Behavior analytics: The shift from personalization to hyper-personalization
In the wake of the COVID-19 pandemic, leading wealth firms witnessed accelerated customer embrace of digital channels, increased consumption of direct-to-customer services, and rising use of self-service tools, digital marketing, and engagement platforms. Now it is time for firms to further elevate the digital foundation by designing behavioral interventions, sifting through a deluge of new data to generate actionable behavioral insights.
The availability of data to derive behavioral insights is significantly influenced by the maturity of the relationship—more data becomes available as prospects become clients and deepen their relationship with the firm. Leveraging data available at every customer touchpoint to derive behavioral insights can enable a shift from personalization to hyper-personalization at scale. The benefits of embracing behavioral analytics are thus manifold—deeper relationships have the potential to substantially increase in wallet share through differentiated services, improve client engagement, enhance advisor performance, deliver delightful experience, and drive business growth.