Case Studies

Project Focus:

Developing a research report on Elite Entrepreneurs for BNP Paribas Wealth Management.

Our Challenge:

To explore the positive impact that wealth-creators have made through their businesses, their lives and their investments.

The Scorpio Partnership Solution:

  • Over four years, we have gathered insights from over 10,000 successful business owners residing in APAC, Europe, Middle East, US and Brazil.
  • In the 2017 edition, the entrepreneurs were segmented into five archetypes to give readers a more comprehensive insight. These were: Women Entrepreneurs, Millennipreneurs (aged 35 or under), Boomerpreneurs (aged 55 or over), Ultrapreneurs (net worth of USD25 million or over), and Serialpreneurs (who have started four or more companies)
  • In the 2018 edition, we also shared the stories of high net worth entrepreneurs from across the globe to underline the human dimension to our research.

Impact:

  • Combined with other initiatives by the bank, such as the Women Entrepreneur Program at Stanford Graduate School of Business, BNP Paribas Wealth Management has been able to strongly communicate its commitment to serving the world’s most successful entrepreneurs

Project Focus:

Evaluating the international banking solution of an African wealth manager.

Our Challenge:

To determine whether our client’s international banking solution was competitive and improve product positioning and launch.

The Scorpio Partnership Solution:

  • We evaluated the international banking propositions of 10 core competitors through desk research and conducted interviews with industry experts on the future requirements of Africa’s HNWIs.
  • We developed a digital survey to assess the specific motivations, financial behaviours and wealth management needs of internationally-mobile Africans.
  • We undertook interviews with African HNWIs to determine specific experiences in relation to their international wealth management.

Impact:

  • Our assessment provided a comprehensive review of the existing solutions in the market to inform the ongoing competitive positioning of the international banking proposition.
  • We validated the proposed solution and provided supporting evidence for internal stakeholders to secure further buy-in. Our recommendations included modifications in relation to: fees, client segments of focus and marketing activities to support the launch.

Project Focus:

Understanding HNW investment decision-making for a leading UK investment manager.

Our Challenge:

To inform marketing, communications and distribution by understanding clients’ motivations for engaging with investment managers.

The Scorpio Partnership Solution:

  • Uncover high-level themes around investment-decision making through conducting engaging focus groups with current and prospective clients of the investment management firm.
  • We used in-depth qualitative interviews with current clients and declined prospective clients, to identify how the firm can influence decision making in the early stages.
  • Test qualitative findings using a quantitative survey of 200 current clients of the firm and 200 external HNWs, sourced from specialist research panels.
  • Combine qualitative and quantitative analysis to provide recommendations for the firm’s messaging content, presentation and distribution.

Impact:

  • We helped the client detect differences between their current client base and prospective HNW clients through comparative analysis of the quantitative survey. This identified current clients’ pain points and prospective clients’ needs and demands.
  • Based on the recommendations and insights gathered through the research, the head of marketing acknowledged a need for change in their messaging content and strategy.

Project Focus:

Quantifying the market opportunity for a North American wealth manager.

Our Challenge:

To determine the market opportunity and understand the route to market for target wealth segments identified by the firm.

The Scorpio Partnership Solution:

  • We conducted secondary research to gather targeted population and income distribution data for each market in focus.
  • These figures were then blended with proprietary sources including Scorpio Partnership’s Wealth Distribution Model to estimate the AUM opportunity within each target region and across the wealth segments in question.
  • We also conducted a targeted quantitative survey to decipher how best to strategically target these segments with a defined value proposition.

Impact:

  • We produced separate reports for each of the target communities to compare and contrast the opportunities present in each market.
  • Recommendations were presented to the relevant marketing teams serving each community as part of collaborative workshops to devise bespoke marketing strategies.
  • Following the results, the client has implemented our recommendations; concentrating their marketing spend on the largest market opportunities in order to generate a better return on investment.

Project Focus:

Improving employee engagement for a global investment bank.

Our Challenge:

To assess the strengths and weaknesses of the firm’s talent strategy across numerous business lines.

The Scorpio Partnership Solution:

  • An employee engagement survey was designed to identify strengths and opportunities for improving employee satisfaction.
  • Our bespoke survey targeted 3,000 employees and achieved a response rate of 70% across six different business lines and over 30 countries around the world.

Impact:

  •  Scorpio Partnership’s conclusions from the project galvanised the client to begin tackling key areas of employee concern, such as inadequate internal communication.
  • More specifically, the business set up a number of consultation and “town hall” meetings between senior management and employees in order to openly discuss challenges within the business.
  • Furthermore, through profiling and data manipulation, we were able to directly advise our client as to which employee segments most urgently needed support as a result of dissatisfaction with the current work environment.

Project Focus:

Evaluating and advising on the global client experience.

Our Challenge:

To assess the global performance of an international private bank through a multi-year study.

The Scorpio Partnership Solution:

  • We used an amalgamated survey platform to research geographies simultaneously, with the survey customised to market requirements.
  • Our survey platform also enabled us to conduct follow-up interviews to uncover deeper insights from the data.
  • We were also given access to each client’s financial data and relationship management feedback. This allowed us to compare the HNW client experience against financial results, to inform recommendations around improving the bank’s overall performance.

Impact:

  • We identified weakness and waste areas within the business, including underperforming business lines and products, over-servicing by RMs and mismatched priorities.
  • Our approach also defined points along the client journey that could improve referral rates, share of wallet and future growth potential.
  • Our insights spotlighted high-performing RMs and supported the knowledge sharing of best practice across the business for frontline staff.
  • CX metrics from our research are now used to set goals for branches and RMs, in conjunction with financial goals.
  • The changes implemented have resulted in increasing Assets under Management (AUM) and improving NPS scores over the past three years.

Project Focus:

Discovering the competitive positioning of a UK private bank.

Our Challenge:

To assess the private bank’s brand visibility and the impact of its marketing campaigns in a crowded market.

The Scorpio Partnership Solution:

  • We devised a number of unique KPIs in order to track and benchmark the private bank’s brand positioning relative to other premium operators.
  • Through rigorous survey questioning we gathered data on the factors which drive high-net-worth individuals to select and retain wealth management relationships.
  • We were also able to gauge the effectiveness of our client’s marketing campaigns by reviewing awareness levels of the brand across two waves of research.

Impact:

  • The successful execution of two waves of the brand tracker study provided the private bank with concrete evidence of its successful 2015 marketing campaign.
  • The private bank saw both its awareness and consideration metrics improve in the second wave, which informed the development of future marketing initiatives.

Key Takeaways:

  • The private bank’s performance was benchmarked across eight brand tracker metrics and against a peer group of private banking competitors.
  • This benchmark enabled the private bank to better understand its competitive positioning and the perception of its brand within the UK high-net-worth market.