Improve understanding of current and emerging community risk
Identification of households most likely to have a fire
Ensure preventative approach is risk-based and efficient
The solution
Utilise the social and demographic insights accessed via CACI’s Acorn to enhance the understanding of risk and vulnerability within Bedfordshire
Tailor engagement to maximise the impact on those most at risk
Data-driven methodology ensures resources are targeted effectively and efficiently
The benefits
“By working alongside our CACI colleagues we have been able to enhance our risk-based, person-centred approach to identify and target those that most need our help. Acorn data allows us to understand the different needs of the communities we serve, as a result we can assure ourselves that our approach is both efficient and effective.”
Rob Hulatt, Group Commander Prevention – Bedfordshire Fire and Rescue Service
Read the case study
You can access and download the full case study here. If you have any questions or want to learn more about CACI’s solutions, please get in touch with us.
On 20 July, the Social Housing Regulation Act received Royal Assent to become law. This places the social housing sector under increased scrutiny and introduces wide-ranging implications for how housing associations operate. The Act will:
Hold social housing providers responsible for new consumer standards, empowering tenants to provide the regulator stronger powers to hold landlords accountable.
Offer powers to the regulator to issue unlimited fines to rogue social landlords, creating a new risk for housing associations to manage customer engagement.
Enforce a closer working relationship between the ombudsman and the regulator. The ombudsman has emphasised the need for improved knowledge and information management across the sector and can enforce its recommendations more effectively through significant fines.
What transformational changes will housing associations need to consider implementing?
Housing Associations have several operational touchpoints with customers, ranging from complaints, repairs, arrears teams and beyond. This means that data and information are siloed across housing associations, prohibiting organisations from effectively engaging with customers or meeting their needs andfalling foul to the new laws.
CACI can support on these key first steps for housing associations. Our work with housing associations has revealed that they are experiencing issues across the board with siloed data, gaps in customer data and complications with data foundations.
CACI can drive value for housing associations and help them become compliant with new regulations through various methods of support, including:
Assessing risks, reviewing and transformingdata management in line with Knowledge and Information Management:We provide the data foundations in line with new regulations and recommendations to reduce your data risks and conduct thorough data quality and architecture assessments to do so.
Recommending technology and data roadmaps: We offer insight into the best platforms, theprocesses needed to adapt to support data quality initiatives for your housing association to manage data and drive value across the organisation. This will help you achieve a single, unified view of residents in the community.
Understanding customers and assets: Our wealth of consumer and asset data supplies deeper insight into customers’ demographic, vulnerability and lifestyle variables, while asset and place-based data enhance your understanding of your homes and community.
Activatingactionable and accurate insights: Tailor your propositions and engagement by building a profile of customers according to key organisational issues such as complaints and arrears. Our trusted asset and consumer insights will help you offer the right services to the right people, reducing cost and resources while supporting your customers.
Driving value to improve customer satisfaction: An embedded data strategy that will improve outcomes for your customers by harnessing the power of analyses and spatial platforms.
What’s next?
CACI will be leading roundtables for housing associations to discuss approaches and best practices for data quality and insights. These sessions will offer a platform to share challenges and resources on meeting the new standards to ensure that housing associations deliver more value and improved outcomes for customers.
This prominent global apparel and home goods retailer, with decades in operation and hundreds of stores in the UK, Europe and worldwide, was seeking new site locations to bolster their European planning strategy. They quickly realised that they would need to gain access to secure and reliable data in order to better understand their customer demographic profiles to inform their location planning strategy and optimise their store network.
Challenge:
The ability to leverage precise data would help the business combat several challenges, including:
Accurately predicting core and secondary catchments for new site locations
Building up a profile of customers in the business’ existing catchments
Identifying gaps in the market, even with a high amount of existing coverage
Exploring new markets and determining the suitability of new site locations
Solution:
With a necessity of acquiring robust data that would support an initial estate strategy for the UK, the retailer chose to licence Acorn and Retail Market data. Their reliability and comprehensive coverage of the UK, high levels of detail across population profiles that supply detailed insights into new site locations, the confidence of working with a provider that would provide accurate and up-to-date sociodemographic data and the ongoing support and consultancy that CACI would provide along the way made the licencing decision an easy one.
