Therefore, the banks that stay ahead of their digitally-savvy customers are poised to succeed.
The analytics are also an efficiency-management tool for the banks themselves. The banks can monitor their relationship managers' sales offerings to make sure they are focused on selling what appears to work with others. This effectively streamlines costs for offering high-end services. This will also help to overcome talent and skill gaps with the existing RMs.
What this all means for Asian private bankers is it's not just who you know (though that of course clearly still matters) it is also what you know, how fast you know it and how fast you share it. And that is increasingly down to your banks' analytics' prowess.
Beat Monnerat is Accenture's managing director responsible for the client service group for financial services in ASEAN as well as for analytics for financial services globally