GLOBAL
Best Private Bank for Culture and Vision; Best Private Bank for use of Technology
BNP Paribas Wealth Management
BNP Paribas’ latest customer experience programme has been designed alongside its intended users, the client base.
This co-creation approach starts with ‘ideation’ and extends right through to the pilot phase. “Our target is to design a client journey with the optimal balance between user experience and functionality, and our product owners and designers work hand in hand with this objective in mind,” says Mariam Rassai, chief digital and data officer at BNP Paribas Wealth Management.
The bank also uses small internal teams to take account of client feedback, improve the offering and increase the amount of digital features. This has meant engaging and empowering employees to achieve a more agile way of working within internal incubators to carry out innovation projects.
The bank now employs more than 400 people – including partners from fintechs – with the aim of generating new ideas, examining new opportunities and helping improve the client experience.
The collaboration with leading fintechs is a recognition that it cannot do everything itself and that its role is best defined as an orchestrator, designing a “cutting edge” global client journey and relying on various partners to help deliver this. AE
Further reading
Best Digital Leader in Private Banking (Andy Brodie)
Rathbones
Best Private Bank for Digitally Empowering Relationship Managers; Best Private Bank for ESG Technology
HSBC Global Private Banking
HSBC likes to talk. The sprawling global bank has myriad offices around the world but that has not stopped it from trying to get even closer to its clients.
After launching its instant messaging service, HSBC GPB Chat, in 2022, the bank went a step further last year by claiming to be the first private bank to be able to “compliantly” and securely take client instructions over WhatsApp and WeChat. The service was renamed HSBC GPB Secure Chat.
“Our clients and their families’ global lifestyles require us to be on hand to support them for the long term with their international banking needs anytime, anywhere,” the bank says. The addition of the WhatsApp and WeChat functionality “has transformed engagement with the service, by augmenting what was already a well-adopted digital channel with additional functionality,” adds a spokesperson.
Via GPB Secure Chat, clients are also now able to receive market research, house views and trade ideas directly from the product teams that generate them daily, aligned to preferences they set. Within the secure chat experience, clients and front office teams can discuss these insights openly and agree on actions to take as well as providing access to videos, webinars, and exclusive event invitations.
Will McCurrach, digital solutions lead, global private banking and wealth, says: “In the short term there is a strong desire to roll out this functionality in markets where it does not exist, but also further streamline the process – from receipt of a trade idea to execution, all founded on the GBP Secure Chat ecosystem.” CN
Best Digital Private Bank; Best Private Bank for Big Data Analytics and AI; Best Private Bank for Digital Customer Experience
J.P. Morgan Private Bank
J.P. Morgan likes to be different. For example, when the majority of banks were busy predicting a fall in interest rates around the world, the long-serving boss of the US financial juggernaut said the company was making provisions for rates to hit 8 per cent. In his annual letter to shareholders sent out in April, Jamie Dimon said the bank was prepared for interest rates to jump because of “persistent inflationary pressures, which may likely continue”.
The 68-year-old said the bank was ready for a “very broad range” of rates, from 2 per cent to 8 per cent or higher, a result of government spending and need to dampen price rises.
Listening to the market and especially the firm’s clients is key to making such decisions, according to Mr Dimon, and this is a message he has tried to cascade through management and down to the advisers who liaise with clients.
“Our aim is to always evolve alongside our clients and consistently enhance the service they are receiving,” says Karen Donnelly, head of digital, US, at J.P. Morgan Private Bank. “We have combined our people-first culture with a data-powered approach, enabling us to build and innovate quickly and intelligently. We empower everyone - advisers, product teams, tech and design partners, and management - to drive outcomes.”
Adviser and client feedback must be “carefully listened to,” she adds, and these key stakeholders should be directly involved throughout the innovation process. “In that way, we know we are building products and solutions that address their evolving needs,” says Ms Donnelly.