Acorn’s breakdown of each postcode sector highly supported catchment planning by supplying innate insight into the demographics of the population within the business’ predicted catchments. It allowed the business to generate catchments and choropleth maps showing the distribution of people in varying Acorn groups. This enhanced their understanding of the affluence and economic activity of larger areas and in detail at postcode sector level.
Retail Markets data also helped the business understand the shopping population rather than just the population of the town. This indicated how large the catchment areas should be and how far people would travel to visit certain shopping destinations. It also provided a ranking and index value to illustrate the popularity and competition amongst various shopping and retail parks across Europe.
Results:
Through CACI’s data and consultancy, the business successfully planned for their European store openings. The geodemographic data providing in-depth insight used for board report presentations to get sign-off on new stores.
The business’ access to Retail Markets data continues to support their growth and their ability to identify any gaps in the market.
Outcomes/Future:
The retailer is keen to continue partnering with CACI to ensure ongoing success with their European operation plans. They are confident that CACI will help them further explore new markets as they continue to grow, and that CACI will continue to review and support any necessary strategic adaptations as technology and the retail market evolve.
For more information, get in touch and one of our data experts will happily arrange a time to talk.
How is Consumer Duty compliance affecting client communications?
Consumer Duty is rapidly changing the way Financial Services businesses communicate with clients. It is also causing consumers to re-evaluate the value of advice they receive from financial service advisers, and how financial institutions segment clients and offer relevant products and services.
On 30 April 2023, the UK adopted the new Consumer Duty obligations, and financial service providers and firms concluded their review of their existing open products. The changes that Consumer Duty brings impacts the way financial service providers interact with new and existing clients. Therefore, it is now more important than ever to ensure that you and your business are equipped with rich, actionable insights into your customers, to help you understand where to focus your Consumer Duty activities to ensure compliance.
What are the most impactful challenges currently resulting from Consumer Duty compliance?
Solidifying customer communications. You must show that the essential steps to understand customers’ needs and improve communications are being taken to remain compliant.
Identifying and supporting vulnerable customers.Vulnerability indicators change over time, therefore, without adequate customer knowledge, determining the diverse needs of your customers will be difficult.
Lack of strategy for maintaining and nurturing customer relationships over their policy, resulting from limitations of technical debt and data capabilities.
Inability to provide relevant offers or leverage existing customers to attract new customers when you do not know who your customers are.
Future proofing your business becomes compromised without the insights to initiate transformational change. Your brand will need to remain relevant for customers and adhere to their customer experience expectations.
The steps CACI takes to make a difference for your business
We support Consumer Duty compliance across several key requirements, including:
Supplying support beyond the strategy – understanding customers and improving communications.
Developing a testing process to help you understand your customers and find areas for improvement.
Accelerating Consumer Duty delivery and showing progress through an innate understanding of your customers’ diverse needs.
Providing a comprehensive view of all customer communications, assessed for suitability against Consumer Duty and amended as needed.
Scoring and evaluating your performance against key Consumer Duty metrics.
Bringing in all channels to support customers.
Our process guarantees that you will be solving Consumer Duty compliance issues as they arise to secure a successful future for your business. We break this down into four steps:
1. Audit:
We work with you to gain an understanding of your existing communications, technical capabilities and data available, for communications improvements to be made effectively.
2. Campaign strategy, testing & delivery:
We then identify initial tests to show iterative improvement and implementation of the defined methods of communication that will meet Consumer Duty standards.
3. Customer strategy:
We create robust segmentation to define where there is headroom opportunity and who your priority audiences are. We also define the customer journey to activate your segmentation and strategy accordingly.
