By consolidating over 25 systems into a unified data platform, First Citizens Bank has strategically positioned wealth management at the heart of its growth, driving increased non-interest income and delivering frictionless, data-driven client experiences.
With over $50 billion across multiple teams and systems, First Citizens Bank faced significant challenges with fragmented data, operational inefficiencies, and slow decision-making. Siloed client data limited the ability to provide a unified client experience and hindered growth opportunities. The lack of integration across wealth lines made it difficult to leverage data for strategic decision-making, putting a strain on the bank’s ability to adapt to evolving market conditions.
The Journey to Unified Systems
First Citizens Bank partnered with Wealth Access to integrate disparate systems and break down data silos. The unified platform enabled the bank to streamline operations, create real-time insights, and provide seamless client experiences.
Key Benefits:
- Unified Client Data: Wealth Access brought together data from Pershing, MoneyGuidePro, Envestnet, and more, providing a 360-degree view of client portfolios.
- Proactive, Data-Driven Decisions: Real-time data insights enable advisors to anticipate needs and act quickly on opportunities.
- Frictionless Client Experience: Clients now receive tailored, on-the-go advice, improving satisfaction and retention.
“We’re using Wealth Access to break down silos between our brokerage, private banking, and trust services, providing a unified view of the client from both the advisor’s and client’s perspectives,” said Mike Longest, EVP of Wealth Management. “It’s a true partnership that’s driving our growth and future success.”
Creating Fast, Frictionless Client Experiences
Since implementing Wealth Access, First Citizens Bank has achieved significant growth in wealth management, aligning with its strategic focus on wealth as the core driver for overall expansion.
As Mike Longest, EVP of Wealth Management, noted, “Our client base is 4x what it was only two years ago, and the technology enabled us to scale much faster.”
This growth underscores how the integration of data has accelerated client acquisition and improved service delivery, enabling First Citizens to better serve a larger, more diverse client base.
Key outcomes include:
- Increased Non-Interest Income: Wealth management has become central to the bank’s revenue model, driving substantial growth in fee-based income.
- Faster, Scalable Growth: First Citizens has been able to scale its wealth management services efficiently, maintaining high-quality client interactions even as it expands.
Looking forward, First Citizens plans to deepen its partnership with Wealth Access to further enhance its capabilities and adapt quickly to changing client expectations.
“We’ve been able to launch initiatives in just a few months, compared to the years it typically takes other banks,” Longest added. “Wealth Access has made it possible to take on projects and strategies we couldn’t have before.”
