Relationship Managers' Enablement by Private Banks

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Relationship Managers' Enablement by Private Banks (1)

Two private banks that have implemented specific tools to increase the efficiency of their relationship managers (RMs) are Citi and BNP Paribas. Below is a description of how the tools function and how they help the RMs to be efficient.

Citi Private Bank

  • The Head of Consumer Banking (Citi Asia Pacific), Gonzalo Luchetti, said that VRE helps the RMs to keep essential human engagement with their customers by having meaningful conversations.
  • The VRE tool enables the relationship managers to review the portfolio of their customers remotely, and understand the clients' needs.
  • Initially, Citi launched the tool only in Hong Kong and Singapore. The bank progressively rolled it out to 15 more markets in the Asia Pacific in the same year (2018).

BNP Paribas

Tool — Gamification App (WealthQuest)

  • It's a tool for the children of BNP Paribas that aims to educate the next generation of clients, and it supports the relationship managers (RMs) at the same time.
  • WealthQuest is a mobile and desktop app that provides financial literacy for BNP Paribas wealth management clients. It is accessible through MyWealth digital app.
  • The app also has additional features, including wealth aggregation, biometric system, investment questionnaire, and feedback platform.
  • The tool is an aid for relationship managers (RMs) to know the second generation prospects better.
  • The implementation of WealthQuest provides an opportunity for relationship managers to increase their understanding efficiency on how the young generation and their parents respond to modules on equities and behavioral finance.
  • Through its online investment questionnaire that accepts online signatures, the relationship managers can easily manage the clients' portfolio.
  • The gamification industry is thriving across the world. Its total worth is over 2 billion Euros annually. It makes it possible for the relationship managers to increase the retention of their existing clientele, as well as to strengthen relationships.
  • Since the launching of BNP Paribas' first program, including gamification through its MyWealth one-stop digital platform, they unveiled 14 more digital services as a sign that their gamification tool works.

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Relationship Managers' Enablement by Private Banks (2)

The financial space is undergoing a digital transformation to boost its efficiency and keep up with the changing times. In the current digital age, private banks are working towards the enablement of their relationship managers with suitable software solutions and tools to enhance their effectiveness. After extensive research, we have discovered some private banks that have implemented software solutions to raise the efficiency of their relationship managers.

1. Investec Bank Switzerland:

  • Investec Switzerland is a "Swiss wealth management bank and subsidiary of the international Investec Bank".
  • It is diminutive when compared to many other important players in the banking space.
  • However, when it comes to being futuristic, Investec is remarkably digitally progressive.
  • Investec Bank Switzerland is in front of "the next generation of wealth managers".
  • The Investec wealth manager has "rolled out online banking and automated its client onboarding process, opening the door to modern digital banking".
  • It utilizes a novel technique that combines the "traditional banking world with the modern digital one"
  • The effect on the quality of the services to the client has been immense.

