Multichannel Analytics in Wealth Management

by Bill Fearnley, Jr, May 21, 2014
Industry Trends
Global, North America

Abstract

Brokerage firms, private banks, retail banks, and wealth managers are investing in multichannel analytics to make sure they are presenting the most relevant offers to the right customers at the right time and tracking conversions. 

In the report Multichannel Analytics in Wealth Management, Celent discusses the major technology and business process issues in multichannel analytics, and how the process is used in wealth management to analyze and improve conversion rates.  Conversions include account openings and steps to commitment (e.g., contacting a call center or clicking on a banner ad). Firms want better information to determine what offers are driving the most conversions.

In this report, we examine the three major steps in multichannel analytics: channel attribution, offer development, and optimization and multichannel campaign deployment.  Attribution analytics estimate which segments, channels, and offers are driving conversions. This data can also be used in the development of offers and optimization of existing offers. Finally, multichannel campaign management solutions can be the air traffic control systems that schedule, deploy, and monitor the performance of offers. Offers that are performing below expectations can be reduced in favor of other offers.

“For wealth managers, Celent believes multichannel analytics are more important than ever, especially as customers use multiple channels and demand anytime, anywhere access to information and accounts,” says Bill Fearnley, Jr., Senior Analyst with Celent’s Wealth Management group and author of the report. “Technology providers are also increasing their investments in multichannel analytics through acquisitions and investments in tools and staff as they see increased demand.”

In this report, we examine the three major steps in multichannel analytics, highlight the major themes from our discussions with multichannel analytics vendors, and make recommendations for wealth firms building or expanding their multichannel analytics capabilities.

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

Introduction

2

Demand Drivers

4

Barriers to Deploying

5

Overview of the View

6

 

Aggregating Data from Multiple Channels

7

 

Attribution Analysis

8

 

Offer Development and Optimization

11

 

Multichannel Campaign and Offer Management

13

Technology Vendor Overview

15

 

Vendor Solutions

16

Looking Forward

17

Appendix 1: Types of Customer Analytics

18

Appendix 2: Predictive Analytics

19

Leveraging Celent’s Expertise

20

 

Support for Financial Institutions

20

 

Support for Vendors

20

Related Celent Research

21

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