The Wealth Management Cross-Functional Team (comprising Amit Shah, Deepti George, Shilpa Sathe, Nitin Chaudhary, Suyash Rai, Bhaskar, Chandrachudan, Viji, Anil, Dave and Bindu) have been working on crystallising the principles of wealth management based on finance theory and driving implementation of these, with the support of KGFS teams and Guru.
An important component of the process re-design was regarding the way we collect customer information in the Customer Management System (CMS). The concern has been that this is a fundamental process whose quality determines the quality of financial advice we give the customer. For example, if we are not aware of an elderly member of the household or a non-resident dependent member, we might grossly under-estimate the liquidity and insurance needs of that household.
This week, the team set about piloting a new process designed to ensure higher-quality customer data. In this pilot process, enrolment is split into two phases. Phase 1 entails the customer coming to the branch and providing very basic demographic information and she gets photographed and biometric Ids taken.
At the end of this brief process, we ask the customer when we can come to his/her house for a more confidential and detailed conversation. This is Phase II enrolment. During this phase, the Wealth Manager sits down with the relevant household members and has a detailed conversation that flows asset by asset (children, house, land, livestock, others). Within each asset, we try to understand ownership, income and expense flows associated with each, riskiness, and finally the goals and aspirations with respect to that particular asset (For ex: I want to renovate my house and put a tiled roof in the next two years or I want to admit my daughter who is currently in the Xth to engineering college). Based on this information, we then generate a Household Financial Well-Being Report that is then the basis of all product discussions and sale to the customer.
Prof. Viji talking to a customer
Wealth Manager converses with a customer
This week, the team conducted 15 such detailed household interviews and will go back to the same households in the next few weeks with the detailed plan. As always, the resilience and ambition of our customers humbled and inspired us. Watch this space for updates on the wealth management process re-design and talk to anyone in the team for details.