BEST PRIVATE BANK – TECH DISRUPTION
The hype surrounding the rise of fintechs reached fever pitch in 2016 and private banks responded by putting in place strategies to harness disruptive technologies. However, few institutions in Asia have shown that they are capable of producing solutions that are both innovative and relevant to private banking.
UBS Wealth Management is a rare exception. With a dedicated fintech innovation lab in Singapore that is populated with forward-looking tech specialists and thought leaders, the Swiss bank today sits at the cutting edge of innovation, with an enviable record of developing, trialling and rolling out solutions that advance private banking.
In 2016, UBS teamed up with academics, fintech startups and its own clients to create a number of solutions, including a virtual assistant tool and a statement consolidation platform – innovations that are conspicuously absent in the market. And it is currently working with 20 external fintech startups on areas as diverse as client experience, engagement and big data. UBS is also developing client acquisition and electronic signature solutions and piloting a series of programmes that use artificial intelligence to help clients with their investment decisions.
The depth of UBS Wealth Management’s commitment to innovation is well-exemplified by its early investment into automated advisory technology and the development of UBS Advice.
“This award is testament to how UBS is leveraging disruptive technology to maintain our leadership position in Asia,” says Ketan Samani, chief digital officer, UBS Wealth Management APAC. “UBS EVOLVE lab and its startup partners create a virtuous cycle that ultimately increases bank-wide productivity which impacts client experience positively. This allows UBS to stay ahead of the curve.”
“We invested in innovation to leverage the opportunities from emerging technologies. This success is based on our founding partnership between UBS EVOLVE and MAS as well as the startups in the thriving Singapore ecosystem,” said Geoffroy de Ridder, managing director and operating head, UBS Wealth Management Asia Pacific. “UBS’ strong client focus drives us to deliver best-in-class solutions, and that’s what we’ll continue to do. I am immensely proud of this award.”
UBS is Asian Private Banker’s deserved winner for Best Private Bank – Tech Disruption in 2016.