Phronesis collaborated with one of Europe’s largest banks specializing in Private Banking to refine its strategies for High Net Worth Individuals (HNWIs). Through qualitative research, we gained insights into HNWIs and Ultra High Net Worth Individuals (UHNWIs) preferences, needs, and perceptions. Leveraging our extensive network and expertise in in-depth interviews, we identified key findings to enhance the bank’s services and strengthen client relationships.
One of Europe’s largest banks managing assets of over 150 billion EUR sought to enhance its Private Banking services by understanding the unique needs of High Net Worth Individuals (HNWIs) and Ultra High Net Worth Individuals (UHNWIs).
Challenge
The bank wanted to ensure they were offering the best possible services to their wealthy clients but faced two big challenges: understanding what their clients wanted and why, and how to differentiate its offering to wealthy clients in a competitive market.
Objectives
The key objective of the research into HNWIs and UHNWIs was to:
- Gain insights into wealth perception, decision-making processes, and personal values of HNWIs and UHNWIs.
- Explore financial goals, needs, and preferences influencing their choices.
- Understand perceptions of banks and wealth managers, and identify the qualities associated with trustworthiness and personalization.
- Analyze experiences with private banks to improve services.
Why Phronesis?
The bank chose Phronesis for multiple reasons including:
- Extensive network spanning HNWIs and UHNWIs across countries and industries.
- Significant experience of targeting HNWIs, UHNWIs, and affluent consumers across four major countries on a range of topics.
- Proficiency in in-depth interviews and qualitative analysis.
- Expertise in qualitative analysis and ability to identify key insights crucial for strategic enhancements.
Approach
We conducted in-depth interviews with HNWIs and UHNWIs in France, Germany, Belgium, and the Netherlands. Our semi-structured discussion guide covered wealth perception, financial goals, banking experiences, and expectations from wealth management partners, fostering open-ended responses for deeper insights.
Results
Phronesis shared actionable insights based on data from over 30 in-depth interviews with HNWIs and UHNWIs, helping the bank to address service gaps and align its offerings with client expectations.
Impact
Our findings enabled the bank to tailor services, strengthen client relationships, and drive business growth. By understanding clients’ diverse attitudes towards wealth and the importance of customized strategies, the bank was able to enhance its communication, personalization, and overall service quality to cater to this exclusive market segment.
