- Neo and retail banks have a strategic opportunity to enter the wealth management space, targeting the mass affluent market segment. This move not only opens new revenue streams but also fosters long-term customer loyalty.
- New eBook from Synpulse outlines the strategies banks need to employ, including offering wealth products, seamless integration into existing user journeys, and providing financial education and behavioral nudges.
Synpulse, a global management consultancy, announced today the release of its comprehensive eBook, "Cracking the Wealth Code: A Guide for Financial Wellness and Wealth Building for Neo and Universal Banks." This eBook, with contributions from Amazon Web Services (AWS), aims to empower neobanks and traditional retail banks alike by providing actionable insights and strategies to foster financial wellness and foster wealth-building opportunities for their customers.
"Cracking the Wealth Code" emphasises a disciplined approach to financial management, focusing on long-term growth and sustainable wealth creation. The eBook discusses the intelligent use of data to deliver personalised insights and recommendations, helping customers make informed financial decisions. It also addresses the importance of automated savings tools, goal setting, and financial planning.
The eBook presents several key insights for banks looking to expand their wealth management offerings:
- Expanding Beyond Basic Banking: Neo and retail banks have a strategic opportunity to enter the wealth management space, targeting the mass affluent market segment. This move not only opens new revenue streams but also fosters long-term customer loyalty.
- The Importance of Customer Segmentation: Banks can effectively transition customers from basic banking to wealth-building by understanding their diverse needs. Segmenting customers based on their willingness to invest and their financial knowledge is crucial in tailoring the right products and services.
- A Multi-faceted Approach to Wealth Building: To guide customers successfully towards wealth creation, banks should employ a comprehensive strategy. This includes offering diverse wealth products, seamlessly integrating these offerings into existing user journeys, and providing financial education alongside behavioral nudges to encourage positive financial habits.
Synpulse’s ‘Wealth as a Service’ (WaaS) offering is a best-in-class solution of choice for banks trying to implement strategies and approaches highlighted in the eBook. WaaS combines AWS’s cloud technology with personalised wealth management, optimising services across all asset classes, including equities, bonds, funds, structured products, and digital assets. Whether institutions are launching new investment services or expanding existing ones, WaaS can provide the scalability, security, and efficiency needed to succeed. WaaS empowers financial institutions with real-time portfolio tracking, customised investment strategies, and enhanced portfolio leverage. By modernising back-end processes, WaaS allows wealth managers to deliver seamless and personalised client experiences, ensuring superior advisory services across the board.
"Everyone has the potential to build wealth, but the traditional financial system has often made that potential difficult to realise. Neo and retail banks are changing the game by leveraging technology, data, and a deep understanding of customer needs. With innovative features and user-friendly journeys, they're unlocking the financial potential that exists within each of us,” said Yash Shah, Partner at Synpulse.
Synpulse
Synpulse is a global professional services company and a valued partner of leading players in the financial services and related industries. We optimise the proximity to our clients and deep domain expertise to create sustainable value using technology as a business driver. Leveraging our strong network of over 100 ecosystem partners, we accompany our clients throughout their transformation journey – from strategy and development to implementation and management. With our tech powerhouse, Synpulse8, we collaborate with our clients to co-create digital experiences with innovative technologies and proprietary methods. Synpulse is powered by the passion and commitment of its more than 1300 employees, who come from over 30 countries.
Further information www.synpulse.com.
For media enquiries, please contact:
Anginn May, Communications Lead APAC, Synpulse