Fintech companies are a good example here. On the other hand, the culture in private banking must be overhauled to encourage working together with partners. On the one hand, the personal factor in our sector remains key. How is Julius Baer making sure that there is demand for its private banking services both now and in the future?Ī wide range of elements come into play here. At the same time, they also want to be kept up-to-date and use specific services regardless of the time or their location. Our clients want to be able to approach us and be advised on a one-to-one and personal basis. We have also improved the way we directly communicate and interact with our clients. This so-called robo-assistant helps relationship managers to ensure the solutions they propose to their clients match their investment profiles and meet all of the regulatory requirements. We have, for example, developed the Digital Advisory Suite (DiAS). I see the symbiosis between personal advice and technological support as not just a success factor for dealing with this complexity, but also as the ideal future model for private banking. This is where technology can be a massive help. In private banking, the complexity regarding advising clients and processing investment transactions has increased to such an extent in recent years that it is no longer possible for a relationship manager to keep track of everything using the traditional resources. with interchangeable products and services. This is definitely true for business models where the price is the main differentiating element in competition, e.g. As the song goes, “The winner takes it all”. Isn’t that a risky strategy? There is no silver medal for second place in terms of digitisation. In other words, we do not want to be pioneers in all banking aspects, but very much, where it concerns private banking. We are therefore not digitising for digitising’s sake, but rather we are evaluating which innovations are useful and relevant for our specific value proposition. has clearly also caused the financial sector to rethink its approach to digital services. The user experience of clients with respect to Google, Alibaba, Facebook etc. Is there enough pressuir on Julius Baer to digitise? The focus on private banking is also reflected with regard to our technology investments. It is often forgotten that as a private bank we have a different business model to a universal or retail bank.
These investments focus on the technological support provided to our clients and relationship managers.
Over the last five years, Julius Baer has invested over one billion Swiss francs in technology and intends to continue to do so in the future. This does not mean, however, that we have not been working on these topics or have even lost touch. We probably haven’t communicated our work in the area of digitisation and innovation as actively as we should have done up to now. What is the current situation vis-a-vis the digitisation of the Bank?
Their demands have clearly risen as a result – “anytime and anywhere” are no longer just buzzwords, clients increasingly expect this from us.Ī while ago, it appeared that Julius Baer had lost touch with the digital innovation leaders. Clients want to read reviews and testimonials like those on Amazon or Trip Advisor before making a decision on which offer to choose. Client experiences in the digitised world also influence their behaviour towards banks. Technology and digitisation have massively changed our lives overall. The level of transparency in the market increased, which means that clients can now compare the services of various providers in detail before even making the first real contact. What changed specifically in terms of client behaviour? I’m referring mainly to major tech companies as well as the whole fintech scene. Lastly, new competitors entered the market and banks had to face up to this new competition. There was also a change in client behaviour, which can also be attributed to greater transparency in banking services and products. The 2007/2008 financial crisis resulted in a crisis of confidence, which led to tighter regulatory requirements for the industry. Nic Dreckmann: It has become faster and more intensive. What has changed in private banking during this time? You are a Julius Baer veteran, having worked for the Bank since 2004.
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