BNP Paribas Wealth Management: Co-Creation as a Factor for Transformation
BNP Paribas Wealth Management relies on co-creation efforts to craft a new set of innovative services. They have been building bridges with FinTech companies as well as with their customers to enhance their CRM and services. Their point is to support a more “qualitative” digital shift for high-end customers.
The Client Expérience program was introduced by BNP Paribas Wealth Management in 2017. Their idea already was to reshape their customer relation through designing customised services that matched actual needs, while giving a part to their customers in the creation process.
Three incubators have been set up in Europe and in Asia in order to meet this goal. They are welcoming 400 customers (entrepreneurs, mostly), bankers and BNP Paribas experts. Ten digital services emerged from this co-creation work (launched or in process of being so); and four more are expected to be launched.
A digital platform, called myWealth, for BNP Paribas Wealth Management international customers has been presented so they can more easily access different customised digital services: tchat, electronic vault, biometric feature, and other newsfeeds. A lifestyle magazine (Youmanist) and a co-investment network (The Leader’s connection) have also been added. The upcoming four services include a feature for organising meetings (myMeeting), a personal assistant (myVirtualAssistant), an aggregator (myEagleVision), and a tool for sending suggestions (myFeedback).
Comments – A virtuous circle binding customisation and a digital approach
When including entrepreneurs in transforming their services, BNP Paribas Wealth Management wanted to improve their satisfaction levels, customise their approach and actually make digital changes to their services. This virtuous circle also allows the group to adjust their offer, meet high-net-worth customers’ specific needs, and act on the group’s overall transformation.
Pursuing an all-encompassing strategy. This move by BNP Paribas Wealth Management perfectly matches their long-time innovation-centric strategy. They made sure to include FinTechs and innovative players, as again highlighted here. One prior example of this specific focus saw BNP Paribas Wealth Management open a private bank in the Silicon Valley (in 2015) to address these targets in particular. Same goes for their work on customisation, customer experience, and integrating next-generation technologies: the group invested in a robo-advisor in September 2017.