4. Contact strategies & use cases:
Finally, we develop detailed contact strategies for the execution of your customer journey, and identify technology and data use cases that will inform your future architecture and technology roadmaps.
How CACI ensures your business meets Consumer Duty compliance: real-time example
When one business with a range of financial products that fall under Consumer Duty recognised that they did not have an established amount of internal experience, they approached CACI to ensure that Consumer Duty compliance was addressed with each of their products, tailored to the customer audiences they served.
We highlighted several opportunities that the business could leverage through our capabilities, including:
Understanding the business’ customer base and identifying headroom opportunities to drive growth.
Creating engagement strategies that would protect and support their customers throughout their relationship.
Rapidly improving insight led capability by enriching, leveraging and harnessing their potential of customer data.
Demonstrating the power that a 360° view of the business’ customers and market would have by blending their data with our own to analyse customers, identify opportunities and learn how they could serve customers more compliantly and effectively.
Why you can count on us to support your Consumer Duty compliance initiatives
Our extensive experience with Consumer Duty paired with our unique data capabilities allows us to define market opportunities and key audiences that will deliver immediate growth and engage audiences of the future. We translate rich, quantified insights into actionable strategies to deliver targeted, personalised and omnichannel programmes that will guarantee success.
Contact us today to find out how we can support you and your business ahead of the upcoming Consumer Duty deadline.
When one of the UK’s largest supermarket chains needed to understand consumer shopping behaviours at a local level to enhance their relevance within existing and new stores, they quickly realised the impact that leveraging customer-centric data could have on achieving these goals.
CACI was selected as their partner to supply them with the consultancy and consumer behaviour data that they felt had been missing from their current data sources. The potential to gain a granular and cohesive perspective of customers with actionable insights to drive change was what encouraged the business to trust CACI to help reach their strategic objectives and better understand and cater to customers.
Challenge
While the business was equipped with some customer-oriented data to begin with, particularly comprehensive loyalty card data and competitor locations, they lacked the granular detail of industry datasets that CACI could supply. These datasets would bolster their understanding of customers beyond the organisation and would facilitate a new, optimal customer experience journey.
The external data about customer behaviour outside their organisation which they could access was generally based on small sample surveys and was not robust enough to support their enhanced customer understanding initiatives.
Other data sources were overly aggregated, challenging the business’ ability to determine what the result of a major market change in a market might be, such as a store closing or a new store opening, or a major local marketing campaign. This also made understanding how consumer behaviours changed as a result more difficult.
Solution
CACI’s data was game-changing for this business as it was based on actual spend data, and what consumers were actually doing versus what they were saying they were doing. The huge and granular sample size in comparison was also tremendously beneficial for the business, as it was available at brand level, ultimately unlocking major potential for them.
Results
CACI’s consultancy and data was able to significantly enhance the current capabilities of the team and allow them to add a significant new dimension to a number of different projects and use cases.
Potential partner analysis
The ‘race for space’ in the early to mid 2000s, combined with the emergence of multi-channel trading and stronger discounter competition, meant that many supermarket operators have been left with stores that are too big for their catchments and, therefore, were not as efficient or profitable as they once were. As a result, many supermarkets had to find ways to fill parts of their stores or car parks with partner retailers that would generate rental income, fill ‘baggy’ space, create a more comprehensive customer offers and help generate sales for the business by bringing in a different type of customer.
CACI’s data helped this business strategically plan for which partners to approach with a data-driven strategy to help those potential partners understand why a particular store or catchment would be suited to their brand.
Understanding competitor performance
Through CACI’s data, they could begin to understand and benchmark performance between their brand and others in a granular way for the first time, rather than using data based on a small sample survey (Kantar) or that aggregated to market rather than retailer (IGD).
Transactional Spend Data helped this business understand competitor performance in detail at local level by analysing trends in market share, transaction numbers and Average Transaction Values.
