As private banks in Asia continue to invest in technology, Asian Private Banker reviews the milestones that the industry has reached in the 2019 update of AppMap — the most comprehensive round-up of front-office and client applications deployed by the region’s wealth managers. Significant updates and tweaks in the last 12 months include reducing the friction of client-RM communications, upgrading personalisation, and enhancing digital investment propositions.
Learning to talk
In order to establish communication audit trails, private banks have enhanced their in-app instant messaging features to be as seamless as possible, aiming to match the convenience of popular third-party messaging apps such as WhatsApp and WeChat. While some private banks have added the option for voice and video calls, in the case of Bank of Singapore and Credit Suisse, more advanced functions like file and screen sharing, respectively, are offered so RMs and clients can review identical information during their discussions.
Still, Asian HNWIs’ affinity for WhatsApp and WeChat is hard to curtail and communications with RMs often remain on these channels. While institutions like Deutsche Bank Wealth Management have opted for internally developed instant messaging, the likes of DBS and Credit Suisse have added compliance layers to third-party apps so all communication history can be recorded in — and retrieved from — the banks’ servers for audit purposes.
To each their own
To deliver unique client experiences, private banks have added more personalisation features to their apps. To customise content, DBS’s iWealth curates research articles based on a client’s portfolio holdings while Credit Suisse, via the CS Invest platform, generates ideas based on clients’ pre-selected interests.
A number of banks also allow clients to modify notification settings so that alerts are sent when a particular investment of choice is priced above or under a certain threshold. On usability, UBS has designed a customisable interface which allows users to pick which charts and news to display on their landing page.
Investing by fingertip
Pending regulatory approvals, private banks have, slowly but surely, been adding trading capabilities to their apps in a bid to increase transactional and, in some cases, recurring revenue. Currently in their infancy, apps with trading execution functions mostly have vanilla asset classes on offer but some (UBS, Vontobel, and VP Bank) have made select structured products available.
In the case of DBS and its recently launched digiPortfolio, robo-advisory and discretionary portfolio management have simultaneously made their way into apps, with the robo-advisory component of the solution democratising DPM investing.
| Private bank & app | Features |
|---|---|
| Bank of Singapore Bank of Singapore digital services Target users: Clients Available for users in: HK & SG | Login features - Touch ID (fingerprint) - Face ID (facial recognition by Apple) - 2FA via OTP Portfolio information - Portfolio overview; breakdown by asset class, instrument, sector, geographical distribution (Portfolio 360) - Updated at periodic intervals in a day - Rates updated at start of business day Instant messaging Yes; includes multi-party video calling and file sharing Research & content Research published by the CIO team and Morningstar within past 12 months; updated intra-day Reporting - Monthly statements - Contract notes - Important notices - General updates |
| Bank of Singapore Bank of Singapore RM Navigator app Target users: RMs Available for users in: HK & SG | Portfolio information - Portfolio overview; breakdown by asset class, instrument, sector, geographical distribution (Portfolio 360) - Updated at periodic intervals in a day - Rates updated at start of business day Instant messaging Yes; includes multi-party video calling and file sharing Research & content Research published by the CIO team and Morningstar within past 12 months; updated intra-day Reporting - Monthly statements - Contract notes - Important notices - General updates |
| BNP Paribas WM Voice of Wealth Target users: Clients | Research & content Content library for investments, insights on financial markets, market trends, reports, and research |
| BNP Paribas WM myWealth Target users: Clients Available for users in: HK & SG | Login features - Touch ID (fingerprint) - Face ID (facial recognition by Apple) - 2FA via OTP Portfolio information - Portfolio overview; breakdown by asset class and currency distribution Transaction execution Trades available on Australia, Hong Kong, Japan, and Singapore exchanges Instant messaging Yes Research & content Equity research publications, news by Thomson Reuters, daily market commentary, and news curated to clients' portfolios Reporting - Pre-generated monthly statements by month or customised date range |
| BNP Paribas WM The Leaders' Connection Target users: Clients | Other Private networking application for BNP WM investors to: - Contact each other - View sell-side mandates from the bank - Share and discuss investment ideas on co-investments |
| Citi PB Citi Private Bank In View Target users: Clients Available for users in: HK & SG | Login features - Touch ID (fingerprint) - Face ID (facial recognition by Apple) Portfolio information - Portfolio overview; breakdown by region, asset class, and currency distribution Instant messaging Yes Research & content Reports, description of products and services Reporting - Statements, confirmations and tax information which are sharable with relationship team |
| Credit Suisse PB Credit Suisse PB APAC App Target users: Clients Available for users in: HK, SG & AU | Login features - Touch ID (fingerprint) - Face ID (facial recognition by Apple) - 2FA via digital token Portfolio information - Portfolio overview; breakdown by asset class and currency distribution - Positions viewer; compare performance against benchmarks - Personalised watchlist to track multiple assets and notifications on FX and equity trade activity - For CS Invest clients: CS Invest portfolio summary page, customised investment ideas (within last 30 days), notifications for portfolio development Transaction execution Securities on major global exchanges, FX spot and forward trades Instant messaging Yes; includes video calls, audio calls, and screen sharing capability Research & content Proprietary investment strategy and research publications Reporting - Bank statements, correspondence and advices within past 12 months - Document sharing function |
