Private Banking, Current Academic Research
My research is conducted within the empirical field "Private Banking". As an introduction, I make the following simplified definition of private banking:
Private Banking is the integrated bundle of customized services banks offer to manage the (mainly financial) investments of customers with substantial assets.
(Wealth Management is a broader term that includes both Private Banking and lower-end services, meaning that all Wealth Management is not as comprehensive or elaborate service as Private Banking).
Customer Relationship Management
Both business-to-business and business-to-consumer marketers have realized that selling an offering only once is often not profitable. Instead, it is necessary to have an exchange that continues over time with several transaction episodes. This puts the relationship in the center of marketing. What are the means of managing relationships?
Marketing Organization
Multiple marketing channels are often used by a seller. The buyer also uses several marketing channels for purchasing. Even for the same transaction, it is possible that multiple channels are used. Similarly, studies have pointed to the need for integrated marketing communication. If the handling of customer relationships better is a purpose, how can the organizing of marketing with that purpose be understood? How do customer relationship management strategies come to be used in an actual practical situation?