For example, before a new store opening, the performance of competing brands and what types of customers were shopping with them could be analysed in a way that has never been previously available. They could also understand what happened once the new store opened – which brands won and lost in the market and which types of customers changed their behaviour. This understanding was key to influencing future new store opening decisions that the team could into future forecasting estimates and set expectations accordingly through data-backed evidence.
Defining missed sales opportunities
CACI’s data helped this business understand where customers were cross-shopping with their competitors on the same day as shopping with them.
One example was by analysing customers driving out of the business’ store and past their petrol station but filling up their car at an alternative fuel station on the same day. The business lost trade because the customer drove past the front of the petrol station and chose to buy petrol elsewhere. While it did not necessarily answer ‘why’ a customer did not shop with the business, it did help generate questions and what to look out for in customers’ preferred shopping experiences so they could assess a particular store, determine which competitors were in the vicinity and what the business could do to compete– adjust the price, revisit the convenience of the store’s location and so on to drive improvements backed by data.
Another example was assessing the performance of one store in close proximity to a direct competitor’s smaller store. The business knew that they had been losing trade to this competitor for years, but they did not have the data to prove this loss.
CACI’s data was the solution— it quantified the number of shoppers visiting the business and its competitor on the same day and their respective transaction values.
This insight helped the business formulate strategies for marketing campaigns that would encourage shoppers to return to their store versus to their neighbouring competitor.
Format development
The business assessed quirks in catchments and emerging trends among competitors to conclude whether certain initiatives, such as creating a café space within a store, would be a success with their customers.
CACI’s data helped them define the demand for distinct types of café space initiatives by understanding the likely demand for the various types of Food-to-Go offers in the catchments of the stores.
Ultimately, it provided the business with a different approach to the café format and its offers for customers.
Customer profiles
For this business, customer loyalty cards were paramount to building customer profiles of their own customers. However, understanding the profile of competitors’ customers and how they were behaving was out of reach. This data helped the business understand the profiles of other brands’ customers and how similar or dissimilar they were to their own customers. Most importantly, they gained insight into what their spending patterns and behaviours were and how they changed over time.
To learn more about how CACI can help you leverage data to enhance your business operations, contact us today.
Since 1964 Amtico have been one of the worlds leading designers and manufacturers in luxury flooring, and flooring solutions amongst both the residential and commercial flooring market. Amtico currently have a presence in over 600 independent stores in the UK.
The challenge
Identifying the most viable locations for retailer recruitment, taking into account the demographic profiles that each retailer serves
Having a rich insight into the overall market potential of each Amtico retailer
Understanding and being able to map their target consumers across the UK
The Solution
Investing in InSite enables Amtico to prioritise retailer acquisitions based on the greatest headroom potential whilst leveraging demographic data
InSite enables Amtico to quantify their market potential based on the demographics of their consumers
An actionable and strategic tool that Amtico are able to share with multiple stakeholders across the business
Pay is only one factor that influences the number and quality of candidates for your roles, and their loyalty.
It’s no secret that staffing is an ongoing challenge for most providers of elderly care. Market competition doesn’t only come from other care settings. Potential staff may be looking for local work in a range of sectors locally, where hourly pay is higher and the responsibilities seem less demanding. How can you compete to attract and retain quality staff for your elderly care services?
Take a targeted approach to recruitment and retention by applying marketing principles
Traditionally, elderly care providers have used their instincts to decide on good locations for their residential or in-home care operations. In recent years, some have made good use of market data to investigate and understand their potential customer base. By looking at the age and affluence of potential care clients in their catchment area, savvy operators can anticipate the level of need, design the right services and price them competitively. Today, we’re advocating the same approach, to understand staffing supply and demand.
In our work with a few forward-thinking, large-scale elderly care providers, we’ve helped them to factor in staffing availability when looking for new sites or deciding whether expand operations in an existing location. There’s a great opportunity for mid-sized operators to take advantage of the same approach.
