the cost of acquiring and retaining talent is

Business Priorities of Asian Wealth Advisors

Priority Level Business Activity

1 Business Intelligence

2 CRM Systems

3 Risk Management Tools

4 Financial Planning Tools

5 Recruitment

6 Investment Research, Market Feeds

7 Training

8 Compliance Tools

9 Portfolio Modelling Tools

10 Branding & Marketing

Source: Scorpio Partnership

Figure 5

In the absence of robust integration of the digi-tal technology infrastructure in the front, middle and back offices, banks will find it difficult to achieve efficiency and seamless operations – a

Priorities for Wealth Management Platforms

Figure 6

Source: Hubbis audience sentiment poll, Asian Wealth Management Forum 2013, Singapore

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Industrializeadvisory

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increasing due to a dearth of talent. Accord-ing to McKinsey & Co., private banks’ cost to serve clients was higher in 2011 compared with 2008–2010 due to a rise in compensation and reduced advisor productivity, coupled with greater client servicing requirements (see Figure 7).15

Stringent and complex regulatory environ-ments across Asia are driving up compli-ance costs. Regulations such as Basel III, for instance, hamper banks’ abilities to generate profits using their balance sheets.16

Revenues continue to be under stress. At 80%, the cost-to-income ratios of private banks in Asia are among the highest in the world.17 The margins for banks are decreasing as clients deleverage portfolios and opt for simpler prod-ucts to reduce risk.

• Low advisor productivity: The averagenumber of clients handled by Asian advisors is86, which is higher than the global average of50 to 60 clients.18 The inability to forge strongrelationships with clients and the lack ofaccess to productivity-enhancing digital tech-nologies is making it more difficult for advisorsto capture additional client assets. Advisors inAsia have, on average, 20% less assets undermanagement than those in Europe.19

Gearing Up for the Digital Odyssey Create a Holistic Digital Banking StrategyDigital transformation is not just about adding new technology-enabled features or applications; it is an entirely new business and service model. Banks embarking on this journey should start with well-defined objectives:

Profit Margins in Asia Under Pressure

Figure 7

Source: McKinsey Private Banking Survey

*CEE: Central and Eastern Europe

** Excluding India

Basis points (assets under management), 2011

78 83107

78

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77 83 106 84

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52 64 50 70

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Net Revenues

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2008 levels

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2011 levels

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• First, banks need a long-term strategy with atangible digital blueprint. The digital blueprintshould be extensible, capable of adapting toevolving changes in regulations, markets, tech-nology, product strategy, client interactionsand engagement. It should also have a client-centric view and specific measurable goals.

• Second, banks should have a tactical plan thatdelivers immediate wins and addresses clientand internal demands, while helping the bankestablish its digital presence. Banks shouldalso develop product, pricing and servicingstrategies (utilizing digital technologies) tomeet the needs of every client segment.

• Third, banks should evaluate their currentmaturity and readiness and focus on how bestthey can leverage their existing systems to builda digitally-enabled architecture and business.

Digital transformation is not about replacing the high touch that associates currently deliver with digital tools and technologies. Instead, banks need to balance technology and touch to create a model in which both approaches symbiotically supplement each other. Banks can combine personal client relationships with technol-ogy-enabled services to deliver collaborative and virtually enriched relationships. This will help banks serve clients with a tailored combination of traditional and digital banking services and offers.

The agility and ability of banks to adopt processes and technologies will be vital to building a digi-

tally enabled architecture. Banks must redefine their value proposition to clients by using technology to manage and simplify the complexity of their wealth management offerings. They should build capabili-ties to efficiently segment and target key customer

groups with tailored products using efficient distribution strategies.

To succeed, private banks should fundamentally shift their mindset and focus from selling prod-ucts to servicing clients. The strategy should include a long-term view and commitment as most digital transformation initiatives are multi-year undertakings. (For more on building a road-map for a digital transformation initiative, read

our report, “Digital Banking: Enhancing Customer Experience; Generating Long-Term Loyalty.”)

Manage Change to Ease Transformation Managing change is essential to the success of a digital transformation initiative. To start with, top management should exhibit strong leadership to drive change across the organization. Private banks should take steps to effectively address any concerns or resistance that advisors might have about digital transformation initiatives by set-ting up multiple channels of communication and digital banking champions.

