The more opportunities banks create to connect digitally with their clients, the greater the chance they have to inspire their brand loyalty, according to the final report in the 2012–2013 Futurewealth series.
The reports, sponsored by SEI, Standard Chartered Private Bank and Scorpio Partnership, are based on the views of 3,477 of the world’s up-and-coming wealthy, who have an average net worth of $1.9 million.
The final report, “The Digital Future of Client Relationships,” focuses on leading global brands that have been recognized for having successful digital marketing strategies and a strong following among Futurewealth customers.
It found that the brands that had embraced the multifaceted nature of digital relationships also had a greater influence on their customers’ purchasing decisions.
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Wealthier customers were more influenced by multichannel marketing than less affluent ones. For example, respondents with personal wealth of more than $4 million were 40% more likely to be influenced by a multichannel strategy from a bank than clients with wealth less than $500,000.
Yet, banks lagged other luxury providers in fostering digital connections with clients. Affluent owners of luxury cars, for example, found the digital marketing from those companies to have an importance of 6.6 out of 10 in their purchasing decision, compared with 5 out of 10 for banks.
Luxury car owners also graded the quality of ongoing digital contact with car companies at 7.1 out of 10 versus 5.9 among the wealthy clients of banks.
“Based on the collective findings of all four of the Futurewealth reports, it’s obvious the banking and wealth management industry is making strides in using technology and digital communications, but not yet meeting the demands and interests of its clients,” Joseph Ujobai, an SEI executive vice president, said in a statement.