Digital platform owners in private banks have come to realise the potential of the highly valuable but untapped client infor-mation that their applications have accumulated over several years. Private Banks have embarked on a journey of digitaliza-tion with heavy investment into digital platforms. From client facing online banking services to back-end operational proce-dures, there has been a considerable digital transformation. The technological advances in the Private Banking industry can have many benefits, such as the betterment of the client experience and the reduction of operational overheads. Banks, however have to start considering how they can combine their digital transformation and data analytics to reap the benefits of client insights.
The accumulated data is not necessarily restricted to static, cli-ent information acquired during Know-your-client procedures and investor profiling stages. Additionally, there is an abundance of client behavioural data; client’s trades, contact reports, click streams through online channels, engagement channels, etc. The volume of such data has doubled every three years, with an increasing number of digital channels and services, while data storage costs have become cheaper. With enhanced computing power to perform data analytics, valuable client insights can be generated from the raw data to enhance the client experience and drive revenue generation. Naturally, there are some hurdles that need to be overcome before turning this mountain of data into value creating insights.