But there are areas which this leading wealth manager need to improve on, particularly becoming faster in adapting to client needs.
“The speed of change is extraordinary,” admits Andrew Catterall, the bank’s international head of digital and data transformation. “We are on a transformative journey to digitally enhanced services for our clients.” CN
Best CRM for Private Banking
Julius Baer
Julius Baer has significantly increased its planned spending on business transformation and technology during the 2023 to 2025 period.
Its investments are based on three strategic priorities: first, to create a highly scalable back end including infrastructure and platform; second, to create operating leverage in its business model, by offering the best technology support to its relationship managers and staff; and third, to digitally enable its clients and ensure state-of-the art delivery of its value proposition.
“Customer relationship management at Julius Baer is particularly built around our new client lifecycle management solution, which looks at the entire lifecycle of a client,” says Norbert Casaulta, the bank’s COO.
He adds that the bank faces general challenges in the space of innovation and digitalisation. Key areas that banks must consider are generative AI, IT security, people and culture, as well as resource considerations. JM
Best Private Bank for Cyber Security
Santander Private Banking
Santander Private Banking has defined a solid strategy to implement a series of cyber security controls, coupled with a continuous transformation plan to develop new ones at the same time as “creating value” for clients.
“Cyber security is a global issue and that’s how Santander is facing it,” says Carolina Bouvard, global head technology and operations at Santander Wealth Management and Insurance.
“We have pooled all our cyber capabilities, technologies and skills to create a single global cyber security team. Cyber security is a top priority for our clients and for Santander. These risks are increasing year after year. Having a solid cyber security strategy and a strong cyber risk culture is crucial for any business or individual.”
Cyber security, she adds, is essentially an unfair battle between attackers and defenders, in which it is easier to attack than to defend. The main challenge for any company is to achieve excellence in closing all the gaps to protect all their assets. JM
Best Private Bank for use of RegTech
Standard Chartered
Standard Chartered has invested in regtech through enhancing features to proactively monitor and manage continuous compliance with several regulations.
The bank has also been improving efficiency by providing clients with a more “seamless experience”, using extensive regulatory data it analyses, and introducing technological improvements to facilitate better performance and resilience along with cost efficiency.
“The regulatory data available to us can greatly complement and strengthen our processes through addition of artificial intelligence and machine learning features, such as auto remediation of transaction reporting breaches,” says Snehal Nagar, the bank’s head of regulatory implementation, wealth management.
“It is absolutely business critical that we get regtech right. The key pillars to regulatory success in the form of timeliness, completeness and accuracy can only be accomplished if we get this right.”
But the regulatory landscape is becoming more complex, he adds. Regulators are seeking greater data insights, with extremely challenging timelines. JM
AFRICA & MIDDLE EAST
Best Digital Innovator of the Year in Africa; Best Private Bank in Africa for Cyber Security
Investec
Investec has introduced a digital security vault feature on its platforms to protect client data, documents and legacy considerations, with quick access to digital files and user notifications.
This is designed to receive and share digital assets conveniently. The bank has developed technological capabilities providing private and business clients with a high level of banking access and control. These focus on application programming interfaces (APIs) and programmable card accounts.
The bank has created a more personalised digital experience through Investec Online and the Investec app, allowing for customisation on both platforms. “Investec is the only bank in South Africa to have opened its APIs to individual clients,” says Lyndon Subroyen, Investec’s global head, digital and technology. “Investec’s very own programmable banking developer community has grown to 1,300 developers, representing more than 200 businesses across South Africa.”
As an international financial services organisation, he says security of its clients’ money and personal information is of the upmost importance. “Trust is at the core of our business,” says Mr Subroyen. “Clients need to be able to trust that their data, their finances and financial assets are safe and that the systems are always available. We approach security from a threat perspective, proactively stress-testing our technology, people controls and processes.”