Using local market insight and benchmarking to identify potential staff
Using demographic and location data, we can:
Profile the demographic characteristics of ideal candidates for elderly care roles
Contrast them to the Acorn profiles of typical users of the elderly care services
Flag high-risk locations likely to face the biggest staffing challenges
Highlight areas of demographic overlap, with a strong potential customer base and staffing base
Identify the best catchment areas to recruit suitable candidates
Analyse the likely needs and priorities of available candidates in the area
Contextual dynamics in practice: understanding local recruitment landscapes
Our current work with elderly care providers is commercially sensitive. So, we’re using an example from a different care sector with a very similar recruitment and retention challenge – children’s nurseries.
Our client told us that recruitment challenges are hampering business performance – they had had to close some sites because of a lack of staff. They needed to factor the potential to recruit into acquisition decisions. We profiled 11,000 staff members in 400 nurseries in the UK to discover their Acorn groups and identifies primary and secondary target staffing groups. We mapped nurseries in their locations, showing where the customer base and the staff base overlapped. This helped our client tailor recruitment messaging to available local staff priorities. They could plan to expand their service provision in locations where they knew they could recruit to meet demand.
Modelling the recruitment potential for new and existing locations
The approach is not only relevant for new elderly care locations and investment. By understanding the local employment landscape, you can recruit in a more targeted and effective way and find out what matters to the people you’d like to employ, so you can shape working practices and promote aspects of the role that will be most appealing.
Location and mobile app data can you help you focus recruitment in areas where there are candidates who can easily access your sites and domestic clients. Your potential staff don’t necessarily live on the doorstep but there may be nearby areas that have good transport links, where workers already tend to travel from.
Offering roles that local employees want to take
Of course, pay is a very important factor when it comes to attracting competent and committed staff. Premium elderly care operators may be able to pay staff more and offer a more luxurious workplace. But these are not the only things that influence employees. You can provide other, affordable benefits and mould your working environment and employee programmes to match what workers really value. Profiling target candidates in your local area can help you understand their priorities – from family-friendly working hours to free lunches and incentive programmes.
Beyond pay and benefits – understanding the appeal of elderly care roles
Working in elderly care is a socially responsible job. For some candidates, recognition of the value of their work can be a strong motivator. Creating better career paths and more tangible pathways for carers can make a big difference to your recruitment. Some larger elderly care operators are trying to emulate nursing pathways: clear role definition and progression can help to retain committed staff. If you understand more about the potential candidates in your area and your existing staff, you can decide whether this approach could support recruitment and retention for one or more locations.
CACI’s specialist elderly care and senior living team works with clients in the UK to help them improve operational and financial performance with access to vital insights into their customers, employees and locations. To find out more, contact us.
It is now crucial for wealth managers and financial service firms to better their consumer understanding. They can do so by ensuring they are well-versed in the entire consumer lifecycle and journey, understand optimal communication techniques required for effective customer marketing, collect enriching customer-centric data to tailor marketing and distribution effectively, and establish innovative ways of measuring these areas to remain compliant.
Access to insightful demographics on the lifestyles, attitudes and behaviours of investors within the market can help drive improved distribution performance, revenue growth and increased client engagement. This crucial investment market knowledge can be provided by CACI.
How does CACI support a firm’s wealth management customer journey?
Through a detailed understanding of current investor behaviour needs and growth opportunities, CACI can support businesses by quantifying acquisition opportunities across regions to inform effective growth and investor engagement strategies.
Once businesses have been equipped with the appropriate datasets to target high net worth individuals (HNWI), CACI can support the optimisation of marketing performance across channels and help businesses improve their distribution performance through digital, direct and intermediated channels to drive improved marketing return on investment, increased customer acquisition and better investment retention performance.
CACI offer a range of support for wealth managers and firms to meet customers’ needs while ensuring compliancy, including:
Support in better understanding existing investors.
