Affluent customers represent a conundrum for most providers. While their revenue potential should be much better than a mass market customer’s, they often split their wallet across multiple providers and are demanding and expensive to serve. However, new ways to exploit readily-available technologies offer the opportunity for forward-looking competitors to break the linkage between high service and high cost and offer new ways to capture share of wallet.
In this article we consider the economic challenges of affluent banking and how a customer-oriented digital approach may become a game changer by reviewing the digital trends in affluent banking. To illustrate how digital technology can make a difference in affluent banking we have identified ten examples of digital innovation across the whole affluent banking value chain.
Some of these innovations have already been implemented by market-leading traditional banks; others were introduced by non-traditional FS providers; all could be adopted more widely in the banking industry.
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