Software Solution: Appway

  • Investec approached Appway to "automate its client onboarding process".
  • Appway offers software solutions that "enable wealth managers, private banks, broker-dealers, asset managers, multi-family offices, and universal banks to boost their efficiency and productivity while building a flexible yet resilient foundation upon which to stand strong in the face of future change"
  • Investec firmly believes that the key to success lies in happy relationship managers.
  • “Creating an environment that stimulates extraordinary performance together with differentiation and integration” is a declaration that includes some fundamental principles of Investec.
  • "In 2011, its subsidiary, Investec Bank Switzerland — set out to create this environment for its Client Services Department".
  • They dismantled and recreated the complete process landscape surrounding their client onboarding and enabled "Appway Client Onboarding to take care of the rest".
  • Prior to Appway, Relationship Managers at Investec Bank Switzerland spent considerable amount of time "processing onboarding forms from new clients, which were then passed over to the Client Services team for analyzing and data entry".
  • This work was greatly inconvenient for both parties with a manual process involving a large amount of paperwork.
  • Presently, relationship managers play a more interactive role in assembling the client data together with their clients.
  • Appway leads relationship managers through the complete onboarding process "within a single, seamless, application".
  • Client profiling has been made easy. It is more exhaustive and the data is conveniently accessible at any point in time.
  • Quoting Janine Van der Merwe, Investec Bank Switzerland Relationship Manager, “I love how Appway guides me through the process. It dramatically simplifies how I onboard new clients. Once I start profiling, I just follow the steps and I no longer get stressed about forgetting tasks or compliance requirements,”.
  • With insights and information about clients readily available, relationship managers currently have the capability to "deliver a differentiated and specialized level of customer service throughout the entire client lifecycle".
  • Appway has also intelligently effected the "area of compliance for the wealth manager".
  • To carry out the "Know Your Customer (KYC)" checks previously, relationship managers had to recall tasks and activities in their mind or depend on complex task lists in excel spreadsheets.
  • Unsurprisingly, this developed a "significant margin for error".
  • "Appway customized Investec Bank Switzerland’s KYC Process with specially designed Business Rules".
  • "This ensures compliance with regulations from Swiss authorities, as well as internal policies. Additionally, activities that were problematic are now closely tracked by the system — adding a new layer of visibility and security to the whole area of compliance".
  • The establishment of "online banking for its clients and an automated client onboarding process with Appway has put Investec Bank Switzerland a step ahead of many of its competitors"
  • "The Swiss wealth manager plans to roll out the new client onboarding process to its international jurisdictions such as South Africa in the near future".
  • Enhancements to the interfaces between Appway and other core systems utilized for archiving and banking (TCS BaNCS) are in progress.

Success Metrics:

  • "3 months Is all it took to fully implement the new client onboarding process".
  • "754 customers have enjoyed a more intimate and valuable client service as a result".
  • "10 relationship managers have benefitted from a significant increase in job satisfaction".
  • Since the inception of its digital journey, the Swiss bank has steadily invested in technology with the objective of offering superior "customer service and state-of-the-art tools to its employees, which has unsurprisingly resulted in increased satisfaction and top-notch performances"
  • . Its onboarding solution is also evolving with stability "thanks to small, quick deliveries that have brought enormous benefits".
  • Since these initiatives have proven highly successful, the global Investec Bank has determined to implement them outside Switzerland also in its investment centers like London, Hong Kong, and Ireland.
  • This step permits its relationship managers to deliver personalized customer experience worldwide.
  • Owing to its commitment to digital transformation, diminutive Investec with big ideas currently has "a solid foundation, the right processes, and agile technology, all which help it manage increasing complexities and face compliance pressures with ease".
  • According to David Gurtner, Head of Projects & IT at Investec Switzerland, during his interview at Appway Sphere for Banking in 2016, “for us it is important that… the DNA of the vendor is matching with our DNA.”
  • Investec perceived Appway’s capability to comprehend its requirements and face challenges arising, and therefore determined to "integrate Appway Onboarding into its bank".
  • The result has been calculable deployments that decrease implementation risks and permit the delivery of new features to happen rapidly, generally in a couple of weeks.

2. OTP Romania Private Banking

  • Established in 1949, OTP Bank is the primary leader of the Central and Eastern Europe (CEE) region with a strong presence in 12 countries.
  • For more than 15 years it has been establishing a "special service for its elite customers on the international banking market".
  • OTP Private Banking presently maintains "wealth of €6,1bn for their more than 60k clients in the region".
  • OTP has a definite conception of offering an excellent and informed service to the more sophisticated requirements of their wealthy clients.
  • To attain this required level of service, the job of their relationship managers (RMs) had to be streamlined to start with.
  • Similar to several banks today, OTP bank has also been battling with an insufficient technological footing for its wealth management service and has been offering manual portfolio reporting and presentation solutions built with spreadsheets.
  • These workflows were tedious and extremely ineffective.
  • "With the implementation of MiFID2 around the corner, OTP Romania had to explore solutions granting regulatory compliance and took the opportunity to handle their multiple challenges simultaneously and look for a solution supplemented with portfolio reporting tools".
  • Per Corina Elena Stoica Director, OTP Romania, Private Banking, "In line with OTP’s values, we sought to enable our RMs to focus on what is truly important our clients and all their various needs. Partnering with Dorsum allowed us to provide the perfect system for our demands".

