Improving customer retention for a leading financial services player
We have witnessed over the years the horizon of financial products evolving from plain & simple savings products to exotic & curated investment options. This transition has also correlated well with the changing customer dynamic. A leading financial services provider operating in the Asset Management (AMC) space approached Turian Labs to understand the levers at play and devise a strategy, to attract and keep high networth individuals invested in a portfolio.
Approach
The proposed approach involved deploying Design Thinking based empathic research in understanding the investor mix, initiating conversations with various stakeholders from the organization and finally understanding the motivations behind the investment approach being leveraged by high networth individuals.
These were some of the key questions:
Who is an average HNI investor?
Does age play a role in the investment behaviour?
Does the investor return differ from a discretionary vs non-discretionary approach?
What role does the investment horizon play on the investor psyche?
Outcome
The outcome was three pronged viz. investor persona, investor journey & potential investor communication.
The outcome of the study involved the investor persona at play which was a combination of their behavioural patterns, risk profile, financial maturity, along with their digital behaviour. It also included levers on the emerging investor personae on account of the demography change in the larger Indian context.
The second output was the investor journey which outlined parameters on which investors decide whether to stay invested or exit a certain product along with outlining the decision making pivots & influencers at play. These were much more than the anecdotes around loss in portfolio value, product been mis-sold, etc.
The third output focused on the investor communication, which included the preferred communication channels & the messaging. These were also aligned to the investor persona & their journey which outlined the preferred communication channels aligned to the different stages in their journey (pre & post sales).