Client Company: Hidden
Valuation: €39.5 billion
Location: Luxembourg, Luxembourg
Technology: iOS iPad, iPhone, iWatch
Sector: Financial Services
Sub Sector: Banking
Product: Know Your Customer KYC Next Action
I was brought in as to design a KYC application focused on the next action for Private Banking client relationship management.
The client wants to ensure a directed customer lifecycle engagement. The target client group are very time poor and often use a third party’s to manage financial service engagements but they do like to remain informed and be able to direct investment activities. With this new application clients could gain actionable insights on a constant bases rather than related to existing financial products or service timelines.
I had previously worked with HNW and UHNW audiences on both investment portfolios and fx based systems. Having had that experience I was able to engage with the client team on the feature list required to deliver an end to end experience for KYC and upselling of financial products and services. I researched and designed the customer journey maps for the full customer lifecycle from onboarding through product adoption and into portfolio management with this bank then simplified the key touch points for inclusion into a mobile application. The essential aspect of this application was to ensure there was a consistent engagement through investment profile based information, market moves and opportunities.
Outcome and Value
There were three critical outcomes; a rationalisation and oversight on when to conduct KYC, a trajectory of common offerings post KYC and a wild card interaction based upon the KYC profile where the private bank flexed its insights and offering capabilities. All of these factors are essential for oversight and regulatory compliance. The creation of a common set of touchpoints enabled a much more focused and business led approach to customer engagements that supported unique offerings, but made them and their risk transparent to the bank. Moving to a digitally managed and profile let bespoke serve offering for HNW and UHNW clients supported an up date the the engagement terms of reference and increased opportunities for profit by both the client and the bank.