Mobius is a service developed for a Multinational Private Bank who wanted to improve their interactions with new generations of clients.
Hyojin Bae
(Jade) Tianjie Meng
A major international private bank (Name of the company has been omitted to comply with an NDA)
Serving new generations of Private Banking customers
Our project sponsor, Private Bank, recognises that the world of wealth is changing. Over the next decade almost 20% of global wealth is expected to change hands and pass to younger generations. The nature of Private Bank clients is changing with a new generation of clients who have very different attitudes, personal and financial goals and ways of communicating and interacting than the current established client base. These clients will likely have a minimum total net worth in excess of US $50mm and will be able to fund an account with the Private Bank to the tune of US $25mm and above. (Ultra High Net Worth Individuals and High Net Worth Individuals) The overall goal of this project is to enable their Marketing Department to provide these clients with the right information, at the right time, through the proper channels according to their preferences, and to design models for determining these preferences as well as acting on the results of the interactions with the clients.
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Create the life you want with your family
Mobius helps intergenerational wealth management with expert and empathic wealth services spanning the generations, supporting families to fulfil their individual and collective aspirations. A user can compare different investment personalities and preferences so that the user together with their family members can develop mutually agreeable strategies to meet their shared goals, and can manage all of the family’s finances. It also enables private bankers to see how the investment personalities differ across the family and find better guidance as well as strategies to benefit the whole family, so everyone is in control of what they want to share.

Design Process

We carried out desk-based research, guerrilla and in-depth interviews. We have looked into 35 industry reports and spoken with 28 Ultra High Net Worth Individuals from seven different countries. On this basis, synthesised research was combined with the Private Bank's strategy and target users, inheritors of family wealth as well as those who have recently inherited, segmented into seven groups. (Pathfinder, Hobbyist, Less confidence, Transformers, Family-oriented, Goal minder and Social contributor) We interviewed and hosted co-creation workshops with more than 15 financial service professionals to create a model of the decision-making process that clients undertook through the journey and the associated pains and challenges in an attempt to understand where the most significant opportunities lay.

The challenge: From origination to onboarding

The new next generations are emerging with very different personality traits to the previous generations in terms of thoughts, lifestyles, better education, etc. There is a very clear generational difference from a client base that is extraordinarily discreet to one that is more open and accessible. Therefore, the Private Bank has fewer opportunities to build trust and engagement, and it is getting harder to prospect new clients and to get referrals from existing clients. When the Private Bank prospects people, they spend a lot of money, time and resources trying to attract clients to come through the door, as the clients' journeys start much earlier than the Bank's. They are missing these points along the way. Also, there is a massive drop off in clients at the onboarding phase, and a considerable wealth transfer to the younger generation, which brings challenges for attracting new and potential clients and maintaining the existing client base.
The next generations of clients need the services of a Private Bank for specific opportunities, such as a tool for their personalised financial issues. We believe that 'Supercharge Empathy' and 'Making Connections' would help Client Advisors to have a deeper understanding of clients and to respond quickly across generations. Furthermore, it would be better to extend the Private Bank's influence on the intermediaries and penetrate circles of influence. How might we make the Private Banking services more attractive and relevant to a new generation of Ultra High Net Worth Individuals by demonstrating a deeper understanding of their needs and importance of their trusted networks?
Why Mobius?
For the Private Bank: Mobius can help with connecting to the needs of the next as well as the next + 1 generation clients, to give relevance to the Private Bank brand and value proposition. It also enables the banker and wealth advisors to be involved in the clients’ journey of family governance, and become trusted partners in anticipating opportunities as well as intergenerational challenges. For clients: Mobius creates a family zone to see each family member's status and journey. Clients can see, compare and better understand each other’s preference and ambitions of wealth management within the family, which enhances empathy and identifies purpose in their life. Providing events, specific services and support for the next generation, Mobius helps clients apply their future wealth with responsibility and purpose. And clients are entirely in control throughout the whole journey.
special thanks
Thank you all for contributions and taking time for the project during the pandemic. Many thanks to Dr.Nick de Leon - Service Design Course Founder and Former Head of Service Design at the RCA, and Andrea Edmunds, Tutor of Service Design, who is a human-centred designer and strategist from IDEO.
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