BNP Paribas is known as one of the largest banks in the world and is ranked in the top five Best Global Private Banking Services by Euromoney. The bank takes great care to support its customers in a changing financial market. In particular, the Wealth Management division, which works with high-wealth individuals, emphasizes close client relationships with frequent communication. In a competitive market where clients expect frequent communications with their financial advisors, BNP Paribas developed its Voice of Wealth app to educate and inform clients about investment and market trends as soon as they happen. Salvador Vidal, Global Head of Products & Services Marketing for BNP Paribas Wealth Management, talked with us about developing the app using Adobe Experience Manager Mobile.
Adobe: Why is creating mobile content so important to your business?
Vidal: In the financial services industry, competition for high-wealth clients can be fierce. We try to stand out by emphasizing long-term relationships with our clients. We want them to trust that we will always select the best investment opportunities according to their unique investment strategy, their risk profile, or their personality. One way that we communicate our reliability and expertise to clients is through reports containing stories and opinions on the market from our investment specialists. We estimate that we create more than 23,000 pages of content annually—about the same amount of content that you’d expect from a full-time publisher.
Another reason why we share so much information is the need for education. In many parts of the world, new regulations require that individuals must understand investments before they can participate. It’s a fantastic idea that protects individuals, but our clients can miss out on investment opportunities unless we take steps to help educate them.
Adobe: How are mobile technologies changing how you reach customers?
Vidal: Previously, we would print out regular reports for our clients, but more up-to-date information was sent to private bankers. It would then be up to private bankers to share information with clients. That’s changing. Clients want to have access to the information directly. They want to have updates in the palm of their hand, instantly available on their tablet or smartphone.
We decided that we could best reach clients with the speed and convenience that they expect through an app. The Voice of Wealth app is available anywhere in the world on any iPad or Android tablet. One big part of the app is the “Understanding” section, where we educate clients about basic investment products. We also have the “Decoding” section, which contains all of our market analyses in accessible editorial articles. Finally, the “Exploring” section provides information about topics such as philanthropy, real estate, and entrepreneurship. These topics aren’t directly related to investing, but they’re often topics that our clients find valuable.
Adobe: Why did you decide to work with Adobe Experience Manager Mobile?
Vidal: We wanted to create content in-house so that we can deliver fast updates whenever we need them. Adobe Experience Manager Mobile is incredibly easy to work with and has all of the mobile app features that we wanted, including easy authoring and push notifications. Adobe and our partner Square worked with us to develop the app, build our strategy, and train our people. But now we’re creating all of the content and updating the app in-house.
Adobe: Are you reusing content across other channels?
Vidal: One of the biggest benefits of Adobe Experience Manager Mobile is the flexibility to reuse content. We redeveloped our corporate and regional websites on Adobe Experience Manager to take advantage of the authoring capabilities and shared content management. Anything that we create for the app can be pushed to the websites and vice versa. We’re making all of our digital properties work together in a single ecosystem for a consistent customer experience.
At the same time, centralizing content management in Adobe Experience Manager will help us share and reuse content across regions. Many times, our product specialists aren’t necessarily aware of what other specialists are doing in other countries. When we get all of our content producers uploading their work to Adobe Experience Manager, it will be easier for people to find and share content. We aim to exponentially increase the amount of content that we can share to customers worldwide.
Adobe: How does the Voice of Wealth app benefit your clients?
Vidal: As an education tool, it helps open up more investment opportunities for our clients. We’ve also released the app worldwide, rather than just by region. This gives our clients opportunities to read about markets and trends abroad, which wasn’t always feasible with printed reports. Most importantly, by sharing content directly through the app, we’re getting information into clients’ hands much faster. Before, it could take several days for information to disseminate from product bankers to clients, but now it can be uploaded to the app in just 15 minutes. The ability to share information as it happens helps us differentiate our services in a competitive industry.
Adobe: Your app is available to anyone. Why share your information publicly?
Vidal: We wanted to do something bold by letting our voice be heard beyond our clients. People already have access to tons of information on many types of different media and by speaking out publically, we’re sending the message that we have great confidence in our analysis and our vision. We’re not just influencing clients, but also investors around the world. By changing the paradigm, we’re hoping that our clients see us as reliable leaders. Perhaps we will even gain new clients who appreciate our strong voice.
In the future, we’re hoping to use Adobe Experience Manager Mobile push notifications to further personalize the app. Even though the app is available to the general public, we still want to provide a custom experience for our clients. If a client is interested in what happens in the oil markets, then we can push that information to him. It gives us the ability to create something personalized and valuable for clients while still delivering broad thought leadership to everyone.
Adobe: How are you using analytics?
Vidal: The Voice of Wealth app was developed to educate and inform people, so the built-in analytics in Adobe Experience Manager Mobile will give us valuable insight into how people are reacting to it. To date, with little promotion of the app, we are already seeing about 70% of our users visit the app every day, and about 25% engage with the app for 10 to 20 minutes. This demonstrates excellent early adoption. We plan to look deeper into what sections people are reading, what they are searching for, and other information that will help us optimize content towards topics that truly interest our clients.
Download the BNP Paribas Voice of Wealth app here.