Major Projects: Creating new services in the high net worth banking sector

Situation: Major bank with traditional high net worth banking services were losing clients through natural causes faster than they could attract new ones. What services would need to be developed to attract the recently wealthy with over $5 million net assets (excluding residence)?

Mission: Identify a broad range of services of interest to the newly wealthy. Provide a latent class analysis (segmentation) by preference structure. Integrate a range of demographic factors with preference structures. Propose a specific service package that differentiated the high net worth service from high street banking and from competitors and had sufficient excess utility value to significantly raise the probability of causing the newly wealthy to change their banking habits.

Methods: Included focus groups, in-depth customer interviews of small/medium sized business owners and professionals, choice based conjoint, Hierarchical Bayes, Latent class and simulation.

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