Reflecting on 2024, what were your bank’s major milestones from an operational perspective and how did you achieve them? Conversely, what were the setbacks and challenges encountered along the way, and what measures were taken to surmount
them?

2024 has been a standout year for business transformation and innovation, with multiple projects pushing boundaries and delivering exceptional results. Globally, the bank has accumulated an impressive number of success stories, and in Asia several milestones stand out.

Previously available in Switzerland and Luxembourg, our e-signature service is now accessible to clients across Asia directly through e-banking platforms. This digital solution simplifies how clients review and sign agreements, offering a more convenient and efficient experience. Importantly, it delivers substantial time savings in account management, alongside notable improvements in operational speed due to the elimination of manual steps and enhanced straight-through processing.

We have simplified the processes of digital client notifications for distribution of fund documents and long forms. Clients can now update their delivery preferences and receive notifications either via email or e-banking. This is the foundation for the launch of further functionalities in 2025, i.e. the launch of digital corporate actions notifications.

We successfully scaled our AI powered voice-to-text transcription service across the Asia team, enhancing efficiency and accessibility. Additionally, our prospect research tool and digital third-party risk assessment platforms have further reinforced our secure and efficient service model.

A key breakthrough came in October when Julius Baer became the first private bank to fully integrate the Sophisticated Professional Investors (SPI) framework in Hong Kong with system support and technical enhancements. This streamlined approach has significantly reduced pre-trade disclosures, allowed faster transactions and freed the front office to focus on high-value advisory rather than routine alerts.

While these innovations demonstrate our focus on efficiency and client experience, challenges remain. Scaling new technologies, ensuring seamless system integrations, and maintaining regulatory compliance are ongoing priorities. However, through agility, collaboration, and a firm commitment to excellence, we continue to turn challenges into opportunities for growth.

Given the increasing sophistication of digital channels and other client-facing innovations, how do you maintain an equilibrium between high-touch client services and cutting edge technologies?

The rapid adoption of technology in recent years — ranging from artificial intelligence to digital banking — has transformed how clients interact with their private banks. Today, digital engagement is the norm, particularly as we cater to a new generation of tech-savvy clients who seek personalised, data-driven wealth management solutions.

Future investments will span the entire value chain, from enhancing digital channels for clients, to providing our relationship managers with state-of-art tools to advise and serve their clients. Additionally, we are expanding technology partnerships to foster innovation through open architecture solutions.

However, while technology enhances efficiency, private banking remains a people-focused business. The key is seamless integration: using digital tools to empower relationship managers rather than replace human interactions. Our approach ensures that high-tech solutions complement, rather than compromise, the high-touch, personalised service that defines the Julius Baer brand.

Artificial intelligence (AI) has both promises and challenges for the private banking industry. What are some of the AI use cases in your bank over the past year? How has AI been helping the bank to improve operational efficiency? What are some of the pain points banks need to overcome in AI implementation? What’s your plan for AI adaptations in 2025?

At Julius Baer, we have embraced artificial intelligence by introducing a dedicated AI platform, specifically designed to harness the transformative potential of large language models. In Asia, this commitment has already led to tangible innovation: we have successfully implemented an AI-powered multi language voice-to-text transcription service within our CRO Asia teams. Leading our global innovation strategy from Asia, we are focused on maintaining our edge by swiftly adapting to technological advancements reshaping private banking.

Given AI’s rapidly growing influence across numerous sectors, our goal is clear: harness AI technology to deliver measurable improvements in operational efficiency and client service. Over the past year, we’ve extensively experimented with AI agents, developing a practical blueprint to integrate these advanced capabilities across various banking scenarios. One particularly impactful achievement has been our proprietary AI-Agent Narrative Generation Engine, which dramatically accelerates client portfolio reviews. The prototype, which was developed in ten weeks, earned us the Google AI Trailblazers Innovation Award in 2024 — a testament to our leadership in AI-driven wealth management.

The operational benefits of AI are unmistakable, from automating routine tasks to enhancing risk analysis and detecting fraud. Yet, adopting AI at scale also presents challenges, particularly concerning data governance, regulatory compliance, and sustaining client trust in algorithmic recommendations. To address these complexities, Julius Baer established a Global Responsible AI Council to provide oversight, ensuring ethical standards and accountability. Our philosophy is clear: AI tools must always have human oversight, keeping accountability firmly with people rather than algorithms.

Looking ahead to 2025, we will deepen our commitment by expanding AI across additional business functions, enhancing predictive analytics to provide richer client insights, and integrating sophisticated AI capabilities into front-office advisory tools. We will continue our exploration of specialised small language models, unlocking new, embedded AI opportunities throughout the bank. Ultimately, the future of wealth management will depend on achieving the perfect balance between AI-powered automation and human expertise.

The pandemic popularised work-from-home (WFH) policies and saw a rise in demand for flexible working arrangements. As we transition into a post-pandemic era, what are your bank’s policies in the areas of WFH, flexible work and parental leave? How has WFH impacted the bank’s operating costs, including the need for office space? Are flexible working arrangements and WFH here to stay for the long term?

The ability to offer employees a flexible working model has become a key differentiator for companies, and we recognise that providing flexibility enhances both productivity and employee well-being.

We are committed to fostering work-life balance, enabling employees to manage their professional and personal responsibilities in ways that suit them best. Our policies include flexible work arrangements, part-time roles, and partial retirement options. Additionally, we offer generous parental leave and family care leave to support employees in managing family commitments.

Flexible working is also a key enabler of our diversity and inclusion efforts. By allowing employees to structure their work in ways that suit their needs, we not only improve engagement and motivation but also maximise value for our clients.

While WFH has led to some adjustments in office space requirements, our priority remains on creating an environment that supports both in-person collaboration and remote work efficiency. We believe that when employees feel supported at home, they can focus better at work — ultimately driving a culture of high performance and excellence.

As client expectations and workforce dynamics continue to evolve, flexible working arrangements are here to stay, and we will continue to adapt to meet the changing needs of both our clients and employees.