As regulation, technology disruption and client empowerment continue to drive transformation of global private banks’ operating models, Credit Suisse Private Banking has proven to be agile, mobile and relevant in its approach. It is little wonder then that it has taken the award for Best Private Bank – Digital Innovations.
In March 2015, the Swiss lender rolled out its digital private banking initiative, including a digital private banking app for mobile phones and tablet devices that allows clients to oversee portfolio valuations and performances, curate a watchlist to help monitor their selected investment, and access market information sourced by Credit Suisse and third-party providers. It also lets clients trade securities including equities, ETFs, and REITs and spot foreign exchange – a concept still generally novel to private banks in the region, even if the pace of such developments is rising exponentially.
Clients and staff have embraced the new tools, particularly valuing the part technology can play in leading to a richer and more productive dialogue between the client and his or her Credit Suisse team, better decisions for the client and a stronger service relationship between the client and the bank.
The core strategic commitment to digital banking is backed by an “innovation hub” in Singapore, where Credit Suisse houses around 200 in-house and external vendors focused on digitalised solutions.
What also sets this bank apart is its ability to effectively combat rising integration, implementation and compliance costs with the use of technology solutions from both internal and external sources. Gone are the days when private banks rely on their own legacy systems and Credit Suisse Private Banking’s early recognition of this delicate balance between buying and building technology solutions has enabled it to stay one step ahead of the competition.
Credit Suisse Private Banking clearly set out a roadmap in 2015 for its technological investments, creating a multi-channel platform that allows the bank to push the boundaries of innovation in how insight is delivered to clients, empowering the client to act, and enriching the dialogue with clients, while remaining user-friendly and personalised. In other words, it has proven itself to be the deserving winner of the 2015 award for Best Private Bank – Digital Innovations.