금융산업
Customer Segmentation-based Asset Management Businesses: Trends and Implications
2011-09-14SEO, Young-Mi
목차
요약
Customer segmentation is to divide a customer base into groups of individuals who share certain characteristics or needs, and is an essential process to design differentiated asset management strategies.
● The process has become more essential than ever, as customer needs are increasingly diversified.
● Segmented needs analysis enables financial institutions to design differentiated strategies for target customer groups as a way to effectively expand customer base and create new business opportunities.
● For asset management services, customers are segmented by asset size, life stage, risk appetite, and others, among which asset size is most commonly used as an indicator of a customer's investment capacity and profit contribution.
Leading financial institutions segment their customers by life stage, risk appetite, and other criteria, as well as asset size, to deliver them with differentiated services.
● They tend to design more sophisticated asset management strategies tailored to each customer group, taking into account ongoing market changes in segmenting customers by the common criteria of asset size (i.e. mass affluent and emerging mass affluent).
● Merrill Lynch launched a separate asset management brand and developed differentiated services targeting the mass affluent with self-control and needs for asset management advisory services.
● HSBC and Wells Fargo sub-segmented HNWI with high profit contribution into businessmen, professionals, executives, and celebrities as a way to enhance their competitiveness with additional customized services.
● Segmenting all customers by life stage, RBC divided customer groups again based on customer data analysis to identify those who offer higher profitability and cost efficiency.
● ABN Amro segmented customers by risk appetite, the most critical criteria in designing investment advisory services, in order to provide differentiated services.
Local financial institutions are required to analyze customers from more diverse perspectives and develop systematic business models accordingly, rather than sticking to current narrow-scoped customer segmentation and management approach.
● They have failed to go further than simply segmenting HNWI by asset size or occupation, and to approach customer segmentation in a systematic manner based on profiling and needs analysis of all customers.
● With competition in the asset management market intensified, it is a must for local financial institutions to conduct segmented customer analysis to offer competitive products and services, and it is recommended to apply multiple criteria, not just asset size, depending on each institution's conditions and capabilities, in order to come up with meaningful customer profiling.
● Banks may take a life stage-based approach, given that they are the main window for customers to start financial transactions and deliver a variety of services including deposits/loans, cards, and funds, while stock brokerage companies may consider risk appetite-based segmentation.
● They should develop business models in a systematic manner(products/services, marketing, sales channel/organizations etc.) for each target customer group, to which end they need to manage customer data and secure infrastructure needed.
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