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Wealth Management: Driving Transformation through a 360° Client Lens

Wealth Management: Driving Transformation through a 360° Client Lens

A 360 degree customer view is fast becoming essential for financial organisations and wealth managers to compete and win in the digital economy – but integrating the vast and changing data sources is often a major challenge.

In recent years, advances in technology, as well as global digitalisation, have ushered in new capabilities for banks, enabling them to understand their clientele better and, hence, serve them in a more efficient and tailored fashion. The customer 360 view has become a familiar term as organisations utilise increased data analysis to capture holistically customer behaviour and account patterns leading to more intuitive offerings and responses, stronger security and faster processes. It is the ‘who, what, why, when and where’ of customer lifecycle management.

Wealth management, hitherto later to the digital party than other financial services segments, is recognising the benefits to be gleaned from data-led transformation – both those operating independently and those part of larger banks. Growth, leaner operating functions, easier compliance processes and cost savings are just some of the benefits to be had. Cloud is called upon to deliver new and differentiated service levels and organisations are increasingly looking for new and scarce skillsets.

This Finextra paper, produced in association with MarkLogic, is based on several discussions with senior financial services and wealth management experts covering key business and technical drivers for creating the need for a 360 degree customer view, the challenges to be overcome in the process and the long-term benefits to be gleaned as a result.

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