ASSESSING OUR PROGRESS: WEALTH
Wealth, together with Liberty, is transforming the group’s capabilities in short-term insurance, life insurance, investments/asset management, fiduciary services and specialised banking, into a client value proposition that will enhance our service offerings to our clients and drive additional market share in our target markets.
- South Africa
- Isle of Man
We are trusted advisors to high net worth, retail, business and commercial, and corporate clients, leveraging the group’s footprint in 16 sub-Saharan African countries, and with an international service offering facilitated through our offices in London, Jersey, Isle of Man and Mauritius.
Client centricity is at the heart of our strategy. We have worked hard to create a cultural shift with leadership taking ownership of all complaints, always displaying thoughtfulness and empathy in our dealings with our clients. We employ both attitudinal and behavioural data analysis and the insights we gain from our relationships to better understand our clients’ needs and refine our offerings to best serve them.
- Segment of one
- Knowledgeable and engaged staff, trusted advisor.
- Multi-channel access
- Always on availability
- Proactive engagement
- International markets.
- Fair, transparent and appropriate fees
- Investment returns
- Reward and loyalty.
- Get it right first time
- Query, claim and complaint resolutions
- Before the sun sets service.
Understand what matters to our clients.
Who they are? How they think, feel and do.
Define client experience standards across the various touch points.
People and brand engagement to drive client-centric culture.
Measurement, tracking and progress against defined measures.
OUR OPERATING CONTEXT IN BRIEF
- Sustained economic weakness in South Africa and slower growth throughout Africa.
- Economic pressure on consumers resulting in lower spending on insurance and investments.
- Low volatility in investment markets impacted stockbroking and investment services, although this improved in more buoyant markets.
- Increased competition from incumbent competitors and international market entrants with emerging industry trend focusing on integrated financial services.
- Regulatory changes remain challenging in some markets.
PERFORMANCE AGAINST STRATEGY
Wealth delivered a strong set of results with growth in headline earnings of 24% and a robust ROE of 37%. The international business in particular, achieved exceptional results, with headline earnings growth of 60%. Melville Douglas continues to deliver outstanding client value, with global funds performance in the top quartile and domestic funds performance in the second quartile and both above benchmark, compared to peers.
2018 also saw a significant shift both in our Wealth culture and in our ability to deliver an integrated offering to clients. Focus was placed on embedding our ‘before the sun sets’ client engagement philosophy throughout the business and driving thoughtfulness and empathy in employees’ interactions with clients. This, together with improved collaboration within the group and a high degree of client engagement through our signature events, resulted in a NPS of 69, ahead of our internal target.
- Enhanced our organisational structure and core business lines, to optimise collaboration and efficiencies within Wealth and the rest of the group, and to deliver a cohesive value proposition to our clients.
- Client service teams, in collaboration with PBB, have been rolled out across South Africa, allowing us to interlink our operations for the benefit of the client.
- By leveraging our relationship with CIB, we have developed client ecosystems that have enabled us to deliver wealth solutions to the staff of multinational corporations.
- Cooperation between CIB and Wealth has ensured a shared value proposition for senior executives and the corporates they represent.
- Considerable progress was made on advancing the Liberty Bancassurance collaboration plan. Launch of the Liberty high net worth proposition pioneered the assurance banking collaboration where Standard Bank solutions are provided to Liberty clients.
- Further enhancements to the Wealth International mobile app, which enables the viewing of and transacting on offshore accounts, including cross-border payments and debit card activation.
- Our Leadership Academies continued to focus on enhancing thoughtful, responsible multi-generation wealth transfer and developing the next generation of leaders.
Wealth remains firmly committed to the execution of our client-focused growth strategy. Digital and data is critically important in the delivery of a seamless and personalised service offering for all our clients. Wealth strives to develop a culture that integrates digitisation into our core operations through leveraging data and other assets.
2017: 70 | 2016: 61
2017: +16 | 2016: N/A
2017: 8.2 | 2016: 7.5
No significant incidents
or client breaches.
Operational risk losses
within risk appetite.
2017: 8.3 | 2016: 8.0
2017: 2.5 | 2016: 2.5
2017: 34.0 | 2016: 37.0
PROMOTING A CULTURE OF SAVING
supporting small business development
fostering financial literacy in low-income segments and preserving generational wealth