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|Publication type:||Master thesis|
|Title:||The impact of the pandemic on customer interaction in private banking and wealth management in Switzerland|
|Authors:||van Meurs, Tim|
|Advisors / Reviewers:||Sigg, Anita|
|Publisher / Ed. Institution:||ZHAW Zürcher Hochschule für Angewandte Wissenschaften|
|Publisher / Ed. Institution:||Winterthur|
|Subject (DDC):||332.1: Banks|
|Abstract:||With the sudden outbreak of the Covid-19 pandemic the private banking industry was forced to transform their existing business models, that rely to a high degree on customer relationships based on face-to-face exchange and continue their business activities virtually. The banks were challenged to instantly respond to the new reality and ensure the continuation of meaningful customer interaction and customer relationships. The aim of this Master’s thesis was to examine the impact of the Covid-19 pandemic and the resulting social distancing measures on the customer interactions in the private banking and wealth management sector of Switzerland. Analyzing the impact of such a crisis that heavily limited the capabilities of in-person meetings allows private banks and other industries that rely on close customer relationships to gain a general understanding on how to adapt to disruptions in the business model in events like the global pandemic. Based on a detailed review of the literature and available business reports, a metamodel was designed, which visualizes the interconnectedness of customer interactions and customer relationships in the private banking field. The primary data collection was based on nine semi-structured interviews with practitioners in the private banking sector in Switzerland with qualitative questions that were derived from the literature review and the meta-model. The interviews were coded in two cycles in order to receive academic results. The results of the interviews showed that the interaction frequency drastically increased with the outbreak of the pandemic and alternative interaction channels, such as phone calls, emails, and later video calls, as well as automated digital solutions, have substituted face-to-face interactions. With increased visibility through the video channel, the customer experience was generally improved and customer relationships could be maintained or even strengthened in many cases. However, the pandemic has also taught that in-person interactions remain essential in the future for social reasons and important business matters, while also the relationship manager as a direct contact person maintains a vital role in private banking. To conclude, the pandemic had a positive impact on the industry and accelerated certain overdue digitalization processes. The results of this study led to the recommendation that all private banks need to strengthen their digital capabilities to offer a seamless multi-channel delivery model, and segment customers according to their preferred way of interaction. Relationship managers need to proactively stay in contact with their customers during times of uncertainty and actively show presence in order to maintain a positive customer experience. A rather young sample of interview partners was highlighted as limitation of this study, and further research on the customers’ perspective on the impact of the pandemic on customer interactions was suggested.|
|License (according to publishing contract):||CC BY-NC-ND 4.0: Attribution - Non commercial - No derivatives 4.0 International|
|Departement:||School of Management and Law|
|Appears in collections:||MSc International Business|
Files in This Item:
|Master Thesis_Tim van Meurs.pdf||3.08 MB||Adobe PDF|
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van Meurs, T. (2021). The impact of the pandemic on customer interaction in private banking and wealth management in Switzerland [Master’s thesis, ZHAW Zürcher Hochschule für Angewandte Wissenschaften]. https://doi.org/10.21256/zhaw-24662
van Meurs, T. (2021) The impact of the pandemic on customer interaction in private banking and wealth management in Switzerland. Master’s thesis. ZHAW Zürcher Hochschule für Angewandte Wissenschaften. Available at: https://doi.org/10.21256/zhaw-24662.
T. van Meurs, “The impact of the pandemic on customer interaction in private banking and wealth management in Switzerland,” Master’s thesis, ZHAW Zürcher Hochschule für Angewandte Wissenschaften, Winterthur, 2021. doi: 10.21256/zhaw-24662.
van Meurs, Tim. The Impact of the Pandemic on Customer Interaction in Private Banking and Wealth Management in Switzerland. ZHAW Zürcher Hochschule für Angewandte Wissenschaften, 2021, https://doi.org/10.21256/zhaw-24662.
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