But, he says, the bank needs to remain agile with development practices to quickly respond to changing market needs, enabling it to efficiently rollout new features and services. JM
Best Private Bank in the Middle East for Digitally Empowering Relationship Managers
Mashreq Private Banking
Mashreq Private Banking has developed a platform for its relationship managers (RMs), enabling them to provide clients with more meaningful insights.
It equips them with data-driven nudges that allow RMs to focus on customising banking for individual clients. This platform enables RMs and clients to walk through investment needs, optimisation and joint execution in real time. Clients receive “full transparency” about investment transactions, including suitability and appropriateness, fee and charges and the various risks associated with an investment.
“Our approach to digitally empowering RMs extends beyond technology deployment,” says Vickam Lal, the bank’s head of digital wealth solutions. “It encompasses a comprehensive support system including hands-on training, trouble shooting, and a leadership team dedicated to guiding RMs through this digital transition.”
Empowering RMs digitally requires an integration of the latest solutions with existing infrastructure, a challenging task, he admits, which requires a “holistic approach” taking into account technology, processes, people and culture. JM
Best Private Bank in the Middle East for Digital Portfolio Management
Emirates NBD
Demand for self-service investing via digital channels and 24/7 access to an investment portfolio have risen significantly in the recent past.
But within wealth management there is a need to balance digital and human inputs. The more transactional-focused activities of Emirates NBD’s digitally savvy clients are catered to by its new app ENBD X. This is accompanied by a suite of digital wealth capabilities including trading online, foreign exchange transfers, and real-time 360-viewing of portfolios. Advisers and relationship manager remain on hand to offer advice for more complex and customised solutions within the range.
The bank’s future plans include incorporating artificial intelligence, big data and predictive risk modelling. “Our endeavour, as a bank, is to lead in providing solutions that positively impact our clients, all while carefully handholding them through a wealth journey via our expert advisers,” says Mohammad Al Bastaki, group head of private banking at Emirates NBD. AE
ASIA & AUSTRALIA
Best Digital Innovator of the Year in Asia; Best Private Bank in Asia for use of Technology
Bank of Singapore
The Bank of Singapore’s project to leverage OCBC GPT to improve productivity and enhance client experience has expanded steadily since its inception. The bank has used an “agile team approach” to building out use cases into areas such as streamlining user stories, testing cases and documentation.
The design prioritises seamless user experience, integrating directly into existing collaboration platforms for accessibility without opening new apps or pages. It can be used for writing, research and ideation, and financial analysis, as well as devising portfolio strategies. Product teams also use it to draft and improve product features, and, in the technology realm, it aids refinement of user stories and code development.
The feedback from employees has been positive, with productivity boosts of up to 50 per cent reported. In addition, the bank redesigned its client app, which now delivers a hyper-personalised experience, customised to clients’ preferences. It is used by about 90 per cent of clients and scores 97 per cent on customer satisfaction.
Going against the trend to outsource non-core builds, the bank created these solutions internally largely due to concerns over security and data privacy. It employed internal technology, risk, data, legal and compliance and internal engineers and architects to build the solution.
“The risk and security controls put in place are very important to instill confidence to our employees to ensure their data does not go out of the organisation and it is not used to re-train the model,” says Bryan Lee, head of technology architecture, Bank of Singapore. AE
Best Private Bank in Asia for digitally empowering Relationship Managers
CTBC Bank
CTBC Bank – a leading digital player in Taiwan – has focused on two key internal goals in the post-Covid era: augmenting the client experience and minimising manual input from the bank.
Bank management believes its revitalised digital offer has not only empowered relationship managers (RMs), but also made headway towards the “ultimate goal” of achieving “maximum lifetime value for customers”.
Financial Diagnostic and Goal Management services have migrated online. This enables more holistic financial planning, with advanced digital Asset Review and Analysis tools allowing consolidated view of assets and a more thorough portfolio breakdown, incorporating data from both within the group and from third-party accounting and law firms.
