Credit Suisse to launch new digital wealth management offering

By:
Helen Avery
Published on:

Next month Credit Suisse Private Bank will be rolling out new digital capabilities in Asia, and April will see the launch of a tablet banking offering in Switzerland.

CEO Hans-Ulrich Meister, speaking to Euromoney, reveals the bank's plans to digitize its private banking capabilities, initially focused on Asia

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CEO Hans-Ulrich Meister
"Given the profound shift taking place in wealth management, we are investing substantially in capabilities to keep us closer to our current and next-generation clients, who are increasingly demanding real-time, mobile technologies for every aspect of their banking relationship," he says.

"We are launching new digital capabilities this quarter in Apac, with a global roll-out to follow. This platform will streamline our existing infrastructure to deliver a sophisticated, cutting-edge multi-channel experience to clients."

Meister adds: "Through our interactive banking experience, clients will gain closer contact with their relationship managers, who have new tools and resources to meet their evolving needs. They will also be able to easily identify and access information that is important to them from across our integrated bank. For example, clients will be able to access their relationship managers through these new mobile channels and also receive market research and portfolio alerts. 

"Our clients will not only be able to execute transactions but also see portfolio analytics. In essence, clients have more freedom to execute wealth management decisions the way they want, when they want."

As part of this year’s Private Banking Survey, Euromoney asked respondents about their technology aspirations for the year ahead. Phone and tablet capabilities followed by data mining were seen as the two most-important areas for investment in technology among the 2,000 respondents in total. 

Some 65% of Swiss bank respondents said they would be focusing on phone and tablet capabilities this year. That compares with 50% of US bank respondents.

Only 10% of respondents, however, thought that technology would be the main source of any profits increase – but that percentage was higher in Asia and Latin America. 

In Asia, more than in any other region, there was a strong focus on the use of social networks within technology investments. More than 32% of Asian respondents said they would focus on this area, over data mining and then phone and tablet banking. It could be that the latter is already advanced in Asia. 

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Source: Euromoney Research Group

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Source: Euromoney Research Group