Case Study |
Improving Customer Experience in Private Banking

CLIENT

Multinational
Financial Services Provider

INDUSTRY

Private Banking

CONSULTANT ROLE

Customer Experience
Consultant

LOCATION

MENA
(Middle East & North Africa)

The Challenge

Poor Customer Experience

The client, a multinational financial service provider, sought to upgrade its private banking experience for its high net-worth customers in the Middle East.

The existing services were not meeting customer expectations, mainly due to internal inefficiencies. The redundant paperwork and slow response times were leading to customer frustration and increase in operational costs.

“We were facing an uphill battle. The changing demands of our customers and the fierce competition required us to act decisively.” — VP of Financial Services Provider

The client sought a customer experience consultant with deep understanding of the private banking sector, the region’s financial and cultural dynamics, and a track record of delivering innovative solutions.

Role of Consultport

Consultport proposed 4 strong consultant profiles within 72 hours. The client interviewed 3 candidates and selected an ex-Accenture senior consultant with private banking background and prior engagements in customer experience projects. The consultant started working with the client team 7 days after the initial request.

Approach

Comprehensive Analysis

The consultant conducted extensive market research to gain deep insights into the unique needs and preferences of high net-worth customers in the Middle East.

Internally, the consultant evaluated the efficiency of internal work streams and conducted interviews with employees to gather feedback and expectations.

Solution

Revamped Private Banking Experience

Building upon the analytical insights, the consultant developed several targeted initiatives.

To enhance customer experience, the consultant suggested a revamped customer onboarding process, putting emphasis on understanding the unique needs and goals of each customer. The consultant also proposed a user-friendly app that offers personalized financial insights, investment recommendations, and account management tools. The app also provides access to dedicated relationship managers.

The consultant expanded the client’s offerings by introducing new wealth management products that provide diversified investment options to customers with different risk appetites. The consultant also designed internal training to ensure that employees were well-versed with the new products and processes.

“The consultant’s solutions were ambitious yet innovative. We developed a customer-centric strategy that blends high-touch personalization with cutting-edge digital solutions.” — VP of Financial Services Provider

Results

More Happy Customers

The optimized workflows led to reduced processing times and lower operational costs, allowing financial advisors to dedicate more time to customer interactions and value-added services. As a result, the client witnessed significant improvement in customer satisfaction. The positive word-of-mouth quickly spread, leading towards a double-digit increase in new customer acquisition.