Understanding the market and identifying opportunities, particularly in identifying how and where to acquire HNWI.
Determining where potential and current customers are located, as well as their value.
Receiving demographic data and behavioural insights on investors to better understand the customer landscape.
Demonstrating compliance with Consumer Duty, with meeting customers’ needs remaining at the heart of what CACI do.
How CACI use data science & analytics to support the wealth management customer journey
CACI’s data science & analytics services have three primary capacities to support the enhancement of the customer journey:
Using pre-existing information on younger investors in wealth managers and firms’ portfolios to build bespoke datasets. CACI’s multi-sector knowledge and access to unique lifestyle datasets enables the building of this bespoke consumer data insight, providing wealth managers and firms with a detailed picture of the opinions, preferences and spending potential of HNWI.
Modelling prospects for HNWI based on demographics.
Assessing firms’ historic data to determine how HNWI already in their portfolio achieved this position by tracking their movements and identifying signals and triggers, to enable modelling of future investors.
How CACI’s Fresco solution supported one business’ customer acquisition & marketing strategy
CACI’s Fresco solution was employed at one business to establish a granular understanding of existing investors. This allowed for the development of a targeting propensity score, which enabled the pinpointing of potential investors that would be most likely to join the business. CACI then identified and mapped opportunities across the UK, considering regional differences and high value areas to target. Detailed insight into prospects supported the development of a consistent marketing targeting strategy within the business, which was also rolled out across traditional and social media.
Results:
Development of a targeted audience strategy focusing on high propensity and high value audiences.
Reduction in digital marketing spend.
Increase in digital marketing ROI (return on investment).
How investor segmentation, personas & geographic data application transformed a business
CACI developed investor segmentation, detailed personas and geographic counts to support a market sizing initiative requested by one client.
The resulting data uncovered hundreds of variables at an individual level and provided rich insight into a range of traits and characteristics. This not only supported the business’ understanding of its current customers, but of the wider UK investment market. CACI developed personas to help the business gauge an in-depth view into consumer behaviour, insight into the market and the potential reach for key segments. Finally, geographic mapping helped the business understand acquisition and growth potential across catchments and regions, and cross-sell models were developed to support the immediate activation of distribution and marketing activity.
Results:
The business experienced steady and sustainable growth in its acquisition, retention and reactivation.
Increased investment values were received from both new and existing investors.
The business was equipped with actionable insights to help inform ongoing and future marketing and office location strategies.
Throughout this blog series for the wealth management industry, we break down the opportunities for businesses to attract and retain high-net-worth individuals. Continue reading at the links below:
For over 20 years, Knight Frank has partnered with CACI to achieve a long-term vision of becoming the world’s leading independent property advisor. Knight Frank works with various industries and businesses on their property and location planning strategies. Accessibility to reliable and accurate information to successfully serve clients and the ability to build authority as a market leading commercial agent have remained at the business’ core throughout.
Despite Knight Frank’s wider recognition for its work within residential property, the business is evenly split between residential and commercial real estate. In recent years, the general climate surrounding realty has become increasingly challenging, with macroeconomic conditions weighing heavily on this industry globally, particularly in terms of capital market investments. To manoeuvre these challenges, Knight Frank has been using CACI’s GIS software, InSite, along with various CACI datasets such as Acorn, the UK’s leading geodemographic segmentation tool.
The Challenge
Knight Frank’s primary challenges have been twofold:
• Determine how to navigate ongoing global uncertainty in the real estate industry.
• Handle volatility in capital investment markets.
Stephen Springham, Head of Retail Research at Knight Frank, elaborated on the impact that these challenges have had on the business.
Stephen explained:
Capital market investment is key to real estate markets and obviously that is probably at the sharpest end of economic sentiment. Investor sentiment isn’t sky high at the moment, so that is probably the biggest barrier we have to overcome, although we’re probably not radically different from most global companies in that regard.
