Transforming the Wholesale Client Experience
Services have the potential to improve the relationship between organisations and their customers. But how can organisations be more adaptable and flexible in designing and delivering better services? The service design approach helps organisations build on their strengths, address their weaknesses, and take small but decisive steps to create a better experience for their customers and staff.
The Content
The asset management industry is being impacted by disruptive technologies (e.g. robo-platforms), regulatory constraints (e.g. MiFID II), and a new generation of tech-savvy and picky investors. This project aimed to help JPMorgan to explore new ways to better serve their wholesale clients, and in turn the next generation of investors. We worked with their marketing and sales teams (market strategists, portfolio managers, client advisors, and other front-line staff), as well as their intermediary clients and the High-Net-Worth Individuals (HNWIs) they serve. Our role was to understand their evolving needs and develop an innovative suite of services that deliver more personalized, responsive and relevant content at a strategic as well as transactional level.
Research Process
We use service design approach to research involving both primary (interviews and expert commentary) and secondary research (studying reports and articles).
Stakeholder Analysis
To better understand the complex JPM Asset Management ecosystem, we mapped out the stakeholders involved and who they interact with in the end-to-end experience - which in turn helped us identify the key stakeholders involved in the wholesale client experience.
End-Customer Analysis
By starting from the right-hand side of the B2B2C experience and understanding the needs of the end-customers (HNWIs), we are able to better understand the challenges that intermediary clients face and how Asset Managers could help them. From a combination of secondary and primary research insights (From Interview), we developed attitudinal personas. In terms of meeting diverse needs
![HNWI Segmentation [Recovered]-01.jpg](https://static.wixstatic.com/media/49c126_4f832712e5d344389fd54aedacc1c538~mv2_d_7397_4663_s_4_2.jpg/v1/fill/w_723,h_456,al_c,q_80,usm_0.66_1.00_0.01,enc_avif,quality_auto/HNWI%20Segmentation%20%5BRecovered%5D-01.jpg)
Analysis of Insights - Journey map
Delivering a new service is more than training front-line staff and setting up systems and procedures. We also considered the way customers approach the organisation, the channels they choose and the needs they have. These considerations have implications for different parts within the organisation.
The Journey map allowed us to cluster and organise insights by themes, analyse stakeholder interactions through both physical and digital tools/channels, and much more. It leads us to a resulting problem and opportunity analysis as well as the development of a framework for understanding stakeholder interrelationships.
We also map out the current service blueprint to better understand the backstage in JPMorgan
Analysis of Insights - ROSE-THORN-BUD
In the Service Design process we use various design methods in collaboration with stakeholders to analyse insights. After synthesising our interviews coming from both left hand and right hand side of the B2B2C lifecycle, we have begun to see key themes developing which are all somewhat interlinked
Design Challenges
"How might we..."
Value Proposition
A platform with extensions which enables JPM Marketing & Sales Teams as well as Wholesale Clients to better understand and engage with their respective clients and facilitate customization of the content they share as well as collaborate and transform the B2B2C experience through training, toolkits, and centralized data access to gain a holistic overview of the client experience
Service concept - Feature Cards
System map - Data flow
Evaluation - Co-validation Workshop
The aim of the Co-Validation Workshop was to introduce our service proposition features and share our recommendations to JPM - and for the participants to share their thoughts and additional ideas.
The second objective was to co-create value - building upon and modifying our existing service propositions through two collaborative activities: Rose-Thorn-Bud and Prioritisation Grid - explained in this section.
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ROSE-THORN-BUD analysis of service concepts
Finalized Service proposition - Refined customer journey
Project Loopalign is a plug-in/extension on the upcoming CRM system (Spectrum) which consists of :
1.An Internal Marketing and Sales Support Programme
2.An External Tiered Partnership Programme for Intermediaries
