Published | July 24, 2019


Want To Make An Important Client Feel Special? Let Our CRM Elevate Your Concierge Service

Concierge Service

Let us explain how you can revolutionize your premium or luxury service with NexJ CRM’s Concierge Service for HNWI and UHNWI.

The private banking industry uses all sorts of labels, from Concierge Service and Platinum Service to High-End, Superior, Luxury or Premium Service, to describe something very elemental: The need for customers to feel special. We get that. If we didn’t, we wouldn’t be in the Customer Relationship Management business, because everything we build is based upon the premise that business is about relationships.

Making someone feel special moves to a whole other level in the Private Banking industry when it comes to High Net Worth Individuals (HNWI) and Ultra High Net Worth Individuals (UHNWI).

What does a Concierge Service mean?

It refers to a high level of personalized service that a private banker aspires to offer clients, to enhance long-term relationships. The service relies heavily upon an understanding of what a client needs, what their interests are, and what goals a private banker and client intend to work towards.

The range of services offered can be wide, depending upon the value placed upon a client and the level of service a private banking institution aspires to. Interestingly, even the smallest things — from delivering a gift to hiring an automobile for an anniversary — can provide a lot of data related to a client’s interests, all of which can then feed into how a private banker can generate more interactions and, eventually, more business.

Where does CRM come into this?

CRM lies at the heart of any Concierge Service because a successful CRM solution alone can furnish private bankers with the kind of information they need to boost the level of service offered. NexJ CRM, for instance, can help bankers understand a client as well as the client’s extended household. It can also automate business processes, and enhance collaboration with coworkers, all towards offering better service.

Understanding a customer is about understanding data

Private bankers usually have access to all kinds of information related to their preferred clients, from what they like and what their financial goals are, to when their children celebrate anniversaries. What makes a difference is how this data is processed to arrive at actionable information. When a relationship manager uses NexJ’s Comprehensive Customer View, it yields information not just on a client or the client’s household in a single location, it also integrates data from internal customer systems, external sources, entered data, schedule items, actions, and interaction history. The result is a holistic view that instantly empowers a banker to elevate the quality of Concierge Service that can be offered.

Can specific CRM features boost a Concierge Service?

NexJ CRM allows bankers to segment clients into tiers based on their asset value, or any other criteria, and then stipulate planned financial and non-financial interactions. The aim is to be proactive rather than reactive, which can lead to increased loyalty and, in turn, an increase in upselling and cross-sell opportunities based on an intimate knowledge of what a client needs.

Relationship Managers can manage key client interactions based on criteria such as:

  • Scheduling and tracking of key activities such as account reviews and KYC updates
  • End-user analytics to view the status of key client interactions and overdue activities
  • Key Client interactions and date management, including KYC, IPSs, birthdays, anniversaries, last contacted, last proactive touch, last quarterly review, etc.

Our CRM also uses analytic dashboards that can show the status of key interactions and overdue activities, summaries of Activity Analysis by organizational structure and/or geographic region, and performance based on segmentation.

Efficient time management is key

Here’s what common sense dictates: If you spend less time on administrative tasks, you can spend more time meeting client goals. This is why our CRM integrates with existing systems and data stores to increase efficiency and productivity, and improve the client’s experience while reducing operational costs. We do this with the help of workflows such as Activity Plans and SmartForms to automate all kinds of procedures while ensuring best practices are followed.

The aim is to reduce administrative tasks by taking the guesswork out of client processes, tracking activities better and automating complex client-centric business processes. Our CRM also offers notifications about important internal or external events related to a client and their service needs. It triggers internal notifications for events or assignments, some of which are instantly actionable.

The importance of collaboration

Business 101 states that teams working together seamlessly can achieve more. This is especially true in the private banking space, where selling is enhanced when users, clients, and partners learn to collaborate more effectively. NexJ CRM facilitates this with features such as group scheduling and task management, workflows, coverage teams, and integration with client portals. It enables the easy setting up of team calendars, allows an entire team to collaborate on a client’s service, and defines business rules to automatically assign users to coverage teams. Our CRM also enables engagement with customers in the location of their choice, along with the secure sharing of information.

How Concierge Services can enhance CRM

If you take a look at the level of Concierge Services offered by leading private banking institutions, a number of common features stand out. Most are designed to save a client’s most valuable asset — time. This is why leading Concierge Services offer everything from dedicated private teams to personalized and discreet service, access to borrowing platforms, or single investment lines of credit. There are specific aspects too, in the form of travel and entertainment, preferred pricing or exchange rates, help with handling bill payments, and access to investment management.

For a private banking institution, these services are valuable not only because they make valuable clients happy, but because they yield valuable information about them. The need for credit, for example, can tell us about new purchases or potential investments being made. The use of a private yacht or delivery of an exclusive gift can provide data about celebrations and important events.

Customized lending can yield data about investments and insurance while borrowing against a range of assets can reveal information about liquidity, portfolios, and collateral. The use of perks like fine dining or flight bookings can tell an institution about a client’s company, and hosting private events can lead to significant networking opportunities and non-financial interactions. The ultimate aim is to increase loyalty, of course, but the value for a CRM vendor in terms of access to data is also immense.

Call it anything — Concierge Service, Premium Service, High-End Service, Luxury Service, or Platinum Service. If your CRM isn’t helping you do the best you can for a client, contact us and try our demo to show you what we can do.

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Andrew Cant

Author: Andrew Cant

VP, Institutional Banking in Product Management

Andrew is responsible for the vision of NexJ’s Intelligent Customer Relationship product suite and ensuring its alignment with industry needs and best practices. Andrew is originally a Chartered Accountant who then spent 15 years at Credit Suisse across Investment Banking, Asset Management and Private Banking.

He has particular expertise in workflow and technology-based solutions, regulatory change and business process change.

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