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The wealth planning technology platform developed by WealthTech Abbove was chosen by Quintet Private Bank in 2022 to implement its new strategic vision through the "Richer Life Plan" offering. The "Richer Life Plan" powered by Abbove's technology aims to change the way the bank interacts with its clients by offering them a comprehensive, digital, and life-goal-focused wealth approach.
In just 6 months, the bank's and Abbove's teams collaborated to offer a new wealth management experience to bank clients, covering the entirety of the wealth management journey throughout their life moments.
Both organizations leveraged their strengths and complementarities to enable families to better understand their wealth and achieve their wealth objectives alongside their bankers.
Through this partnership, the bank accelerated the digitization process of its services and successfully extended its holistic wealth management services to its clientele.
The project officially started at the end of 2022, and over 50 bankers use the platform daily to serve several hundred families.
How did the collaboration go?
The project is the result of collaboration between the bank's stakeholders (the Quintet Bank group and the Belgian subsidiary Puilaetco), an external digital transformation company, and WealthTech Abbove.
The project was coordinated at the group level and involved participation from all the bank's departments (Data, IT, Business, Legal, etc.), as well as Abbove's technical experts.
The project took place in three main phases:
- Analysis of the current and desired situation:
Several workshops were organized (strategic, functional, IT, and operational workshops) to define the specifications for the project's implementation in every aspect. All the bank's departments participated in the workshops based on their expertise and project exposure.
- Project Implementation:
The specifications were actioned over the following three months. This primarily involved the bank's and Abbove's IT teams to ensure data reconciliation between the bank's systems and the Abbove platform. Commercial teams were also trained in the tool's use and presentation during this period.
- Project Launch:
Six months after the beginning of the analysis, the bank's first clients had access to the platform. Feedback was collected and analyzed to improve the solution and gradually expand its distribution within the bank.
What solutions does Abbove offer to banks that adopt it?
Deepening client knowledge and understanding:
Bankers often have a partial view of their clients' wealth, limited to assets managed by their institution. This fragmented view restricts their ability to offer a comprehensive and tailored financial solution. Moreover, many clients are hesitant to share more information.
The Abbove platform, through its added value and user experience, encourages the client to collaborate more closely with their advisor and share their information. Thus, a complete and structured view of family wealth is established, serving as a foundation for discussions and wealth objectives.
Improving data management, collection, and processing:
Current systems and tools, such as CRMs or PMSs, do not meet the complex needs of structuring wealth data. Bankers then find themselves using unsuitable tools like Word or Excel, resulting in inefficiencies and errors.
Abbove, with its centralized wealth data model, offers a solution: it reconciles existing information from the bank's internal sources while allowing the client and their advisor to continuously enrich it, thus providing a structured database for an expanded wealth offering.
Client retention and transitioning to the new generation:
According to a May 2022 article from "The Economist", 70% of wealthy clients' spouses leave the bank of their deceased partner within the following year. This observation also applies to the new generation, often less loyal and guided by different values.
To address this issue, it's crucial to include the client's family in wealth discussions. The Abbove platform, emphasizing the family aspect, facilitates this connection, thereby strengthening trust and the longevity of the relationship.
Discover more cases of banking collaboration here.
