This is an era of fundamental challenges and opportunities for banking. We need to attract top data scientists, partner with leading players in the advanced analytics space and build a new data infrastructure able to cope with the challenge not only to manage the size of data but also its complexity, veracity and velocity of change,” says Brian Bachmann, head of perception development and centre of excellence in digital private banking at Credit Suisse.
How to collect data, how to store data, and above all how to use data – these are the questions on the mind of every private bank chief technology officer. Better data means better relationships with clients, better relationships with advisers and, indirectly, better relationships with shareholders. Yet only a handful of the large wealth managers are making strides to fully embrace the big data movement.
Where the wealth management industry seems united is in the belief that the collection and analysis of client data leads to better relationships with clients. “The wealth management industry used to rely on two pieces of client information – client demographics and investable assets. Now, however, they realize the use of knowing that the client’s mother is in an assisted living centre, or whether their daughter just graduated, or that they are concerned about Syria,” says Kendra Thompson, head of Accenture’s wealth and asset management practice in North America.