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Wealth and Asset Management

Helping WMCs, AMCs, brokers and other capital market players in understanding evolving needs, segments, share of wealth, market potential and on ground experience for both customers and intermediaries

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What We Do

Customer experience study
Wealth & asset management
Customer needs assessment
Customer persona identification
Customer journey mapping
Digital adoption mapping
Voice of customer
Brand NPS diagnostics
Offering NPS diagnostics
Customer NPS diagnostics
Employee NPS diagnostics
Sales channel NPS diagnostics
Micro-market mapping & opportunity analysis
Ad effectiveness monitoring
Unit economics benchmarking
Competitor benchmarking
Quick view industry trend

Customer experience study

What are the key purchase criteria and usage preferences of various customers?
How do customers evaluate alternative options and select the wealth manager/ distributor/ fund house/ scheme?
What factors influence the customers’ choice of products and service provider?
Where do customers see value, e.g. quality of advice, convenience, research inputs, etc.?
Which firms/ platforms are customers most satisfied with and why?
How would they rate their experience with respective RM / platform?
What are the specific pain points and areas for improvement?
What would trigger them to shift to another WMC / AMC?
What is the propensity to shift to a digital platform/ direct plan?

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Wealth & asset management

What is the role of various channels (physical and digital) in the product lifecycle? How do these vary with customer segment/ demography? How have these changed over time?
What are the key differences in the channel strategy vis-à-vis competitors?
How does the extent of digital adoption vary across customer segments? What are the key drivers of digital adoption?
How does the customer acquisition cost and cost-to-serve vary across channels and customer segments?
What is the customer feedback and net promoter score (NPS) for our products? How does this vary across customer segments and products?
What are the key customer pain points in various channels?

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Customer needs assessment

What are the key financial products (funds and investments, banking products, banking services etc.) required by customers?
How differentiated are our product offerings from competitors?
What are the key purchase criteria across different product categories?
What are the new avenues or product segments that can be captured?
What is the frequency of usage and use cases across product categories?
How well technology is integrated in the product offerings?
What are the customer segments currently not catered to? What product offerings can be built to address those needs?

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Customer persona identification

What are the key purchase criteria and usage preferences of various customers?
How do customers evaluate alternative options and select the product and service provider?
What is the level of research undertaken before buying a product / service? What factors influence the customers’ decision?
What are the key behavioral attributes of customers?
How open is the customer to try new experiences?
How do these vary by key demographic parameters – age, gender, income, occupation, etc.?

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Customer journey mapping

What are the main touch points in customer journey across different product categories?
How does the customer journey originate (digitally, own sales team, agent, etc.)?
What are the key considerations at every touchpoint in customer journey?
How well we are positioned in terms of the key considerations compared to peers?
What are the pain points and area of improvement at all touch points?
What technological or other advancements are expected? How well are we positioned to embrace those changes?
What is the level of satisfaction on different touch points during the journey?

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Digital adoption mapping

What is the current penetration of digital products in asset and wealth management industry?
What are the key drivers for and bottlenecks to digital adoption?
What are the KPC for going digital as compared to physical wealth and asset management?
Where are we positioned in terms of digital adoption? What differentiated services are used by competition?
What are the key parameters that would drive adoption? How well are we positioned in these considerations?
Which touch points in digital journey be made seamless to increase adoption?

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Voice of customer

Which wealth and asset management company’s customers most satisfied with across product categories and why?
How has their experience been with different offerings across different product categories?
What the reasons for preference of a particular wealth / asset management company over others?
How and why do customers choose a particular product or company?
What are the key considerations in choosing a particular company?
What are the improvement areas across product categories?
What is the level of stickiness across product categories?
What are the triggers that would make customers shift to WMC / AMC?
What are the key elements to provide a comprehensive user experience?

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Brand NPS diagnostics

How strong is the brand proposition in the minds of customers?
Is the brand proposition consistent across regions and products / services?
How likely are the consumers of the brand to promote / advocate the brand to others?
What is the level of unaided and aided recall?
What are the top 3 words most associated with the brand?
What are the customers and key influencers saying about the brand?
What things would lead the passives to become promotors for the brand?
What are the competitors with higher NPS doing differently in terms of brand building?