A new after-sales system enables real-time monitoring of clients’ investment positions, using a series of dashboard indicators. RMs can access this, to update investment positions and determine follow-up asset allocation plans. CTBC says this “significantly enhances the investment experience for HNW customers”.
Customers are also encouraged to communicate with RMs through The Wealth Chat digital platform, while the Next Best Offer (NBO) tool allows RMs to deliver timely market information to designated clients. The bank says its ‘co-browsing’ technology, backed by stronger security controls, helps “customers connect with their RM to discuss their investment portfolio and wealth plans with peace of mind anywhere, anytime they want”.
The challenge for such innovations is to bring advisers up-to-date quickly with technology and culture necessary for change. To rise to this, CTBC has introduced an online training package, including videos, to help RMs market these services to high net worth clients “in the most convenient way”. AE
Best Private Bank in Asia for Big Data Analytics and AI
Taishin Bank
Taishin AI Brain is a generative AI-fuelled project to provide targeted marketing and personalisation to Taishin Bank’s clients.
The Brain is based on a variety of data sources relating to: investment behaviour, consumption, customer preference and digital surfing behavior, to ensure depth and accuracy. It also provides sentiment and behavioural analysis to provide “next best actions” and enhance the customer experience.
The Brain also aims to improve employee productivity via automation and process amplification. The bank uses the Brain to further enhance productivity and efficiency by providing faster and more accurate services to customers, as well as providing advisers with relevant information to better serve clients.
Next steps include enhancing output and performance by adding voice and image analytic capability. Further staff training is also on the agenda to optimise use of the Brain. AE
Best Digital Private Bank in Asia
ICBC Private Banking
ICBC Private Banking has chosen a digital development path to provide a customer-centric and personalised approach. The ‘Intelligent Investment’ asset allocation service identifies market trends, risk preferences, and customer needs to meet the needs of a largely (70 per cent) entrepreneurial client base.
Accordingly, the focus is on providing advisers with accurate and strategic information about clients to meet their private and public financial services needs. A digital platform for family wealth succession via trusts provides a one-stop and fully-online service for clients. The bank also takes care to collect data only with consent and monitors data use and securit-y.
“ICBC integrates digital thinking into products, marketing, risk control, and other aspects to create an ecological service system that integrates wealth, family business, and family industry services,” says a spokesperson at the bank. AE
Best Private Bank in Asia for Digital Customer Experience
Siam Commercial Bank
During 2023, Siam Commercial Bank set about building a reputation as a “digital bank with a human touch”. Key components of the strategy include “total wealth solutions” to stay close to clients. This is based on three pillars: offering holistic services incorporating personal wealth management and business services; improving the quality of financial advisory services by upgrading skills of advisers and encouraging more use of digital; and balancing loan portfolios and optimising risk-adjusted returns to deliver satisfactory returns.
In addition, the bank has forged partnerships in various fields to provide a complete range of wealth management services. It has further underscored engagement and trust, aiming to meet evolving needs by endorsing practices consistent with sustainability standard-s. AE
Best Private Bank in China for Digital Customer Experience
Industrial Bank Private Banking
Industrial Bank Private Banking (IBPB), one of China’s biggest private banks, launched its smart wealth manager 2.0 platform following the end of the Covid-19 pandemic.
The upgrade introduced an array of new wealth management features, including an optimised asset allocation model, “enhanced personalised intelligent recommendations”, an all-scenarios family wealth ledger, a financial event-driven module, comprehensive top-down market analysis and asset allocation workflow management.
“We have significantly improved the digital customer experience through the customer journey approach,” says Liu Daobai, IBPB’s deputy general manager. “We have deeply optimised the digital service processes, simplified the operation interfaces and enhanced transaction security.”
