Andreas Zingg, chief operating officer Asia, 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 | If we can agree that effective private banking relies on banks having a deep understanding of client needs and behaviours, how are you leveraging tech and data to deepen this understanding?
Client behaviour is changing rapidly in today’s world where mobile devices and technological advances are playing an increasingly important role in our daily lives. Clients today expect products and services to be fully tailored to their needs, and anything irrelevant and complicated is perceived as an impairment of the customer experience. We are continuously deepening our understanding of clients (360-degree view of the customer across touchpoints) through the adoption of big data and analytics to deliver personalised, proactive, and prescriptive interaction. We envisage using our digital channels as an option to receive client feedback, keeping in mind that clients tend to avoid providing direct feedback to their personal advisors. Client feedback represents a wide array of client opinions, objectives, and expectations, which can be converted into actionable items and new or enhanced products and services.
Moving beyond traditional personalisation techniques through advanced technologies such as machine learning, our aim is to provide clients with a “hyper-personalised” experience via desired channels and at a time that is most convenient for them. To enable this, we are meaningfully investing in technology to create digital products, services and tools to equip our advisors so they can be the most ‘pure and pioneering wealth managers’.
Meet 2019’s industry leaders in the full round up of of Asian Private Banker‘s The Final Word 2019.