Trajectoires Patrimoine: a winning strategy to be rolled out more widely
"Trajectoires Patrimoine is the concrete embodiment of Crédit Agricole’s approach to financial advice inspired by the Customer Project. Its aim is to help everyone make the right choices, regardless of the amount of savings they have, fully informed of the range of potential solutions available. We must now make this a key priority, not only within the customer component of the Group Project but also as a foundational element of our digital transformation."
Bertrand Corbeau, Deputy CEO of Crédit Agricole S.A. with responsibility for the Customer Development and Innovation lab
The Trajectoires Patrimoine advice approach, launched at the end of 2018 in France, responds to a clear and continuing need for customers to receive ongoing, personalised support on how to build up, optimise and protect their assets.
In-branch interviews are supported by a tablet app that helps advisors share an overview of assets with their customers, reviewing every area of need – savings, long-term financial planning, property, etc. – and work with clients to design solutions tailored to their needs.
To round out this approach, the online version of Trajectoires Patrimoine – designed by La Fabrique by CA – was launched in 2019 to offer customers the option of independently preparing for their interviews and running an initial wealth projection that can subsequently be finalised with their advisor.
With a target of meeting with four million customers a year once the approach is fully up to speed, Crédit Agricole’s aim is to become the number one bank for savings and wealth management.
A positive picture 18 months after launch
Clients are welcoming the advice approach for its understanding, transparency, educational value and personalisation. The Event customer recommendation index* bears this out, coming in at +71 at end May 2020, equating to 75% promoters (who score the service between 9 and 10).
Advisors have confirmed the approach’s positive impact on sales: having a better understanding of their customers, their financial and property assets and their family circumstances and plans means they can better support them over time and proactively anticipate key moments (property projects, retirement, etc.).
Ereina Lenormand, financial advisor, Crédit Agricole Côtes d’Armor
"Trajectoires Patrimoine has made the customer fact-finding process smoother. I’m collecting a lot more information, especially about the competition, and my clients are much more involved in putting together solutions. I like how the approach suggests potential avenues I wouldn’t otherwise have considered; this helps me keep an open mind. Trajectoires Patrimoine also makes it easier to introduce certain offerings such as, for example, discretionary investment management. As a result, I feel more comfortable talking about them.”
Benoît Tassou, Crédit Agricole Group Development Director, Amundi
“With Trajectoires Patrimoine, the Group now has a powerful and innovative approach to financial advice in the retail market. The surge in precautionary savings, extremely low interest rates and market volatility mean the responsibility on us to provide support, advice and ongoing follow-up is even greater. We need to be able to offer all our customers a seamless, clear, transparent and instructional experience that helps them build up an asset portfolio that’s aligned with their aims and plans and then delegate management of that portfolio. A comprehensive, shared approach to financial advice is crucial to winning over and keeping clients’ main business. This is why private banks in particular are investing huge amounts in asset allocation advice tools. On this score, the extent to which business line subsidiaries are integrated with the Regional Banks is a clearly a key strength for the Group. ”
Extending the approach for wider rollout
The Trajectoires Patrimoine approach was initially launched for personal, business and farming customers. Steps are now being taken to broaden the approach to all customer segments – from the general public to the wealthiest individuals – and continue to enhance the tool.
With high net worth individuals accounting for 59% of Regional Banks’ deposit business and 80% of LCL’s off balance sheet deposits, this is a key challenge. Adapting and tailoring the approach to suit these clients will further boost satisfaction and, above all, help the Group become the main bank for these high-potential clients, most of whom (74%) are multi-banked.
At the same time, expectations have shifted: clients now want more autonomy in the information and decision process and more freedom in choosing how they interact with their advisors, whether face to face or remotely. Expectations regarding digital services are higher, with the advisor’s expertise being the distinctive factor.
The future is likely to see a shift towards the following:
• a multi-channel approach to advice that allows customers, at every step of the advice journey, to resume processes and projects initiated by themselves or their advisor, irrespective of progress, through whichever channel they prefer,
• self-care access whereby customers are free to run their own simulations, monitor ongoing projects and sign up for products online,
• availability of “simplified” advice paths, either independently or with an advisor, for simple projects,
• improved follow-up over time thanks to advice history and the use of data to help make advice more pertinent and offer customers the option of tracking performance and receiving personalised alerts,
• new functionality suited to the needs of high net worth clients: comprehensive asset aggregation allowing for in-depth analysis of assets held (returns, risk level, etc.); recognition of business assets; and depth of advice paths followed and indicators (e.g. estate planning).
The aim is to establish Trajectoires Patrimoine as a service that can help with all development strategies – new customer acquisition, deposits, protection, property, customer satisfaction – across all customer segments.
Pierre Metge, Group Marketing Director
“Our wealth management clients are highly sought after and don’t mind being sought after. Being ever more demanding and multi-banked (74%), they invest a significant proportion of their savings elsewhere. We have to secure more and more of their main banking relationship and capture more of their outside capital by delivering high value-added advice that helps them make complex choices.
While more comfortable with digital technology than we tend to think, they reflect the growing demand for a relationship that is both highly personalised and more human. Their ideal advisor has excellent knowledge, understands their wealth management challenges and goals and helps them make wise decisions. But they’ve also developed a taste for online banking with its ease of use, simplicity, personalisation, security, real-time access, and so on.
In the future, Trajectoires Patrimoine will have to offer this kind of successful client experience, using state-of-the-art digital technology but differentiated by a strong human focus.”
The Trajectoires Patrimoine philosophy: wealth management advice for everyone, irrespective of amount
The idea: an approach that combines expert advisors with digital technology to offer customers the Group solutions best suited to their needs in banking, insurance and property
What’s different about it: customers and advisors work together to identify solutions
What impact has the COVID-19 crisis had?
The requirement for social distancing has called into question the idea of the face-to-face interview, one of the features of the Trajectoires Patrimoine approach. Work is currently in progress to enable screen-sharing with customers using the existing tool pending availability of a solution that natively integrates multi-channel advice and a multi-device tool.