uhnw and hnw engagement - futurewealth and the digital future of client relationships from scorpio...
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7/30/2019 UHNW and HNW Engagement - Futurewealth and the Digital Future of Client Relationships from Scorpio Partnership
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Futurewealth 2012-2013The digital future of client
relationships
May 2013
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The Futurewealth project
A research venture aimed at understanding
all about the future of global wealth
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The story so far
This years Futurewealth research has surveyed 3,477 of the global high-net-worth.They are have an average wealth of USD1.9 million.
So far, we have discovered the worlds Futurewealthy are much more digitally-minded
than you might think. You could go so far as to say they are interested, engaged and even
inspired by the possibilities that digital technologies present.
In this presentation, we look at leading global companies and consider how their approach
to digital channels may have inspired the Brand Love of their Futurewealthy clients. We
look at how good these global firms are at using digital channels to connect with their
Futurewealthy customers. And, we stack up how influential previous experience and digital
information are when it comes to the buying and investment choices of the Futurewealthy.
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What is Brand Love?
Brand Love measures the warmth, commitment and excitement that a customer feelstowards a brand. It is an indicator of the whole relationship they have with that brand.
This year, Brand Love is based on 16 firms all recognised for the strength of their digital
marketing campaigns.
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Bra
nd
Love
indexscore
/100
Brand Love index by sector
All of these elite
global brands
have improvedtheir standing in
the eyes of the
Futurewealthy in
the last year.
Banking brands
stand out for
having the largest
improvement.
Index based on responses on three relationship dimensions: To what extent do the brands you use excite you?
To what extent do the brands you use make you feel warm? And, would you stay with the brand, even if it made
a mistake? (Comparison between 2011 and 2012 responses)
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Brand Love index by sector
69
53
Commitment
average
Mercedes Benz - 84
American Express - 36
Audi - 83
American Express - 50
Ferrari - 70
HSBC - 36
Excitement
average
Warmth
average
Index based on responses on three relationship dimensions: To what extent do the brands you use excite you? To whatextent do the brands you use make you feel warm? And, would you stay with the brand, even if it made a mistake? (Average
scores for excitement, warmth and commitment, and the top and bottom brand in each dimension.)
Brand Love index score / 100
Overall, the warmth
scores of banks are
distinctly chilly at 15
degrees lower than
the average across allsectors. Their
commitment scores
too are far from
balmy, down 14
degrees. And, when it
comes to excitement,
sadly things turndecidedly frosty
dipping 19 degrees
from the elite sector
average.
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In pursuit of brand perfection
Looking in more detail at the index, Singapore
Airlines is a good example of a relationship
all-rounder, with solid scores on all three
measures. Ferrari and Apple, by contrast,
may ignite passion in their purchasers, but
where Ferrari drivers might forgive the odd
mistake; Apple owners are less likely to do
so.
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Brand influence touchpoints leading car companies and
banks
When you last bought a product or service from your provider, how influential were the following factors in your decision?(Importance on a scale of 1-10 for leading car and banking brands.)
Brand Love for banks is
currently more likely to be
built from one experience
to the next. Whereas, for
luxury car providers there
is a halo of ever-present
influencing factors
digitaland traditional, direct and
indirect.
This raises the tantalising
question: should banks
become more like leading
car companies? If banks,
like car companies, created
a digital halo of
touchpoints, would that
create more chances for
them to influence their
favourite clients and even
deepen their Brand Love?
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The quality of digital service leading providers
How good was your provider at using online channels? (Performance on a scale of 1-10.)
We find this same
pattern repeated in the
on-going relationship.
Luxury car providers are
more effective at using
the digital technologies
at their disposal toinfluence at every point
of contact with their
most-valued customers
[Figure 5].
By contrast, banks are
lagging behind when it
comes to these crucialdigital information flows.
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Brand influence touchpoints leading banks
When you last bought a product or service from your bank, how influential were the following factors in your decision?
(Importance on a scale of 1-10 for leading banking brands by wealth segment.)
It is the wealthiest of the
Futurewealthy who see online
channels as a vital source of
knowledge. When it comes tomaking decisions about their
finances, these high-powered
clients are distilling wisdom
from many digital sources.
This strongly suggests that
banks need to gear up most
for their wealthiest clients.Because, while personal
experience matters to
everyone, for the richest good
digital resources matter
almost as much.
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The quality of digital service provided by leading banks
How good was your bank at using online channels? (Performance on a scale of 1-10 for leading banking brands, by region.)
In Asia Pacific,
Futurewealthy clients
report higher satisfaction
levels with the quality of
digital service provided
by their bankingproviders. At virtually
every touchpoint, their
banks are creating impact
with their use of digital
channels by delivering
news, views, information
as well as keeping in
touch.
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The digital future of client relationships
On balance, it would seem that the companies that have embraced the multi-faceted natureof digital relationships have created chances to influence that simply did not exist before.While we cannot say categorically that digital know-how builds the bottom line for firms; it isa happy coincidence that almost all of the top 16 companies on our digital leaderboardincreased the Brand Love of their Futurewealthy clients in the last two years.
Car companies have driven fastest and furthest into this new territory. Luxury retail and
luxury travel are not far behind. But, banks are only in the chase.
And yet, in the time it has taken you to read these four short reports 1,643 people aroundthe world have gone online to search for a wealth manager or private bank.
Whether it is fear or folly holding banks back, their clients are surging ahead. What those
Futurewealthy clients are waiting for is a consistent presence and an authoritative voiceproviding knowledge and views on the themes of the day. This conversation has alreadystarted for the Futurewealthy; they are just waiting to hear more than an echo from theirwealth advisors.
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Total sample
Broken down by:
Level of wealth
Gender and work status
Age and region
Demographic profile of Futurewealth participants
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You can download the full report from our website at
http://www.scorpiopartnership.com
http://www.scorpiopartnership.com/http://www.scorpiopartnership.com/http://www.scorpiopartnership.com/http://www.scorpiopartnership.com/