The Solution
CACI’s InSite software has significantly supported Knight Frank’s business endeavours through both the nationwide insight from Acorn, as well as the shopper understanding from the machine-learning
catchment model, Retail Footprint. “It’s a window to the world of data. A lot of those datasets are bespoke and unique to CACI,” Stephen explained.
Additionally, CACI’s business consultancy solutions and thought leadership have been supporting Knight Frank in improving their overall business functions by supplying the business with the necessary tools to effectively advise retailers and support due diligence regarding buying and selling within the capital market.
The Results
According to Stephen, there has been a noticeable uptake across the business in data usage, with several transactions on shopping centres Knight Frank completed over the course of last year that were achieved
thanks to the support of CACI’s data and InSite tool.
One of the business’ recent and most notable acquisitions came in 2021, with Knight Frank acting for Redical in the purchase of the Victoria Gate/Victoria Quarter Shopping Centre in Leeds. This £120-million deal was executed in part through a deep dive of data provided by CACI’s InSite tool.
The Future
While Knight Frank continues to have an open dialogue with CACI on any new developments or datasets that could continue to support the business’ initiatives, CACI’s InSite and data have created a notable foundation.
While wealth and asset managers may have developed a sophisticated and loyal base of investors, it is no secret that their client base is ageing and shifting. There have been noticeable changes in both the types of customers and their behaviours, whereby moving away from traditional investment styles and seeking out alternative areas of wealth to gain market share have become commonplace.
So, why would wealth and asset management firms benefit from having younger investors in their client base?
Their trajectory to wealth has high earning potential for wealth management businesses
Reaching the broader and untapped market of high-earning young investors has become critical for wealth and asset managers to continue to be successful. Supporting potential investors who are en route to wealth inheritance, who may find themselves in a position to sell off a thriving business in the near or distant future, or whose career path suggests high earning potential, are all inviting factors to drive wealth and asset management firms to acquire younger clients.
According to the Financial Conduct Authority (FCA), a High Net Worth Individual (HNWI) is someone who either earns more than £300,000 per annum or has net assets of more than £3,000,000. Firms with a client base that is more likely to pass down their wealth generationally are left to wonder the amount that might one day be re-invested into the firm, while young investors are more likely to distribute their wealth differently as a result of their current life stage and emerging alternatives, such as Crypto currencies. While the average new and younger potential investor may, for example, only bring ~£100k in assets to the table, potential exists for this investor to be on the trajectory towards becoming a high-net-worth individual.
Their financial industry knowledge is superior
Young investors building or inheriting their own wealth are often more knowledgeable (and environmentally conscious) about their financial options than previous generations. With 80% of 18-24-year-olds having reportedly invested in ESG (Environmental, Social and Governance) stocks according to the Saltus Wealth Index 2022, their expectations onthe importance of sustainable or green investments may likely differ, and they may be inclined to ensure that ESG factors such as how the businesses they invest in respond to climate change, water management, health and safety policiesare likely to be considered.Theseinvestors may also be more likely to consider whether investments meet global standards for sustainability reporting (GRI) in transparency and accountability.
They are not afraid to take their services digital
The investor arena has increasingly filled with entry-level investors who havelofty expectations for customer service, especially with digital services.They are aware of the capabilities of self-sufficient online investing; therefore, they expect the same level of speed and ease of use in all their financial affairs.
How can wealth management businesses identify and secure young investors?
Without a comprehensive understanding of the behaviours and traits of potential younger investors, firms may struggle to target the right investors through their own initiatives, or target young investors at scale through digital channels. CACI is equipped with robust datathat can providevaluable insight into potential investors at scale across the UK, garnering information on who the potential clients are, what they like, and what they do. CACI can also track existing clients’ signals and triggers to model with future investors in mind.
Throughout this blog series for the wealth management industry, we break down the opportunities for businesses to attract and retain high-net-worth individuals. Continue reading at the links below:
