Wealth Management

Any financial institution involved in wealth management will have numerous leads to follow to attempt to sell various financial products and plans. At Innovizant, we can help to prioritize those leads, providing recommendations based on client and prospect analytical data. In order to make these recommendations, several things need to be analyzed and evaluated: advisors, customer behaviors, communications channels and the frequency of certain life changing events.

First, we can analyze the financial advisors and their history of connecting and successfully selling these plans. To do this, historical data is used to identify the best performing advisors in different areas of wealth management. We then take that information, coupled with customer analytical data, and pair advisors with the right customers for the best potential outcome.

The customer data, previously mentioned, can be used to predict customer behaviors based on previous transactions, behaviors and life altering events. A customer’s needs at any given time, can change with those life changing events, and as such, the products need toalso change. Using this data, not only can the right products be determined, but also the right time to sell those products. This data can also be used to help assess the potential lifetime value of a customer and then possibly even improve that value.

Predicting those life altering events, such as buying a house, marriage, having children, retirement and more, can help to know when to start communications. Timing these communications is only part of the battle; we also need to know what mediums customers monitor and prefer to be contacted through. Among the options for contacting these customers are mail, e-mail, call centers, websites, web based and TV based ads, and more. Different combinations of one or more of any of these forms of communication can be used to market to multiple types customers. Knowing the best way to get through to a customer is just as important as knowing when to reach out to them.

Determiningthe best way to contact the right customers, the right time to contact them, through the form of communication the customers prefer, and identifying the right advisor for each individual customer are all difficult, but integral parts of increasing product sales. These are just some of the many things that Innovizant can do for you, using our ground breaking analytics and cognitive computing.