The bank faces a number of challenges on its technological and digitisation journey. “We must keep pace with technological advancements, adapt to evolving digital business models and strategies and address issues such as talent shortages and structural adjustments,” says Mr Daobai. JM
Best Private Bank in Australasia for Self-directed Investments
Westpac Private Bank
Westpac Private Bank offers high net worth (HNW) clients access to investment insights and opportunities across a broad range of asset classes, granting them autonomy over their investment solutions.
Its wealth offering for self-directed, wholesale HNW clients is called Global Investment Services (GIS) and its private wealth investment team sources alternative domestic and global solutions matching the client’s interests across a range of asset classes, including wholesale bonds, fixed income, and direct equities (domestic and IPOs). GIS clients can access their dedicated portal to view holdings on a desktop or compatible device. This includes real-time market data pricing (with a 20-minute delay), along with ability to access market insights and investment themes and view and download all historical transactions.
In 2023, the bank added new functionality that includes the ability to access and accept hybrid investment offers and IPOs digitally through the portal.
Last year, the bank said that, as volatility in global markets continued, the headwinds facing the wealth management market were expected to build. It says its customer service approach provides clients access to global market and investment specialists, ensuring they have the support to navigate emerging challenges. JM
EUROPE & CENTRAL AND EASTERN EUROPE
Best Digital Innovator of the Year in Europe; Best Private Bank in Europe for use of Technology
BBVA Private Banking
Over the past two years, BBVA has added more than 7,000 data and technology staff to its workforce and, over the course of 2024, it plans to add another 2,700.
The Spanish bank says it has been attracting the “best technology talent,” through “various plans and initiatives.” These new employees include engineers and mathematicians, as well as experts in artificial intelligence, cybersecurity and data management, which the banks describes as “some of the most in-demand fields in the labour market.”
Digitalisation, it adds, has been one of the pillars of the bank’s strategy for more than a decade now. The bank says getting this right has been crucial in its quest to be able to put the client first.
“Within BBVA Group we have three values that rule everything we do, and one of these is that the client comes first,” stresses Fernando Ruiz, director of BBVA Private Banking Spain. And now, he adds, “we’ve just kick-started a plan to put clients even more at the centre of our services with what we call: radical client perspective”.
According to the bank, much of last year was spent improving remote capabilities so that clients can choose which channels they want to use to connect with bankers. “It’s to make life easier for our clients,” says Mr Ruiz.
Where does it need to improve? “We want to make our proposals to clients more personalised and start integrating AI into our daily work and services,” he adds. CN
Best Digital Private Bank in Europe, Best Private Bank in Europe for Digital Marketing & Communication
CaixaBank
Caixa has tried to make waves with its online investment platform. Aptly named Ocean, the Spanish private bank, which has €136bn ($145bn) of assets under management, has been busy making tweaks to it in a bid to stay ahead of rivals.
Ocean was responsible for more than 100,000 transactions between October 2022 and September 2023, and Víctor Allende, head of CaixaBank private banking, has set about making further improvements.
In 2023 it introduced ‘Ocean Portfolios’, investment fund portfolios managed by CaixaBank Asset Management, which allow trading from as little as €500. At the same time, it also introduced ‘Ocean Broker’, which allows clients to invest directly in equity and fixed income. Mr Allende says the service spans equities from more than 25 global markets, as well as derivatives, ETFs, and national and international warrants.
“Technology has also allowed the emergence of new customer service models, new advisory models, and that has led us to new customer relationship models,” he says.
This innovative platform and the expansion of the range of funds, with new portfolios and securities added in 2023, is “a testament to our digital prowess,” adds Mr Allende. “It has facilitated 103,157 transactions amounting to €3.43bn, highlighting the platform’s reach and efficiency.”