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Offering NPS diagnostics

How many customers/ potential customers are aware about the product offerings?
How likely are the consumers of the product to recommend the resp. WMC / AMC to others?
What are the customers and key influencers saying about the offering?
What things would lead the passives to become promotors for the offering and the brand?
How can you improve product perception and customer experience? What improvements are the detractors looking for?
What is the level of stickiness across product categories?
What are the triggers that would make customers shift to another WMC / AMC?
What are the relative strengths and weaknesses that have the highest impact on NPS?

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Customer NPS diagnostics

How likely are the consumers of the product to recommend the product offering/ brand to others?
How does the NPS vary across regions and products and how does it compare with key competitors?
What are the customers and key influencers saying about the offering/ brand? What is the level of stickiness across product categories?
What things would lead the passives to become promotors for the offering and the brand?
What improvements are the detractors looking for?
What are the key product features are being offered by competitors with higher NPS?
What are the intangibles which attract/ detract customers from your brand/ product?
What are the triggers that would make customers shift to another bank / FI?
What are the relative strengths and weaknesses that have the highest impact on NPS?

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Employee NPS diagnostics

How many potential employees are aware about the company/ brand/ product offerings?
How likely are the current/ former employees to recommend the company/ brand to others both as a place to work and product/ service offerings?
What percentage of the employees are promotors, detractors and passives?
What is the NPS of the employment offering of the company?
What are the former and current employees saying about the product/offering/ brand?
What things would lead the passives to become promotors for the company?
How can you improve employer perception and employee experience? What improvements are the detractors looking for?
What are the key product features are being offered by competitors with higher NPS?
What are the intangibles which attract/ detract employees to/from your company/brand/ product?

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Sales channel NPS diagnostics

How likely are the current/ former channel partners to recommend the company/ brand to others both as a service partner and product/ service offerings?
What are the former and current sales channel partners saying about the product/offering/ brand?
What things would lead the passives to become promotors for the company?
How can you improve company perception and channel partner experience? What improvements are the detractors looking for?
What are the key service features and terms being offered by competitors with higher NPS?
What are the intangibles which attract/ detract sales channel partners to/from your company/brand/ product?

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Micro-market mapping & opportunity analysis

What are the existing and emerging micro-markets in asset/ wealth management industry?
What are the typical customer requirements of this micro market?
Who are the key competitors and what are the attributes of their offerings in each micro-market?
What is our market share (AUM, number of folios etc.)?
How do our existing offerings compare to those of the market leader?
What are the differentiating factors/ key gaps across our product offerings in micro markets?

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Ad effectiveness monitoring

What is the advertising reach across modes and customer segments?
How does the advertising reach compare with competition? What is the customer recall?
What is the frequency of advertising vis-à-vis competition?
What is the click-through rate of digital advertising for various products and customer segments? How does it compare with benchmarks?
What is the propensity to induce enquiry and trial?
What is the ROI on advertising overall, and on specific campaigns?
What is the impact on the overall brand?

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Unit economics benchmarking

What are the different revenue streams per customer? What are the drivers of revenue?
How much does it cost in time and money to service/acquire a customer?
What fixed and variable cost components are associated with servicing a customer?
What are the drivers of fixed and variable cost?
What is the break-even scale and time taken to reach breakeven?
How do the unit economics vary across customer channels (digital, physical etc.)?
What cost or revenue parameters are we leaders / laggards? How can we achieve industry standards or that of competitor?

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Competitor benchmarking

What does the competitive landscape look like in each product/ service category?
What are the differentiating features of the successful products/ services from the competition?
How does existing service offerings compare to those of the competition?
What are the customer segments WMC/ AMC is strong in comparison to competitors?
Where does the WMC/ AMC lose to its competitors and why?
Where are the customer segment needs not being addressed in the market?
Where is the gap to garner customers and market share in this market?

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Quick view industry trend

How is the market landscape structured in terms of competitive environment, government regulations and legal environment?
How has the economic trend been for the country in the past few years?
What are the growth drivers of the economy? How will it impact the industry?
What are the barriers to entry in the particular business, how high are these barriers?
What are the revenue and cost drivers of companies in this industry?
What has the trend been in terms of revenues and costs for the competitors across their product offerings?
What has the regulatory and legal environment been in the industry?
What are the recent changes to regulation?

