{"id":9000,"date":"2023-09-12T08:00:22","date_gmt":"2023-09-12T08:00:22","guid":{"rendered":"https:\/\/emoneyadvisor.com\/blog\/?post_type=thought_leadership&p=9000"},"modified":"2024-06-13T15:00:25","modified_gmt":"2024-06-13T15:00:25","slug":"banks-see-a-way-to-create-fans-for-life-through-planning","status":"publish","type":"thought_leadership","link":"https:\/\/emoneyadvisor.com\/blog\/banks-see-a-way-to-create-fans-for-life-through-planning\/","title":{"rendered":"Banks See a Way to Create Lasting Loyalty Through Planning"},"content":{"rendered":"

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\u2014especially among younger generations\u2014remains a top priority for banks, according to BAI Research.1<\/sup><\/p>\n

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.\u00a02,3<\/sup><\/p>\n

Where banks have struggled is in leveraging technology to provide the personalization modern customers have come to expect.<\/p>\n

The Bank of the Future<\/h2>\n

A few major players, however, provide insight into the path forward. They\u2019re increasing their technology spending and launching bank-fintech partnerships. Through planning platforms and\u00a0application program interfaces (APIs)<\/a>, these institutions gain the data needed to create personalized customer experiences at scale.<\/p>\n

From cutting-edge mobile apps<\/a> to slick client portals, they are developing tools to engage a wider spectrum of customers in a way that inspires loyalty. \u201cAll the leading banks are beginning to build what we call a bridge to investing,\u201d Mark Schwanhausser of Javelin Strategy and Research told American Banker.4<\/sup><\/p>\n

Leveraging a Client Portal<\/strong><\/h2>\n

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.<\/p>\n

\u201cHaving 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<\/sup><\/p>\n

Bank leaders know that many investors seek simplicity and convenience, so they’re prioritizing\u00a0account aggregation capabilities<\/a>\u00a0that lend that \u201cone-stop shop\u201d feel for clients. When customers buy-in and link their assets, that provides additional insights for the advisor and opportunities to consolidate assets further.<\/p>\n

The Future of Banking<\/strong><\/h2>\n

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.<\/p>\n

Sources:<\/p>\n

    \n
  1. BAI Research<\/em>. \u201cWhy Customer Acquisition Is Banks’ #1 Priority,” July 2023.<\/li>\n
  2. Cerulli Associates<\/em>. \u201cOver Half of Retail Investors Prefer to Consolidate Their Financials to a Single Provider,” June 2022.<\/li>\n
  3. Cerulli Edge, U.S. Retail Investor Edition<\/em>. \u201cThe Banking Issue,” May 2023.<\/li>\n
  4. American Banker<\/em>. \u201cWells Fargo Plans Financial Planning Upgrade to Its Mobile App,” February 2023.<\/li>\n<\/ol>\n

    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.<\/p>\n","protected":false},"author":91,"featured_media":9007,"template":"","thought_leadership_cat":[94],"class_list":["post-9000","thought_leadership","type-thought_leadership","status-publish","has-post-thumbnail","hentry","thought_leadership_cat-financial-planning"],"acf":{"left_sidebar_ads":false,"right_sidebar_ads":false},"yoast_head":"\nBanks See a Way to Create Lasting Loyalty Through Planning<\/title>\n<meta name=\"description\" content=\"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.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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