Identifying High-Value Customers in Retail Banking
Top banks hold only 32% of the global wealth management market, with traditional asset management firms and independent advisors gaining ground.
Wealthy customers often use retail banking for daily transactions, presenting an opportunity for banks to expand their high-net-worth client base by identifying high-potential customers within existing portfolios.
- Most financial institutions fail to do so due to unsophisticated segmentation models or lack of targeting.
- This oversight results in missed revenue opportunities worth tens of millions.
Daryn Kalym addressed this challenge by analyzing customer profiles from a big data perspective in dynamic retail banking markets.
Author's summary: Banks can expand their wealthy client base by identifying high-potential customers.
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