Arrow Icon
blog header pale blue image blog header abstract shape

Heart of Advice

Insights and best practices for successful financial planning engagement

left arrow Back to All Articles

Banks See a Way to Create Lasting Loyalty Through Planning

Paul Vieira September 12, 2023

bank fintech partnerships

As tech companies crowd their territory, banks are exploring ways to understand customers on a deeper level and create personalized experiences at scale, including bank-fintech partnerships. New customer acquisition—especially among younger generations—remains a top priority for banks, according to BAI Research.1

Banks are looking to leverage their strategic advantage as the traditional entry point into the realm of financial services, as well as consumers’ long-held preference for simplicity, to win more wealth management customers. The majority of affluent investors (58 percent) are interested in consolidating all assets at a single institution, and nearly 28 percent of affluent households have a bank-related platform as their primary provider of financial services. 2,3

Where banks have struggled is in leveraging technology to provide the personalization modern customers have come to expect.

The Bank of the Future

A few major players, however, provide insight into the path forward. They’re increasing their technology spending and launching bank-fintech partnerships. Through planning platforms and application program interfaces (APIs), these institutions gain the data needed to create personalized customer experiences at scale.

From cutting-edge mobile apps to slick client portals, they are developing tools to engage a wider spectrum of customers in a way that inspires loyalty. “All the leading banks are beginning to build what we call a bridge to investing,” Mark Schwanhausser of Javelin Strategy and Research told American Banker.4

Leveraging a Client Portal

In addition to personalization, another strategic priority for banks is to facilitate the journey from depository customer to bank advisory client. To serve both goals, organizations have turned to account aggregation tools.

“Having a seamless and effective aggregation system upon client onboarding becomes more critical for bank advisors, not only as an efficient way to onboard customers, but also as a landmark first interaction that can set the tone for the rest of the relationship,” Cerulli analysts said.3

Bank leaders know that many investors seek simplicity and convenience, so they’re prioritizing account aggregation capabilities that lend that “one-stop shop” feel for clients. When customers buy-in and link their assets, that provides additional insights for the advisor and opportunities to consolidate assets further.

The Future of Banking

Though banks are facing headwinds in the form of increasing competition and legacy business models, there is promise in technology partnerships and financial planning. A few forward-thinking banks are investing in planning technology, looking to win over the growing number of affluent customers who see the value in paying for financial advice. They’re positioning for a future where highly personalized experiences can create lifelong customers.


  1. BAI Research. “Why Customer Acquisition Is Banks’ #1 Priority,” July 2023.
  2. Cerulli Associates. “Over Half of Retail Investors Prefer to Consolidate Their Financials to a Single Provider,” June 2022.
  3. Cerulli Edge, U.S. Retail Investor Edition. “The Banking Issue,” May 2023.
  4. American Banker. “Wells Fargo Plans Financial Planning Upgrade to Its Mobile App,” February 2023.

DISCLAIMER: The eMoney Advisor Blog is meant as an educational and informative resource for financial professionals and individuals alike. It is not meant to be, and should not be taken as financial, legal, tax or other professional advice. Those seeking professional advice may do so by consulting with a professional advisor. eMoney Advisor will not be liable for any actions you may take based on the content of this blog.

Image of Paul Vieira
About the Author

Paul Vieira is a Senior Enterprise Sales Manager at eMoney Advisor, where he delivers technology solutions supporting our client-led financial planning practice. Paul has over 30 years of technology experience supporting various functions and delivering “best in class” technology solutions to global institutions. This experience includes application development, integrations, process management, product management, product marketing, and most recently delivering a technology solution that supports organizations looking to enhance their digital client journeys.

You may also be interested in...

Advisor in meeting with client using financial psychology

What Is Financial Psychology and How Can Financial Advisors Use It?

Financial psychology is becoming an increasingly popular and crucial practice in financial planning. Many financial planners now recognize the need… Read More

Heart of Advice Podcast

Podcast Episode #2: Couples & Money, Keeping Clients on the Same Page with Sonya Lutter and Michael Kothakota

EPISODE SUMMARY Have you ever served a couple who couldn’t see eye to eye on financial decisions? In episode 2… Read More

Heart of Advice Podcast

Podcast Episode #1: The Next Level of Personalized Wealth Planning With Abbey Henderson

EPISODE SUMMARY Welcome to the first episode of the Heart of Advice Podcast. My co-host Connor Sung and I are… Read More

eBook: The New Advisor Value Proposition

Download our latest eBook and learn how top advisors are combining Fintech and FinPsych for superior client outcomes.

Download Now

Sign up to have the most popular Heart of Advice posts delivered to your inbox monthly.

Heart of Advice by eMoney Advisors

Welcome to
Heart of Advice

a new source of expert insights for
financial professionals.

Get Started

Tips specific to the eMoney platform can be found in
the eMoney
application, under Help, eMoney Advisor Blog.