The bank will not be resting on its laurels, he says. “There’s still room for improvement when it comes to advancing capabilities for the client to [allow for] a more in-depth management of their assets autonomously,” says Mr Allende. CN
Best Private Bank in Europe for Digital Customer Experience
Société Générale Private Banking
Wealth management clients increasingly want to access their affairs online and at a time of their choosing. Société Générale has responded to this demand with the provision of its ’My Wealth’ app. This allows for in-house asset aggregation including loans, five-year projections and financial diagnosis, legal and educational information, as well as popular functions such as secure messaging, meeting set ups, and digital signatures.
The app has had a positive commercial benefit, with 30 per cent of “completed diagnoses” having led to a rebound for the bank. “The app now attracts more than 6,000 unique visitors per month and is also the gateway to other digital services, in particular “Coach Financier” where coaching and advice can be accessed,” says Olivier Paccalin, deputy CEO at Société Générale Private Banking.
In line with broader client demand for personalisation, future developments will include a more tailored approach for market news and other content that will be honed more exactly to the needs of the individual client. AE
Best Private Bank in Europe for Digital Education
BPI
BPI’s primary focus is on ensuring its clients have access to comprehensive financial information presented in a manner that is easily understandable, regardless of their level of expertise.
As part of this commitment, the Portuguese bank is developing a programme specifically tailored to young adults, covering a wide range of topics, including AI, emerging technologies, digital assets, macroeconomics and financial market-s.
Its main achievement during the past year has been the launch of BPI Wealth, an independent advisory service that it has been working on for some time.
“We’ve dedicated substantial resources to enhancing our reporting capabilities, ensuring that our clients receive comprehensive insights into their portfolios’ performance and asset allocation,” says António Luna Vaz, the bank’s private banking executive manager. “This upgrade in reporting has been well-received by our clients.”
One key challenge he describes is the need to keep up to date with rapid advancements in technology. For instance, integrating legacy systems with modern platforms — such as the new client reporting platform — requires a “meticulous effort to ensure smooth functionality.” JM
Best Private Bank in Europe for Self-directed Investments
Swissquote Bank Europe
Technology is at the core of Swissquote Bank Europe’s business model and it has introduced securities lending and life insurance solutions for clients during the past year.
Partnering with leading insurers, the Luxembourg-based bank offers digitally enabled investing solutions and acts as a depositary bank for insurance wrappers. Securities lending was also launched as an optional service, enabling clients to earn passive income from their portfolio. Clients are able to monitor their securities lending activities online and in real-time.
“Family offices, financial advisers, wealth managers, investment funds and life insurance companies are increasingly relying on our digital platforms, as well as our trading and custody solutions to manage their operations and improve service quality for their own clients,” says Jeremy Lauret, the bank’s head of direct investing.
He adds that one of the challenges of self-directed investment technology is to improve the digital client experience in a way that also improves transparency and enables clients to control their investment operations in real-time. JM
Best Private Bank in Europe for Digital Wealth Planning
BNP Paribas Fortis Private Banking & Wealth Management
BNP Paribas Fortis has put efficiency and experience for both clients and advisers alike at the forefront of its strategy. Clients have access to a digital guide and proposal, followed by a remote service desk and a platform, PaxFamilia, once onboarded. It gives an accurate overview of the client’s personal situation, assets, objectives and projects, and is customisable.
“This prevents long meetings, and a relationship manager is there to look further and add things that the customer might not come up with,” says Stéphane Vermeire, head of affluent and private banking.
Portals dealing with private assets and offering relevant research and insight as well as planning and simulation tools are also on offer.
The bank admits its digital journey has only recently begun but hopes to refine and improve on its offering. It hopes to attract the mass affluent client segment, who are generally happy to self-serve, but still need advice. AE
Best Digital Private Bank in Central and Eastern Europe
mBank
Poland’s digital leader, mBank is continuing to improve functionality of digital platforms - in particular its mobile app - to provide more useful features, including investment management.
It is developing features to help its customers with activities beyond regular banking, including dealing with the government, accessing healthcare and e-commerce.