To allay advisor concerns of being disinterme-diated by digital tools and self-service digital channels, organizations should deploy digi-tal technologies to handle non-value-adding activities such as administrative tasks, scan-ning documents, sharing client information with back-end systems and document management. This will save advisors time and provide uni-fied views of customers for them to deliver tai-lored advice. Banks should then focus on helping advisors use the extra time and digital tools effectively and deepen their relationships with cli-ents, which will likely result in increased revenues.

The reallocation and realignment of traditional responsibilities among departments will require a major design effort. Digital transformation initiatives usually involve significant cost and effort, as well as a potential re-engineering of systems and processes. Banks should take this into account and carefully redesign their processes and operations to support seamless omni-channel experiences.

Derive Value Analytics, big data, mobile and social media can help banks develop a granular understanding of their customers and deliver differentiated, value-adding services to them.

• Offer personalized products and services:Banks can use the advanced informationaggregation and predictive capabilities ofanalytics to study market trends, correla-tions, factor analysis and “what-if” scenariosthat can forecast fund performance. They canalso anticipate changes in market conditions,client preferences and cross-selling oppor-tunities. Banks can use analytics to studyclients’ investment strategies and returnsand select the best of these to generate highly

To succeed, private banks should

fundamentally shift their mindset

and focus from selling products to

servicing clients.

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personalized offers and information.20 They can deploy analytics to identify what custom-ers need, such as in-depth analysis that is rele-vant to their investment portfolio and tailored to meet their risk appetite. Delivering this kind of service in real-time to the right clients can become a strong selling point for banks.

Consider Commonwealth Bank of Australia, which unified its data foundation by modern-izing its IT systems and strategically invest-ing in analytics, social media and mobility.21 This capability is allowing the bank to pro-vide personalized offers that are relevant to a customer’s needs. For instance, it offers home loans and insurance products to clients who visit its site after searching for proper-ties online. Similarly, the bank also collects and analyzes transaction and other data to determine appropriate products with the right pricing for its customers.

• Serve clients quickly, anytime/anywhere:Mobile tools can improve the quality of serviceand advice, streamline the sales process andsave time for advisors (see Figure 8). Throughimproved presentation of data and insights,mobile tools can help advisors deliver a high-quality client experience. Advisor productiv-ity can be improved by deploying front-officetools that are accessible anytime and any-where. Query processing and data retrievalcan be performed quickly using comprehen-sive analytics and reporting tools.

Banks can serve a highly mobile clientele using mobile technology. Further, mobile technolo-gies can help banks address the challenge of cross-border data and rules. Banks can use Code Halos to leverage insights derived from client data by abstracting specifics through segmentation and clustering. They can then use the location of a mobile device or access point used by an advisor to determine whether specific information can be delivered or not.

• Target clients accurately: Banks should com-bine their client data (structured and unstruc-tured) from their core systems with socialmedia content to get a unified and accuratepicture of their clients. Approximately 70%of HNW clients in Asia look to validate theirwealth management decisions with their peersusing social media.22 Banks can leverage thisbehavior by deploying targeted marketingcampaigns and sharing their latest insightsand research with clients via social mediaplatforms. They can also connect clients whoshare common interests. For instance, JyskeBank, a Danish private bank, makes heavy useof social media to engage with, update andbuild online communities of customers.23

As clients in Asia place more importance to peer feedback and word of mouth, banks should use social channels to build their brand and develop advocates from their client group. Private banks should identify prospective clients using their public profiles that can offer

Tools Begin to Matter

Figure 8

Source: CEB Wealth Management Advisor Benchmark, 2012

* More than one response allowed.

Respondent base: 1,422

Advisors find mobile tools boost their effectiveness and efficiency.

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insights into their lifestyles, major milestones in life and interests. Banks can also use such data to determine high-value clients to pur-sue. They should leverage their existing client base to see if they can provide introductions and recommend their contacts or acquain-tances with high net worth. Jyske Bank’s online TV station, a key differentiating feature, provides advice about market trends, asset management and investments to its custom-ers through expert interviews. In addition, the TV channel’s Web site allows customers to interact with each other and pose questions to experts. The bank also offers an iPhone app for clients to manage their accounts.

• Enhance customer experience: Investors seek the same kind of highly personalized, seamless and consistent experience from banks as whatis provided by companies outside the financialservices industry (think retail, media and enter-tainment, etc.). To provide such experiences,banks should learn about their clients fromevery interaction to understand and anticipatetheir needs accurately. Banks should leveragetheir technology platforms and make use ofCode Halos to deliver unique and customizedexperiences to clients at every touchpoint.