Software Solution: Dorsum

  • Dorsum has won many accolades for its creative solutions in the investment space.
  • Since its establishment in 1996, it has become a preeminent software company in the Central and Eastern European (CEE) region.
  • Dorsum has 20 years of experience in the investment software space.
  • "Dorsum’s Wealth Management Platform is a new-generation front-to-mid solution that provides controlling, analysing, monitoring a large quantity of accounts and supports the advisory process".
  • The cutting-edge software of the company is planned for financial institutions that aim to "have an efficient advisory network with strong customer engagement, while staying compliant with the Markets in Financial Instruments Directive 2004/39/EC (MiFID) 2 regulations".
  • The progressive dashboard technology supports the easy overview of all details, and "the built-in management information systems (MIS) and key performance indicator (KPI) tracking module supply essential information to executives promptly".
  • OTP Romania uses the wealth management software of Dorsum to offer its front office client advisors with a toolset that permits them to view a real 360-degree portfolio overview.
  • "This holistic picture provides the client advisors with details about client income statements, balance sheets, investment and non-investment portfolio overviews".
  • The implemented platform offers a proper tool to circulate the bank’s central wealth management knowledge supplemented with Dorsum’s knowledge and know-how to their client advisors’ network.
  • The need for a data warehouse and data quality issues induced several challenges during the implementation of the new platform.

Success Metrics:

  • With greater than 500 front office client advisors utilizing the solution during their daily tasks, OTP achieved a method to "channel their investment expertise and ideal client meeting structures to their sales network" boosting network efficiency with uncomplicated solutions,
  • " Dorsum’s solution enabled OTP to rethink and streamline their mutual funds distribution business system and provided simplified solutions even for the most complicated workflows"
  • This enabled OTP managers to concentrate more on business development and empowered their RMs to spend considerably more time with their clients, based on a platform that also acts as a CRM system:
  • "With Dorsum’s expertise, the joint OTP-Dorsum team managed to consolidate the data from different sources to enable the smooth operation and value added services of WMP. This data cleansing and standardizing prepared OTP’s systems for facilitating the import of a 5.000+ investment portfolio. By Dorsum’s experts tackling data issues, the implemented platform now contains structured data which can be used by all branches of the bank for analysis and the utilizing of cross-sell opportunities".
  • Quoting Corina Elena Stoica Director, OTP Romania, Private Banking,“Dorsum not only provided a system that streamlines our workflows, but also stepped up as consultants during the project and helped us with their comprehensive know-how.”.

From Part 02
  • "With our software solutions, we enable wealth managers, private banks, broker-dealers, asset managers, multi-family offices, and universal banks to boost their efficiency and productivity while building a flexible yet resilient foundation upon which to stand strong in the face of future change."
  • "The next generation of wealth managers is emerging, and Investec is already ahead of the pack."
  • "The wealth manager rolled out online banking and automated its client onboarding process, opening the door to modern digital banking."
  • "Investec first turned to Appway to automate its client onboarding process."
  • "Now, the global wealth manager is rolling out digital banking initiatives at locations worldwide."
  • "3 MONTHS Is all it took to fully implement the new client onboarding process"
  • "The outcome has been predictable deployments that reduce implementation risks and allow the delivery of new features to happen swiftly, usually in a couple of weeks."
  • "Dorsum’s Wealth Management Platform is a new-generation front-to-mid solution that provides controlling, analysing, monitoring a large quantity of accounts and supports the advisory process."
  • "Dorsum is an award-winning, innovative investment software provider."
  • "Since our foundation in 1996 innovation has been always the main engine of the company which helped us to become a leading software provider in the Central and Eastern European (CEE) region."
  • "This empowered OTP managers to focus more on business development and enabled their RMs to spend significantly more time with their clients, based on a platform that works as a CRM system, as well."