“We are in the process of introducing AI to improve the user experience for our private banking and wealth management clients,” says Edyta Bogacka, the bank’s head of the private banking customer department. “Mobile applications and internet banking are valued by our clients. They expect flexible tools that allow them to manage their finances and investments remotely, limited only by being connected to a mobile network.”
The main challenge the bank faces is constantly improving data protection and fraud prevention, adds Ms Bogacka. Customers need to feel that the tools available to them “are secure as well as convenient.” JM
Best Private Bank in Central and Eastern Europe for Digitally Empowering Relationship Managers
Yapı ve Kredi Bankası A.Ş
Yapı Kredi Private Banking seeks to provide a personalised service delivered through a range of channels to suit customer preference. The bank has worked to make sure all customers are fully aware of the digital channels available and uptake has grown to 80 per cent.
Advisers are continually “upskilled” in digital channel use, as well as being taught to make the most of the bank’s CRM system and new functionalities such as personalised views, data analysis, target and performance tracking, and defining customised offerings.
“Each new functionality is initially tested by our staff for their feedback,” says Seda İkizler, executive vice-president private banking and wealth management. “This process enables an ongoing upskilling of advisers, who in turn are better equipped to help their clients maximise their use of the digital tools available.” AE
Best Private Bank in Central and Eastern Europe for Digital Customer Experience
PKO Bank Polski
PKO Bank Polski prioritises contact and customer experience. Not only does it achieve this through its extensive branch network and digital platforms such as its web service and mobile app, but also through its recently established virtual branch in the metaverse, PKO Rotunda, on its Decentraland platform.
“We are constantly reviewing additional channels to be as close to the customer as possible,” says Konrad Ozdowy, the bank’s innovation manager. “We have been testing a presence in the metaverse for two years. Currently, we primarily use it as a virtual meeting space.”
Zbigniew Kluza, the bank’s head of private banking, says improving the digital experience and implementing technological improvements present a number of challenges. “First and foremost is data security, which must meet the highest level of requirements for new technologies or channels,” he adds. JM
THE AMERICAS
Best Private Bank in North America for use of Technology
Merrill Wealth Management and Bank of America Private Bank
Merrill Wealth Management and Bank of America Private Bank claim to have placed their clients as the focus of their technology strategy, seeking to coalesce digital capabilities with financial expertise from advisers.
The client experience is particularly important during the prospecting and onboarding stage. “Our digital onboarding platform, COBE, becomes the entryway to the digital capabilities that clients will be using on a recurring basis. with a single log in that serves as the entryway to digital capabilities,” says Inez Louzonis, head of platforms and capabilities at the bank.
The bank’s mobile app, with 83 per cent of Merrill’s and 92 per cent of private bank clients digitally active, offers a degree of self-service as well as the ability to holistically view holdings.
There is also an AI-enabled insights programme to identify deepening and servicing opportunities. However, care is taken not to invade privacy and to use information only with client consent. The same applies to referrals and prospecting. AE
Best Digital Innovator of the Year in the US; Best Private Bank in the US for Digital Wealth Planning
Northern Trust
Speed is of the essence for Northern Trust. The Chicago-based powerhouse has seen the value in being quicker than rivals and has spent much of 2023 adding a zip to its systems to keep clients happy.
The US firm says it has been leaning on Microsoft’s cloud computing platform Azure and what it calls its “best-in-class engineering methods” to deliver “next-level” speed-to-market.
“As a result, we increased platform reliability to 99.99 per cent and reduced cycle time from 90 days to seven days,” says a bank spokesperson. “In other words, now we can respond to client feedback faster by delivering enhancements 50 times per year compared to three or four times per year previously.”
That is a big change, which appears to have paid off. Northern Trust’s wealth management president Steven Fradkin says: “An important outcome of this effort was the modernisation of our platform, which is now positioned for continuous delivery of strategic enhancements.”
