|
|
Private Banks on the InternetProduct Type: Market Research ReportPublished by: Datamonitor Published: December 2004 Product Code: R313-7889 Description IntroductionAfter the failure of online wealth management in 2000-2002 wealth managers are taking a cautious approach to online provision, but have recognized that an online offering is important. This insight report assesses the current and potential role of the online channel for wealth managers, highlighting the key issues and considerations that need to be made. Scope Strictly focused on the internet's for wealth managers and private banks, both currently and in the future Based on an extensive analysis of 20 private bank's website offerings for both prospective and existing customers Contains an in-depth review of the key considerations and strategic options for wealth managers European in focus, but containing key issues and analytical frameworks that are applicable at a global level Highlights While the retail banking sector has been quicker to rekindle the Internet, wealth managers have taken a much more cautious approach. This in part reflects some disastrous Internet-based wealth management attempts by the likes of MLHSBC or Lloyds TSB's Create, which made the online concept looked distinctly flawed rather than just ill-timed. Online portfolio-tracking services are becoming must-haves for wealth managers with clarity and simplicity key watchwords in designing an effective solution. From a supply perspective there is strong support across the industry that the internet has the potential to add value though enhancing the quality and convenience of information flow. The argument that the online channel is a poor substitute for the relationship manager underlines the flawed perspective from which some providers have approached the internet. Datamonitor believes that if harnessed effectively the Internet can actually increase access to staff in terms of both sales leads and channel choice for existing clients. Reasons to Purchase Detail of competitor initiatives and case studies provides insight and ideas into current and potential future offerings Offers a future focused view of industry direction and the strategic options for players in developing their response to the online trend Draws together a series of action points to help wealth managers identify their strategic priorities Table of Contents MARKET BACKGROUNDIntroduction The Internet as a channel for financial services The Internet as a channel for wealth managers History Market drivers WEALTH MANAGER INTERNET OFFERINGS Overview The Internet as a marketing tool Type of information communicated Wealth manager benchmarking The Internet as a client service channel Extent of client service features Wealth manager case studies Industry direction Demand perspective Supply Perspective Summary of findings STRATEGIC OPTIONS AND ACTIONS Overview Key considerations Purpose and objectives Service possibilities created by technology Scale of operation and institution type Nature of client base and customer orientation Strategic options & positioning Action Points APPENDIX Research methodology Data tables for website assessment Definitions Further reading Datamonitor’s Global Wealth Model SPP writing team LIST OF TABLES Table 1: European Internet banking customer numbers and forecasts, 2000-2006f Table 2: Type and level of information communicated by 20 major wealth managers to prospective customers via websites Table 3: Overall scores for wealth managers website as a marketing tool for prospective customers Table 4: Scores for the usefulness of information communicated for each wealth manager, broken down by component (out of 5) Table 5: Scores for the website design and appearance for each wealth manager, broken down by component (each out of 5) Table 6: Countries that can be modeled using Datamonitor’s Global Wealth Model LIST OF FIGURES Figure 1: Internet Banking has grown substantially across Europe Figure 2: Drivers behind the increasing provision of online services in wealth management Figure 3: Most major private banks have a separate website dedicated to informing prospective customers about their offering Figure 4: Information on fees and past performance is rarely provided to prospective customers via wealth manager’s websites Figure 5: HSBC makes the best overall use of its website in marketing its proposition to prospective customers Figure 6: Coutts and Unicredit Private Bank fare best in terms of the usefulness of information given to prospective customers Figure 7: There is significant variation in the quality of the design and appearance of private banking websites Figure 8: A quarter of wealth managers do not differentiate the online services they offer to private banking clients Figure 9: Screenshot: Online services from Credit Suisse Private Banking Figure 10: The developing role of the internet channel in wealth managers’ business models Figure 11: Any emerging online features introduced by wealth managers will be subject to the diffusion of innovation curve Figure 12: Customer’s orientation in managing their wealth will be key to defining the sophistication of the Internet offering required Figure 13: A matrix for assessing different online services |
|
||||||||
MindBranch has been the leading provider of industry and investment research from more than 550 independent research firms since 1992. With over 90,000 market research reports, MindBranch is your trusted source of competitive business intelligence. |