At a glance
With financial belts tightening and less people becoming rich, it’s more important than ever for Wealth Managers within banking to find and attract new customers from previously untapped markets.
Using Affinity’s Intelligent Prospecting and Monitoring (IPaM) solution, one of the world’s leading banks found new ways to engage and attract customers from a hyper-competitive market.
Good relationships are often formed when the timing is right. Reaching out to prospects in the hope of building a long-term relationship between bank and customer needs a whole bunch of factors to fall into place – and this bank wanted its advisors to reach out in the moments when they could add the most value to prospects and customers.
Yet the downturn in M&A markets, IPOs meant the market faced slowing growth and more competition for its incumbents.
And while the bank had access to a huge amount of customer data from internal records, branch offices and 3rd-party databases, it was struggling to keep its customer profiles up to date.
This made it incredibly hard to react quickly when market dynamics or personal events meant a prospect was in prime position to be approached by an advisor.
The bank was also struggling to fully connect its customer data to its CRM, making it harder for advisors to find the information they needed on potential customers.
The bank needed to adjust their approach to intelligent prospecting and client monitoring so they could tap into the mass affluent market quickly and efficiently. They started using Affinity’s IPaM solution to integrate news and signals with their Salesforce CRM.
IPaM uses Affinity’s web crawling and data integration capabilities to draw insights from 30m+ companies, 30m+ individuals and metadata for geography, vocation, net worth, investable assets, industry and other criteria.
It meant the bank could extract insights about high-net worth and affluent individuals and affiliated companies from a global coverage of online news, 3rd-party data sources, and proprietary client data from a single consistent source.
Specifically, it used several configurations to rank individuals by how urgently an advisor should reach out, including:
- News: Instant access to hyper-relevant events and underlying news to cut through the noise.
- Signals: Major and minor personal, professional, and market events that could directly impact a customer or prospect.
- Momentum: Recent liquidity events that could leave customers and prospects open to additional advice.
- Relationships: Company affiliation, charity, alumni etc. to find the best path to a prospect
Using these configurations together, the bank could create up-to-date proprietary watchlists of clients to monitor and assess their current receptiveness at any time, and act before their competitors.
Using Affinity’s IPaM solution means the bank enriches its CRM system with reliable, relevant and timely data on customers and prospects – data its relationship advisors can use to reach out in critical moments with more-informed solutions.
Now the bank can quickly react to liquidity events, personalise messaging for more tailored and impactful outreach, and capture early signs that a deal may or may not happen.
Affinity’s Relationship Graph also helps advisors understanding a prospects’ social networks to find the best path to approach them (e.g., via existing clients and joint activities such as board membership), or to identify groups of people the bank could invite to an event, for instance.
Advisors can also use the insights from Affinity’s Knowledge Graph to take the fastest route to an introduction – all integrated into Salesforce.
The mass affluent market demands an intelligent, considered process to find and approach the right clients at scale.This responsiveness, transparency and detail means the bank is breaking into this new market at pace, uncovering opportunities that simply weren’t visible before.
See what Affinity can do for your monitoring and prospecting. Learn more about it here: Intelligent Monitoring and Prospecting
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