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Wealth Management: Embracing Next-gen Behavior Analytics

Kuldeep Shrimali

Senior Domain Consultant, Capital Markets Industry Advisory, BFSI, TCS

Avinash Patil

Domain Consultant, Capital Markets Industry Advisory, BFSI, TCS

Achieving business growth through a next-gen behavior analytics platform

With increasing adoption of digital capabilities, an emerging area that is gaining traction among wealth management firms is client behavioral analytics. Delivering hyper-personalized customer experience at scale, especially in the wealth management advisory area, will require firms to implement a next-gen behavior analytics platform. Firms will also have to embrace digital ecosystem models in order to pursue steady business growth. 

There are several functions where firms should consider embracing behavioral analytics:

  • Investment advisory: Personalized recommendations based on changing client behavior can enable meaningful conversations and elevate customer experience.

  • Client communication: Studying behavioral patterns can help determine the right frequency and the preferred communication channel. 

  • Client and advisor matching: Matching the client with the right advisor will help strengthen the bond between the client and the advisor, and arrest attrition.
     

About the author

Kuldeep Shrimali
Kuldeep Shrimali is a Senior Domain Consultant with the Industry Advisory Group of TCS’ Banking, Financial Services, and Insurance (BFSI) business unit. He has over 19 years of consulting experience in the capital markets space.
Avinash Patil
Domain Consultant, Capital Markets Industry Advisory, BFSI, TCS