The reshuffling of business priorities in wealth management is more pronounced than in the retail banking sector. For example, in wealth management, three business priorities were moved (up or down) more than two positions. “Developing new products” went from second to fifth; “Improving customer experience” got downgraded from fifth to eighth, and “Automating processes” moved up the priority list from sixth to third. In retail banking, there were no changes of this magnitude.
The overall sizable downgrade of “Improving customer experience” reported initially for all FSIs, is attributed largely to the reshuffling in wealth management business priorities.
In wealth management, “enhancing security” remains the number two priority. Whereas, in retail banking it did drop two levels, barely making the cut for the top five business priorities.
The downgrade of “Improving customer experience” in wealth management, comes mainly from US traditional FSIs, whereas in the UK, it is the exact opposite. The survey shows that US traditional FSIs prioritize going forward “building customer trust” and ”New business models.” “Building customer trust” moved from being seventh to becoming the number one business priority. This is a stark contrast with UK/Irish traditional FSIs who are focusing after the pandemic on improving CX at the expense of “building customer trust.”