Only banks and wealth managers firmly establishing digital as a strategic priority for their respective wealth businesses will succeed in winning and engaging clients in the future, according to a new report – Digital Leaders in Wealth Management 2018 – from MyPrivateBanking.
And the report says that even the digital leaders among the global wealth managers are still providing an uneven digital experience, performing well on one channel, but not as well on others. There is a general lack of a coherent, overarching cross-channel strategy and digital leadership for serving clients.
MyPrivateBanking analysed the digital performance of 21 leading global private banks and wealth managers for the report, ranking the firms across all digital channels, and specifically for websites, mobile apps and social media. A separate detailed quantitative evaluation identifies the “cream of the crop” for digital strategy and delivery.
The report explores which firms demonstrate strong digital leadership and strategy with their digital transformations. The top leaders in this evaluation category were BNP Paribas with a full 10/10 points. According to the analysis, BNP Paribas excelled across the board with a dedicated wealth management digitisation strategy and a strong focus on innovation fostered by a corporate culture that prioritises ‘outside the box thinking’, experimentation with new technologies, and agile leadership.
This excellent showing was followed in MyPrivateBanking’s evaluation by Merrill Lynch and Credit Suisse – tied at second place with 9/10 points. Finally, Societe Generale came in third in the ranking with 8.5/10 points. A strong leadership and talent pipeline have aided the bank’s rather quick transformation.
However, Onawa Lacewell, senior analyst of MyPrivateBanking, stresses that the majority of the analysed wealth managers have a lot of work to do: “A significant group of banks who don’t fall into the “digital leader” category have not yet managed to transform even their most important channels like websites or mobile apps. Therefore, the gap between the vanguard and the rest of the pack is growing – and those banks which are currently lagging behind are now at high risk of losing clients if their digital transformations aren’t put in place soon.”