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Related Case Studies

Identifying investment patterns of customers / HNIs

Objective

A leading Wealth Management Company (WMC) wanted to understand the investment behavior of customers, especially High Networth Individuals (HNIs), to identify target audience and preferences of WMCs over other modes of investment. Further, the client wanted to understand its competitive positioning as compared to its peers

Methodology

Conducted customer survey (N = 800) with separate HNI survey (N = 200) in 3 weeks across 12 cities (mix of metro, tier 1 and tier 2 cities) for different customer archetypes across geographies, age-groups, income, and employment categories
Deep-dived into analysing monthly savings patterns across demographic cuts to identify target audience
Conducted in-depth customer interviews (N = 20) to understand key needs, platform preferences, reasons for stickiness and / or dissatisfaction
Understood key competitors’ strengths and weaknesses by elaborate secondary research and mapped those to customer needs to identify clear winners in each use case
Created specific customer personas based on above insights to highlight typical customer profile to target

Impact / Outcome

Client understood detailed insights on key consumer behaviour and preferences and was able to identify its target audience. The client also understood its key strengths and improvement areas as compared to its peer along with actionable insights to work on

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Sizing the market for FinTech subcategories

Objective

An established PE player wanted to understand the size of various categories within the FinTech space. The study involved a deep dive into multiple verticals within the FinTech space, especially in the Indian context to understand market size and penetration of each category/ sub-category.

Methodology

Identified the verticals within the FinTech space and categorised FinTech players basis their positioning and product proposition
Identified 6 key verticals and developed market sizing methodology for each vertical
Identified relevant growth drivers and key growth areas for these 6 verticals
Conducted in-depth interviews (N = 20) with customers and industry professionals to understand key pain points and growth areas
Conducted in-depth secondary research to identify unique metrics and industry parlance to evaluate performance of prominent players within each vertical
Within each of these verticals understood market penetration and developed an understanding of the extent of adoption in the digital space of traditional finance categories

Impact / Outcome

Client developed an understanding of the FinTech space in terms of size and growth drivers, especially in the Indian context with a special focus on 6 key sub-categories

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Sub-broker preferences for online brokerage platforms

Objective

An online discount brokerage company wanted to know the trading behavior of sub-brokers associated with discount brokers and their preferences between the choice of platforms available and key purchase criteria along with differences in the same over the last year

Methodology

Conducting in-depth interviews (N > 150), with a mix of metro and tier-1 cities, a mix of small- & medium-sized sub-brokers by turnover
Analyzed sub-brokers behavior towards various metrics including client ATV distribution, business models with brokers, important factors while choosing a platform, app awareness & currently used apps along with NPS ratings, etc.
Compared the findings with the previous year’s report to identify the shift in sub-broker preferences and captured the impact of COVID-19 on the trading behavior and sentiments of the respondents
Brokerage platform users were segmented into logical personas (customer targets, demography, business vintage)
Deep-dived into product and performance benchmarking of key discount brokerage players to identify product features and service levels offer to their platform users

Impact / Outcome

Client was able to identify the mix of sub-brokers in the market and their preferences, assess the transition from the previous year’s mix, and learn how the economic slowdown due to COVID-19 has affected the sub-brokers in the financial markets
Client was able to understand sub-broker’s perception that target was doing well in terms of platform capabilities but needed to work on brand visibility

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Understanding investor experience with different brokerage platforms

Objective

A leading global PE investor desired to understand the investor experience with different wealth management platforms for different investor net-worth and demographic profiles.

Methodology

Conducted quantitative survey (N = 500+) to analyze and understand investor experience with different brokerage platforms taking into perspective the customer journey to arrive at NPS for various features and services
Identified investor satisfaction levels with different platform features and value-add services were understood to get a wholesome view of their experience
Deep-dived into aided and unaided awareness levels of the customers of both traditional wealth management companies and new age robo advisory platforms
Conducted in-depth customer interviews (N = 50+) HNIs to map, verify, and assess their behaviour, key selection criteria, and overall service level experience with the advisors, their platforms, and other services
Benchmarked platform and service features, which leads to differentiating factors, and strengths and weaknesses between WMCs and robo advisors

Impact / Outcome

The investor awareness levels, usage experience and satisfaction levels with brokerage platforms as identified during quantitative survey were warmly received by the client

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