CRM in Japan’s Wealth Management Market: Leveraging Data for Enhanced CRM

by KyongSun Kong, February 23, 2016
Industry Trends
Asia-Pacific

Abstract

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.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Japan’s Wealth Management Market: An Overview

2

 

Customer Segments

2

CRM Trends in Japan’s Wealth Management Market

4

State of CRM

5

 

Overseas Case Comparisons

7

Fintech and Digital

8

 

Robo Advisors and Big Data

8

 

Online Channel

8

 

Tablet Usage

9

The Future of CRM: Considering the Possibilities

10

 

Harness Artificial Intelligence

10

 

Service Model Standardization

10

 

Omnichannel and Interdepartment Cooperation

10

 

Generational Transition

11

 

Data Analysis

11

 

Cost Performance

12

 

Enhancing Online Channels

12

 

Shared CRM

12

Celent’s Recommendations

14

 

Harnessing IT

14

 

Orchestrating a Transformation in Awareness

14

 

Diversifying Channels

14

Leveraging Celent’s Expertise

15

 

Support for Financial Institutions

15

 

Support for Vendors

15

Related Celent Research

16

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