It has also used Azure to power a “dynamic Monte Carlo simulation experience” that helps clients understand the relationship between risk and return. “Traditional Monte Carlo simulations assume a client’s asset allocation never changes, whereas ours reflects that the level of risk in their portfolio will evolve over time,” Northern Trust says.
Now it just needs to make sure all its advisers are able to use the service. “Our platform is used by over a thousand advisers. But the rollout and training of our advisers is still ongoing,” admits the bank. CN
Best Private Bank in North America for Digitally Empowering Relationship Managers
RBC Wealth Management
Advisers with access to rich and properly integrated tooling and systems benefit productivity wise and have more time to spend with clients. RBC has worked hard to empowers its advisers to that end with an integration programme between three of its strategic platforms to reduce manual processes, speed up required reviews and approvals, and guide users through other critical steps.
Multiple back-office processes, supervisory approvals, and data gathering processes now have robust roles engines and straight through processing that allow advisers and the teams that support them to focus their attention on supporting clients. Onboarding time has reduced by 40 per cent for advisers and 20 per cent for clients, and the supervisory effort has been reduced by 20 per cent.
“Our technology investments helped us achieve what once seemed impossible: simplify and automate mundane tasks, liberating advisers and support staff time to more deeply understand and serve our clients’ financial needs with information at their fingertips,” says Gwen Jorgens, head of client digital. AE
Best Private Bank in North America for Culture and Vision
Bank of America Private Bank
A key component of Bank of America’s strategy is to appeal to the “whole family tree” and differentiate itself by providing a sophisticated digital platform via digitalised and automated key processes.
The bank has actively embarked its employees onto the transformation journey, appointing Digital Champions, who share best practices with peers, serve as front-line contacts and act as an extension of the Digital Consultant team.
“At every town hall meeting, Bank of America Private Bank president Katy Knox demonstrates her commitment to our digital journey with quarterly reviews of platform and adoption progress, and commitment with dedicated funding to enhance capabilities,” says Liz Davis, digital relationship manager for Bank of America Private Bank.
To that end, the bank has boosted its investment to improve client and teammate experiences by 25 per cent year-on-year. The next step is to garner client and adviser feedback on the ideal balance between digital self-service and reliance on the adviser. AE
Best Client Reporting Platform in Latin America
BTG Pactual
During the last year, BTG Pactual has focused its efforts on meeting its clients’ requirements and investment goals by making major investments in its digital integrated solutions.
For example, it has invested in data curation processes. Its client reporting platform has evolved significantly in terms of performance and accuracy, allowing clients to access transparent, high-quality, and even more detailed information on their consolidated portfolios. This provides them with new insights in a simple, fast and fully flexible report.
“The entire [client reporting platform] solution is based on a continuously improved performance calculation infrastructure, providing reliable and transparent information to clients to support their investment decisions,” says Rogerio Pessoa, head of BTG Pactual Wealth Management.
One of the main challenges in developing new digital solutions, he adds, is identifying and understanding the full spectrum of clients’ differences and expectations in the medium to long term, across the ultra-high net worth and high net worth segments. JM
Best Private Bank in Latin America for ESG Technology
Banco do Brasil Private
Banco do Brasil’s private bank has been working hard with its agribusiness clients — an important segment of its customer base — to meet carbon neutrality targets and to adopt renewable energy in their production chains.
It has launched BB Carbono Geo, an analytical tool that helps it to identify agricultural areas suitable for carbon credits via the use of satellite images.
“Banco do Brasil believes in a more sustainable future for people and the planet,” says Guilherme Rossi, head of BB private banking. “The use of technology is a powerful ally in this process of building a more sustainable world.”
The bank must remain ahead of the curve in terms of ESG technological solutions, believes Mr Rossi. BB Carbono Geo is an example of this. “We have mapped a real need, which is greater accuracy in identifying agricultural areas conducive to carbon credit lines,” he says. JM
Profiles written by Alison Ebbage, Jason Mitchell and Chris Newlands