Private banks must then adopt enterprise-wide approaches to manage and share client information to improve the flow of and access to information by all stakeholders to improve client servicing. Advisors need to be equipped with customer insights, tools and capabilities

that can tell them accurately what their cus-tomers need. This can be achieved through the smart management of digital information, the use of advanced analytics and the integration of digital channels.

Banks can use gamification to simplify interac-tions and make routine tasks fun and engag-ing for employees. Gamification can also help banks educate clients on wealth manage-ment and encourage desired client behavior. Consider FlexScore’s online investment advi-sor tool that leverages gamification to engage clients and explain goal-based wealth planning to them.24 Consumers are awarded a numerical score between 1 and 1,000, which reflects their financial health. Users are awarded points for their actions, such as reading articles about investing. The tool visually explains how harmful financial decisions can decrease their score. (For more information on how gamifi-cation can help businesses, read our report, “Gamifying Business to Drive Employee Engagement and Performance.”)

• Improve efficiencies: Private banks shouldfocus on building a robust infrastructure andautomated processes to effectively engagewith digital customers and improve efficien-cies. This will require banks to integratesystems, processes and data in the front-,middle- and back-offices. Banks will alsohave to rewire their back-end systems tosupport the capabilities they want to deliverthrough digital channels. This will help them to

Firms can combine data sources to help discover, develop and test trading ideas and strategies.

Data from multiple asset classes and longer time horizons can help portfolio managers improve performance.

Access to aggregated data can provide better insights into reporting systems across the firm.

Key: Indicates significant interest in a particular feature of big data

Aggregated data provides a unified view of customers/prospects (i.e., linking customer data to the CRM system).

CRM

Trading

Reporting

Benefits of Big Data for the Front Office

Figure 9

Source: Celent

Front Office Capture Analytics Visualization Examples

Portfolio Management

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accurately trace orders and fully automate and control processes. It will also enable orders to be handled consistently, reduce error rates through reduced manual interven-tion and boost the rate of straight-through processing (STP). Automation of processes and digitization of data will result in improved regulatory reporting and help create efficien-cies that can balance high compliance costs.

Private banks can also offer clients self-service digital tools to manage their wealth. Online portals, video, e-mail and social media can help banks more efficiently build sustainable cli-ent relationships. Banks can reduce costly face-to-face advisor interactions by provid-ing clients with interactive self-service tools. Similarly, video-based tools on mobile devices can be used to serve clients anytime and any-where. Low-cost digital channels can reduce the cost of operations and providing advice, while continuing to provide interactive com-munications.25 Banks should focus on com-bining and providing the expertise of their

internal departments and experts to clients using mobile technologies.

• Improve revenues and reduce risk: Banksshould aim to restructure their systemsto perform more targeted, effective andrelevant data mining. By eliminating silos andfocusing on centralizing data and integrat-ing disparate systems, banks can update andunify client information across their systemsfor real-time retrieval and usage. Addition-ally, banks can create opportunities to up-sell and cross-sell their offerings by usinginsights gleaned from client data (see Figure 9, previous page). Access to and the abilityto view client data across silos can enableadvisors to generate 47% of revenue fromnew sales compared with 36% for advisorswho do not have such access.26 Banks can alsoreduce their operational and reputation risk by using big data to understand their customersbetter and improve their investment researchand trading capabilities.

Footnotes1 For more on Code Halos, see our book, Code Halos: How the Digital Lives of People, Things, and Organi-

zations are Changing the Rules of Business, by Malcolm Frank, Paul Roehrig and Ben Pring, John Wiley & Sons, 2014, or our white paper, “Code Rules: A Playbook for Managing at the Crossroads,” Cognizant Technology Solutions, June 2013, http://www.cognizant.com/Futureofwork/Documents/code-rules.pdf.

2 “Stepping Into the Communication Age,” Scorpio Partnership, January 2013, http://www.scorpiopartnership.com/uploads/pdfs/2013%20jan_ScorpioPartnership_Future-wealth2012.pdf.

3 Ibid.

4 Survey respondents had an average worth of $2.9 million (USD).

5 “The Futurewealth Report 2014: Upgrading the Service Delivery, Part 2” Scorpio Partnership, March 2014, http://www.scorpiopartnership.com/uploads/pdfs/140321_Scorpio%20Partnership_Futurewealth_Paper2_Final.pdf.

