MyPrivateBanking Blog
Daily Comments on the World of Wealth Management

Archive for June, 2013

E-Publications - how to leverage them in wealth management

Monday, June 24th, 2013

Wealth managers and private banks communicate with their clients through multiple channels. In addition to the communication with personal advisors, publications play a major role: client magazines, newsletters, research notes, blogs, videocasts, audiocast and many other publication formats are available. Whereas a few years ago most clients received publications in print via post, today electronic formats are more and more common. The latest trends are magazine formats that can be read on tablet devices like the iPad.

Presently one of our analyst teams is investigating e-publications and e-magazines of wealth managers around the globe. In many cases we’ve found little strategic thinking behind the publication approach . Often the content is highly academic or theoretical, dealing mainly with macroeconomic topics. In other cases we’ve seen little segment specific content. We have also observed that content, delivery and quality are often not in line with client needs. But how should a good e-publication strategy look? How should wealth managers and private banks spend their resources? What are today’s best practices? And what will the future bring for e-publications?

If you think these are also critical questions for the marketing strategy of your organization you can look forward to our upcoming report “E-Publications for Wealth Management” (due in August).

 

Upcoming report: Mobile Apps for Wealth Management

Monday, June 17th, 2013

In the beginning of July we will publish our brandnew report on mobile apps of wealth managers targeted at the affluent, wealthy and ultra-wealthy client segment. Over the last three months our analyst team has combed through far more than 100 apps of the leading global private banks and wealth managers to determine the strengths and weaknesses of their app strategies. The report tackles the following questions:

Who has the best app strategy and app portfolio to target wealthy clients?

What are the clients’ typical use cases for wealth managers’ apps?

How should the building blocks of an effective and succesful app strategy look like?

What are the best practices looking at functions/features, user experience, design, navigation, security, content and other elements?

How will the future of mobile apps for private banking / wealth management look?

Is there a choice between mobile website and native apps?

When should a bank or wealth manager “go tablet”?

…and many more!

We’ll keep you posted.

 

Banks and social sharing

Friday, June 7th, 2013

In Mary Meeker’s now famous yearly “State of the Internet” presentation a chart (page 28) shows how strongly Internet users in different countries share their life via social media. Surprisingly, it is the population of Saudi Arabia who lead the ranking (60% “share most or everything online”), followed by India, Indonesia, South Korea and Turkey. The US are - surprisingly - way down the list with only 15% and Germany almost last with under 10%.

Apart from the interesting question why emerging markets are so much more into social sharing compared to Europe and the US, the main point is that social sharing is BIG. It’s important. It’s probably the most important trend from a marketing perspective in the next ten years. So, we are wondering why this trend is largely ignored by banks around the globe. In our latest research on Mobile Apps for Banking and Wealth Management Websites we found that only a minority of banks of about 40% allows (some) sharing of their content via social networks mostly in a very basic version.

Social sharing comes in many different flavors. It’s simple to put a Facebook or Twitter icon below or above every article. But that’s not very likely to generate the kind of user excitement one would like to see in social networks. A bank should think pro-actively about its “sharing strategy” which contains a number of important steps:

1. Ask the right questions: What should be shared? Who should be encouraged to share? Which sharing channels are most effective - given the segment one wants to reach? Plus a few more questions of which the sharing strategists should think about.

2. Generate sharable content: Once the strategy is clear, sharable content needs to be put in the right place. It could be a host of new, engaging client tools on the website - for instance to encourage the clients to think about their financial future in completely new ways. It could be a new mobile game inside our outside the standard banking app. It could be an outrageous video campaign, targeted at a much focused client segment like wine collectors, going viral.

3. Opt for a/multiple sharing channel(s) that fit(s) the target segment: YouTube, LinkedIn, Facebook, Pinterest and/or a host of other platforms. It all depends on the user segment.

4. Test: But beware, there is always the risk that instead of benign recommendations and sharing on social networks you may get a veritable shit storm ridiculing a marketing campaign gone very wrong. To avoid this, some testing and tweaking with real users before you go live is essential.

5. Follow: Make sure you are not missing a success or a shit storm (well, you ain’t gonna miss a real shit storm). So, track your campaigns closely, track the shares/likes/pins, track the comments you get…whatever.

By the way, social sharing is closely related to another concept which will have a major impact in the coming years: “On-demand marketing”. We will talk about this in one of the upcoming blogs…

 
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