Changing client behaviours and expectations are forcing banks and Wealth Managers to radically rethink how they deliver intellectual capital in an impactful way.
The adoption and integration of digital tools in to our everyday lives has brought with it unique opportunity for Private Banks and Wealth Managers to reach their clients. There is no doubt that the rise digital technology – tablets, smart phones, e-readers – has changed the way that people consume content. The days of clients sitting down and reading long detailed technical reports are numbered. In an ultra-connected world where people receive news and views in 140 characters or less, clients have come to expect content which is concise, to the point and targeted and which can be accessed at any time and acted upon in minutes – this is the "new normal". The use of video and interactive graphics further allows the delivery of key messages in ways that are more engaging than in the past.
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At Citi Private Bank, we saw this is as the springboard for developing our content strategy around information which is both relevant and formatted in a way that our clients can easily view it. When engaging with digital content, clients expect a "joined up" experience with related commentary, products and services being just a tap or a click away. The key to achieving this is ensuring the foundations are in place including a consistent taxonomy to drive Meta data across the whole business. By assigning consistent attributes to all content and products at the point of creation, joining themes and solutions together and delivering "related content" becomes considerably easier.
The partnership between the office of the chief strategist, global marketing, and product specialists has streamlined Citi Private Bank’s publication strategy, with the focus on delivery of consistent strategy bulletins and market views, as well as regular tactical publications. Shortening and simplifying the written material as well as integrating interactive features such as graphics, and short videos has required a significant shift from the content creation of old and requires incremental skills from those traditionally found within Private Banking. Financial Editors, specialist digital marketers and a much closer partnership between the business and technology teams has proven critical in making the strategy achievable.
New dynamic publications and intellectual capital is an area which epitomises the goals of Project Sheen, Citi Private Bank’s client experience project aimed at building the new century private bank. Citi Private Bank’s content is now available through Citi Private Bank In View, the client and banker digital engagement tool which was launched to clients in February this year. But this is only the beginning – in the rapidly evolving digital world feedback and continuous enhancements are critical to remaining at the head of the game. In addition to tracking readership metrics and analytics, Citi Private Bank has recently introduced the ability for readers to rate publications on a 5 star scale within the In View platform, ensuring real time feedback is available from clients and bankers on all publications.
The next evolution is to allow clients to set their own preferences within the platform, providing them with more control over the content they receive, tailoring this information more than ever before to their needs and enabling us to deliver bespoke solutions which truly address their needs and preferences.
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By GlobalDataTim Tate is the global head, client management at Citi Private Bank
