Traditionally, the route to acquiring new clients was achieved via the expansion of an adviser’s personal network. This was cultivated by doing the rounds, attending events and conferences, and through referrals. Business was steadily attained, then systematically, over years and even generations, retained.
That process of building trust among customers remains – but data and digital solutions now augment it in myriad ways. JPMorgan Private Bank’s digital-heavy ‘PB-IQ’ ecosystem, a set of 10 tools that match customer information to the correct relationship manager across multiple sources, helps advisers to develop and deepen relationships with their clientele.
So effective is this suite of tools, that JPMorgan has applied for a patent. PB-IQ helps RMs to identify, prioritise and alert advisers to actionable investment opportunities with clients, among other things.
Its PB-IQ Data Append service pools more than 85 variables across 14 categories, including property ownership, employment, hobbies and passions, board memberships and mortgage details.
PB-IQ Known Associates helps JPMorgan Private Bank to demonstrate in graphic form, which clients have deep personal or business connections, using a scoring system to analyse and predict the strength of that relationship.
Another digital-heavy platform created internally by the private bank is Connect Home. This makes client advisers better at organising themselves, identifying what actions and decisions are relevant (and which are not), and to prioritise what decision or action to focus on next.
Connect Home is an integrated and customizable dashboard that offers RMs a clear and guided view of priorities, helping execution teams to stay focused on the task at hand. It consolidates 15 dashboards and saves, the US bank says, “hours of advisers’ time”.
Over the past year, JPMorgan Private Bank has acquired and announced strategic investments with a number of financial technology firms, with the aim of strengthening its digital investment abilities, to better serve ultra-high net-worth clients across its international private-banking business locations. The Wall Street firm also invested heavily in large language models, with the aim of supercharging its adviser toolkit.
During the awards period, the US firm also introduced a new mobile experience for clients. Its JPMorgan Online International app gives wealthy clients real-time access to their portfolios, allowing them to take control of their money.
Our expert panel of judges praised the bank for using its digital capabilities to improve the high- and ultra-high net-worth customer experience while driving commerciality
The app offers robust research, trading and banking capabilities, tailored and interactive dashboards and insights, and data-driven and personalised push notifications.
Within a few months of the launch of the new application, the US wealth manager recorded a 49% year-on-year increase in mobile daily active users.
Clients lauded its easy-to-use interface and ability to provide key information on the go.
Our expert panel of judges praised the bank for using its digital capabilities to improve the high- and UHNW customer experience while driving commerciality.
One senior private banker cited its clear “commitment to innovative technology and digital solutions”. Another highlighted the bank’s “forward-thinking approach and commitment to leveraging technology for the benefit of its clients and advisers”.