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Private Bank – Strategy – Anticipating the customer of the future

Private Bank – Strategy – Anticipating the customer of the future
Region UK
Sector Financial Services
Offering Strategy

The Challenge

The leadership of this storied, venerable Private Bank were looking to refresh their strategy for the next 3-5 years, determining how to achieve success in the face of changing markets, technologies and political/social environments.    

They asked us to undertake a deep analysis of the customer of the future by researching the key trends and drivers, anticipate how they might drive different customer priorities and identify the challenges and opportunities they would create for the Bank.    

Our Approach

  • We researched global and UK market trends across the PESTLE spectrum, with a particular focus on demographic, professional and social changes affecting High Net Worth groups   
  • We interviewed thought leaders, market figures, current and potential customers and key Bank staff to understand how different factors were emerging that could influence the Bank’s customers   
  • Based on their likelihood, potential scale and breadth of impact, we prioritised the most significant trends, and projected how they might change the needs of customers   
  • We developed four key findings, setting out where potential changes in customer behaviour would affect the Bank’s offer to customers or its operations, and the strategic questions they would create   
  • We worked closely with the leadership team, Management Team and Partner Board throughout the process to build buy-in to the outcomes   

Key Outcomes

  • A Strategic Trends report describing the major relevant changes to attitudes and circumstances over the next 15 years 
  • Clarity around both near term and longer term issues and opportunities
  • The leadership team and Board were aligned around the key factors that would influence their strategy process – what they needed to anticipate and plan for
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