| DBS PB RM Mobility Target users: RMs Available for users in: SG | Portfolio information - Portfolio overview; breakdown by geography, sector, asset class and currency distribution - Portfolio analysis; breakdown by credit portfolio, transaction history, retail holdings, account information, outstanding call reports, and notifications Transaction execution Funds – purchase and redemption Research & content Proprietary research and insights Reporting - Research, documentation and meeting details - Shareable with clients Other - Available on iPad instead of mobile - Other features: calendar, conversation planner, client 360 - Prepare and deliver customer presentations - Consult and capture call reports |
| DBS PB DBS iWealth Target users: Clients Available for users in: HK & SG | Login features - Touch ID (fingerprint) - Face ID (facial recognition by Apple) - 2FA via digital token & OTP Portfolio information - Portfolio overview; breakdown by geography, sector, asset class and currency distribution - Portfolio analysis and transaction history for past 12 months - Access to retail accounts Transaction execution Equities in 7 markets, funds, FX, fixed deposit, online leveraging and banking transactions Instant messaging Yes; via DBS Wealth Chat on WhatsApp Research & content Proprietary research and insights, personalised research articles related to client’s portfolio holding, CIO equity insights and relayed research, insights on select DBS focus funds tailored to the customer’s risk appetite Reporting - Bank eStatements - Wealth eAdvices - Portfolio-related price alert notifications for equity, FX, funds, and fixed income |
| Deutsche Bank WM Deutsche Wealth Online APAC Target users: Clients Available for users in: HK & SG | Login features - Touch ID (fingerprint) - 2FA via mobile digital token Portfolio information - Portfolio summary overview; breakdown by asset class and currency, performance charting, P&L view - Portfolio consolidation to view aggregated portfolio Research & content CIO insights and select publications Reporting - Monthly and daily statements - Advices and correspondence |
| Deutsche Bank WM Deutsche Bank WM Spotlight Target users: RMs | Research & content Market news and updates across all asset classes |
| Deutsche Bank WM ECQ Pricer Target users: RMs | Other - Price discovery app - 'On-the-go' equity structured product solutions and live pricing |
| Goldman Sachs PWM Goldman Sachs Private Wealth Target users: Clients Available for users in: HK & SG | Login features 2FA via OTP Portfolio information - Portfolio overview; breakdown by asset class, positions, and recent transactions Research & content Proprietary research, insights and strategies, market news and data |
| HSBC PB HSBC Private Bank Mobile Target users: Clients Available for users in: HK & SG | Login features 2FA via OTP Portfolio information - Portfolio overview; breakdown by asset class - Account balance as of previous business day |
| Indosuez WM Indosuez Insights Target users: Clients | Research & content Daily news, proprietary economic and financial research |
| Julius Baer JB Investment Insights Target users: Clients | Research & content Proprietary research, CIO and investment content via articles or videos |
| Pictet WM Wealth Target users: Clients Available for users in: HK & SG | Portfolio information - Portfolio overview; breakdown by valuation, performance and asset allocation - Includes market and currency effects on each security Instant messaging Yes Research & content Proprietary publications, research and videos, macroeconomic news, market data and charts for each position Reporting - Account statements - Correspondence with RM |
| Standard Chartered PB Portfolio View & Messaging Target users: Clients & RMs Available for users in: HK & SG | Login features - Touch ID (fingerprint) - Face ID (facial recognition by Apple) - 2FA via OTP Portfolio information - Portfolio overview; breakdown by asset class - Currency rates valued daily at start of business day via Thomson Reuters Instant messaging Yes Research & content Yes Reporting - Account statements - Advices |
| UBS GWM UBS Mobile Banking Target users: Clients Available for users in: HK & SG | Login features - Touch ID (fingerprint) - 2FA via authentication app 'UBS Access' Portfolio information - Portfolio overview; breakdown by asset class and currency distribution - Updated and screened for daily health Transaction execution Equities, funds and select structured products Instant messaging Yes Research & content Proprietary publications, CIO views and research, market and trade news Reporting - Account statements - Advices and correspondence |
| Vontobel WM Vontobel Wealth Target users: Clients Available to: Asia clients who are booked in Vontobel's Swiss booking center | Login features Touch ID (fingerprint) Portfolio information - Portfolio overview; breakdown by asset class and currency distribution Transaction execution Equities, bonds, select funds and structured products Instant messaging Yes Research & content Investment topics, news and publications Reporting - Account statements - Investment proposals - Wealth statements |
| VP Bank VP Bank e-banking mobile App Target users: Clients Available for users in: SG | Login features - Touch ID (fingerprint) - Face ID (facial recognition by Apple) - 2FA via OTP Portfolio information - Portfolio overview; breakdown by asset class, sector, and currency distribution Transaction execution Payments, equities, bonds, select funds and select structured products Instant messaging Yes Reporting - Account statements - e-Post documents |