J&T Banka
Preparing a private bank for the future of wealth management
Our Expertise
Customer Insights
Persona Development
Trend Analysis
We helped a leading private bank in the Czech republic to understand the needs of both their existing and potential customers, and to map those needs to global trends in private banking and wealth management.
Challenge
J&T banka is a leading Czech private bank taking care of the wealth of the most successful people in the country. They recognized that the world of private banking and wealth management is moving forward and the needs of the modern wealthy people are also changing. Thus they approached us to assist them with mapping the most relevant global trends that will shape the future of private banking and also develop profiles of modern millionaires.
The main questions we wanted to address were:
- What does wealth mean for HNWI? How do they perceive it? What do they value?
- What are the key behavioural patterns and needs of HNWI within the investment potential range of 30M-200M CZK? How do they manage their finances?
- What are the demographic characteristics, professional backgrounds, and lifestyle preferences of HNWI within the target investment potential range?
- How can the profile of HNWI with investment potential be defined and segmented to better understand their preferences, interests, and motivations?
- What are the primary goals and objectives of HNWI?
- How do HNWI with the specified investment potential approach wealth preservation and wealth growth strategies?
Key Insight
Rich people are humans too :) They have quite normal needs as most of us. They care about the future of their kids, get personalized experiences, and face disruptive economic challenges. Their situation is, of course, specific due to their wealth.
Approach
What a job for our research team! We’ve started with mapping of global trends in private banking and wealth management. We used a combination of private analysis from WGSN and publicly available data. We kinda created the framework to assess the impact and the business potential of the trends. Once the trends were identified, we conducted interviews with high networth individuals including both existing clients of J&T and non-clients. In total we did 30+ interviews with clients and private bankers to get the desired data. Then we crafted insights and presented our findings in a form of client personas. Eventually, we cross checked our findings with global trends.
Solution
We have identified 8 main trends, each of them have its own subtrends. The big 8 was prioritised, using the built up framework and giving the bank an idea where to focus their attention. Based on the interviews, we have created 5 personas that represent population of wealthy people in the Czech republic: Young Rockstar, Successor, Active Millionaire, C-Level shark and Retired Millionaire, we have found out their needs, pains, motivation and way of thinking. We actually revealed strong correlations between the perspectives of these personas and the identified global trends.
Impact
Using trends and insights the bank was able to update its marketing strategy and positioning and have a clear view on what products and services they have to focus on to stay relevant and attractive for existing and future customers.
