Andreas Zingg, chief operating officer Asia Pacific, Bank Julius Baer shares his views with Asian Private Banker in ‘The Final Word’, a year in review by the region’s private banking leaders as they share their thoughts and opinions on key issues around industry trends, business performance, investments, regulations, and technology.
Technology | Where do you see the best application of data analytics/machine learning in private banking?
We view data analytics and machine learning as one of the primary drivers of digital transformation in private banking. Therefore, we have launched a global programme with the goal to establish data & analytics as a core capability of Bank Julius Baer, enabled by a global data platform and a data science workbench.
This will enable data-driven insights for decision making on client service, product offering, content sharing and operational processing — thereby providing a more personalised client experience, while creating efficiencies and reducing risks.
The initial focus areas for our Bank are on creating more personalised insights & recommendations for clients, on mitigating risks during client onboarding and lifecycle management, and on analysing clients’ digital user journey and trading behaviour.
Technology | How is your bank optimising the utility of the relevant digital tools to prepare frontline staff for client engagement in a post-pandemic environment?
In light of COVID-19, Bank Julius Baer globally has accelerated its investments in digital capabilities, such as remote working infrastructure, video call capabilities, enhanced eBanking features, digital signature, going paperless where possible, chat applications for our clients, and more.
Many of these capabilities have been launched in Asia, with others to follow in the coming months. Adoption of such enhanced digital capabilities by our front office and clients has been rather seamless, with certain capabilities achieving the same adoption levels within weeks which in the past would have taken months. COVID-19 has proven the last sceptic that digital tools are of strategic importance, also in private banking, as they are an integral part of providing personalised client service by our relationship managers, while at the same time creating efficiencies for the front and back office teams.
Meet 2020’s industry leaders in the full round up of of Asian Private Banker‘s The Final Word 2020.