Customer Analytics in Wealth Management

by Bill Fearnley, Jr, December 12, 2013
Industry Trends
North America


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.

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
Tel: +1 212 345 1366

Europe (London)
Chris Williams
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary





The Customer Analytics Process


The Major Types of Customer Analytics



Data Aggregation and Building a 360-Degree Customer View


Goals of Customer Analytics in Wealth Management



Customer Segmentation



Cross-Sell and Up-Sell



Channel Management



Customer Service and Support


Brief Technology Overview


Looking Forward


Leveraging Celent’s Expertise



Support for Financial Institutions



Support for Vendors


Related Celent Research


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