uhnw and hnw engagement - futurewealth and the digital future of client relationships from scorpio...

7/30/2019 UHNW and HNW Engagement - Futurewealth and the Digital Future of Client Relationships from Scorpio Partnership

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Futurewealth 2012-2013The digital future of client

relationships

May 2013


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Scorpio Partnership 2013 2

The Futurewealth project

A research venture aimed at understanding

all about the future of global wealth


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The story so far

This years Futurewealth research has surveyed 3,477 of the global high-net-worth.They are have an average wealth of USD1.9 million.

So far, we have discovered the worlds Futurewealthy are much more digitally-minded

than you might think. You could go so far as to say they are interested, engaged and even

inspired by the possibilities that digital technologies present.

In this presentation, we look at leading global companies and consider how their approach

to digital channels may have inspired the Brand Love of their Futurewealthy clients. We

look at how good these global firms are at using digital channels to connect with their

Futurewealthy customers. And, we stack up how influential previous experience and digital

information are when it comes to the buying and investment choices of the Futurewealthy.


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What is Brand Love?

Brand Love measures the warmth, commitment and excitement that a customer feelstowards a brand. It is an indicator of the whole relationship they have with that brand.

This year, Brand Love is based on 16 firms all recognised for the strength of their digital

marketing campaigns.


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Bra

nd

Love

indexscore

/100

Brand Love index by sector

All of these elite

global brands

have improvedtheir standing in

the eyes of the

Futurewealthy in

the last year.

Banking brands

stand out for

having the largest

improvement.

Index based on responses on three relationship dimensions: To what extent do the brands you use excite you?

To what extent do the brands you use make you feel warm? And, would you stay with the brand, even if it made

a mistake? (Comparison between 2011 and 2012 responses)


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Brand Love index by sector

69

53

Commitment

average

Mercedes Benz - 84

American Express - 36

Audi - 83

American Express - 50

Ferrari - 70

HSBC - 36

Excitement

average

Warmth

average

Index based on responses on three relationship dimensions: To what extent do the brands you use excite you? To whatextent do the brands you use make you feel warm? And, would you stay with the brand, even if it made a mistake? (Average

scores for excitement, warmth and commitment, and the top and bottom brand in each dimension.)

Brand Love index score / 100

Overall, the warmth

scores of banks are

distinctly chilly at 15

degrees lower than

the average across allsectors. Their

commitment scores

too are far from

balmy, down 14

degrees. And, when it

comes to excitement,

sadly things turndecidedly frosty

dipping 19 degrees

from the elite sector

average.


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In pursuit of brand perfection

Looking in more detail at the index, Singapore

Airlines is a good example of a relationship

all-rounder, with solid scores on all three

measures. Ferrari and Apple, by contrast,

may ignite passion in their purchasers, but

where Ferrari drivers might forgive the odd

mistake; Apple owners are less likely to do

so.


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Brand influence touchpoints leading car companies and

banks

When you last bought a product or service from your provider, how influential were the following factors in your decision?(Importance on a scale of 1-10 for leading car and banking brands.)

Brand Love for banks is

currently more likely to be

built from one experience

to the next. Whereas, for

luxury car providers there

is a halo of ever-present

influencing factors

digitaland traditional, direct and

indirect.

This raises the tantalising

question: should banks

become more like leading

car companies? If banks,

like car companies, created

a digital halo of

touchpoints, would that

create more chances for

them to influence their

favourite clients and even

deepen their Brand Love?


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The quality of digital service leading providers

How good was your provider at using online channels? (Performance on a scale of 1-10.)

We find this same

pattern repeated in the

on-going relationship.

Luxury car providers are

more effective at using

the digital technologies

at their disposal toinfluence at every point

of contact with their

most-valued customers

[Figure 5].

By contrast, banks are

lagging behind when it

comes to these crucialdigital information flows.


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Brand influence touchpoints leading banks

When you last bought a product or service from your bank, how influential were the following factors in your decision?

(Importance on a scale of 1-10 for leading banking brands by wealth segment.)

It is the wealthiest of the

Futurewealthy who see online

channels as a vital source of

knowledge. When it comes tomaking decisions about their

finances, these high-powered

clients are distilling wisdom

from many digital sources.

This strongly suggests that

banks need to gear up most

for their wealthiest clients.Because, while personal

experience matters to

everyone, for the richest good

digital resources matter

almost as much.


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The quality of digital service provided by leading banks

How good was your bank at using online channels? (Performance on a scale of 1-10 for leading banking brands, by region.)

In Asia Pacific,

Futurewealthy clients

report higher satisfaction

levels with the quality of

digital service provided

by their bankingproviders. At virtually

every touchpoint, their

banks are creating impact

with their use of digital

channels by delivering

news, views, information

as well as keeping in

touch.


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The digital future of client relationships

On balance, it would seem that the companies that have embraced the multi-faceted natureof digital relationships have created chances to influence that simply did not exist before.While we cannot say categorically that digital know-how builds the bottom line for firms; it isa happy coincidence that almost all of the top 16 companies on our digital leaderboardincreased the Brand Love of their Futurewealthy clients in the last two years.

Car companies have driven fastest and furthest into this new territory. Luxury retail and

luxury travel are not far behind. But, banks are only in the chase.

And yet, in the time it has taken you to read these four short reports 1,643 people aroundthe world have gone online to search for a wealth manager or private bank.

Whether it is fear or folly holding banks back, their clients are surging ahead. What those

Futurewealthy clients are waiting for is a consistent presence and an authoritative voiceproviding knowledge and views on the themes of the day. This conversation has alreadystarted for the Futurewealthy; they are just waiting to hear more than an echo from theirwealth advisors.


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Total sample

Broken down by:

Level of wealth

Gender and work status

Age and region

Demographic profile of Futurewealth participants


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You can download the full report from our website at

http://www.scorpiopartnership.com
http://www.scorpiopartnership.com/http://www.scorpiopartnership.com/http://www.scorpiopartnership.com/http://www.scorpiopartnership.com/

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