6 “Social Media Survey Private Banks 2012,” Assetinum, 2012, http://www.assetinum.com/en/social-media-private-banking-2012.html.

7 “Technology and Operations Trends In The Wealth Management Industry,” Wealth Briefing and Advent Software, 2013, http://www.investmenteurope.net/digital_assets/6812/Tech&OpsReport_-_FINAL_FOR_ DISTRIBUTION.pdf.

8 “How Client Data Can Transform Sales,” CEB, May 2013, http://www.executiveboard.com/blogs/how-client-data-can-transform-sales/.

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9 DST Global Solutions Ltd., a wholly owned subsidiary of DST Systems Inc., provides technology solu-tions and services to the world's top financial institutions, utilities and communications companies.

10 “Maximise Investment Data In Asian Wealth Management,” DST Global Solutions and Hubbis, 2013, http://www.hubbis.com/book/MaximiseDataInAsianWealthManagement/files/assets/downloads/ MaximiseDataInAsianWealthManagement.pdf.

11 “Industrializing” means to streamline and automate the interactions between advisors, clients and processes.

12 Dragon Wealth and Wealthfront.

13 Baidu, Alibaba, Google, PayPal and telcos.

14 “Asian Private Banking: Today's Boiling Frog?” A. T. Kearney and Newtone Associates, http://www.atkearney.com/documents/10192/640342/pb_report_asian_e+%28final%29.pdf.

15 “Navigating the New Era of Asian Retail Banking,” McKinsey & Co., July 2013, http://www.mckinsey.com/insights/financial_services/navigating_the_new_era_of_asian_retail_ banking.

16 “The Evolution of Wealth Management,” The Banker, January 2012, http://www.thebanker.com/Banking/Private-Banking/The-evolution-of-wealth-management.

17 “Private Banking: In the New Era,” A. T. Kearney and Newtone Associates, https://www.atkearney.com/documents/10192/640771/2012-07-19+Private+Banking+Report+-+Electronic+%28final%29.pdf.

18 “Embracing Digital: A High Stakes Revolution in High Net Worth Client Management,” Sungard and Scorpio Partnership, 2012, http://www.sungard.com/en/sitecore/content/campaigns/fs/banks/bankofthefuture/forms/ wealth-management/wm-ambit-future-advisors-asia.aspx.

19 “Tens of Thousands of Private Bankers Needed In Asia,” Execboard in Asia, September 2013, http://blog.execboardinasia.com/tips-advice/tens-of-thousands-of-private-bankers-needed-in-asia.

20 “Private Banks Get Ahead with Analytics,” Computerworld, March 2014, http://www.computerworld.com.sg/resource/guest-blogs/private-banks-get-ahead-with-analytics/.

21 “More Personalized Banking through Big Data and Analytics,” SAP, September 2013, http://www.sap.com/bin/sapcom/en_us/downloadasset.2013-09-sep-22-21.more-personalized- banking-through-big-data-and-analytics-bloomberg-2013-pdf.html.

22 “Asia Private-Bank Technology to Follow Netflix-lite Model,” Euromoney, February 2014, http://www.euromoney.com/Article/3313001/Asia-private-bank-technology-to-follow-Netflix- lite-model.html.

23 “Social CRM in German Retail Banks,” Bearing Point, 2011, http://www.bearingpoint.com/de-de/download/0615_WP_EN_Social_CRM_final_web.pdf.

24 “A New Planning Tool for Advisers Challenges Clients to Win a Game,” InvestmentNews, May 2014, http://www.investmentnews.com/article/20140502/BLOG02/140509978.

25 “Global Wealth Management Technology Spending to Reach $32bn by the End of 2017,” Ovum Knowledge Center, December 2013, https://www.ovumkc.com/Products/IT/Retail-Banking-Technology/Global-wealth-management- technology-spending-to-reach-32bn-by-the-end-of-2017/OVUM-VIEW.

26 “How Client Data Can Transform Sales,” CEB, May 2013, http://www.executiveboard.com/blogs/how-client-data-can-transform-sales/.

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Credits

Author and AnalystAala Santhosh Reddy, Senior Researcher, Cognizant Research Center

Subject Matter Experts Aamod Gokhale, Director, Consulting, Cognizant Banking & Financial ServicesAmar Devasthali, Manager, Consulting, Cognizant Banking & Financial Services

DesignHarleen Bhatia, Design Team LeadSuresh Satyavarapu, Designer