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The Future of Swiss Private Banking

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In den letzten Jahren sind die Schweizer Privatbanken durch zusätzliche grenzüberschreitende Bestimmungen und steuerliche Forderungen aus dem Ausland weiter unter Druck geraten. Die Entwicklung zeigt, dass transnationale Regulierung für exportorientierte Privatbanken eine Tatsache geworden ist. Die diesjährige Privatbankenstudie von KPMG und der Universität St. Gallen (HSG) zeigt, dass die Branche trotz oder gerade wegen dieser Regulierung auch in Zukunft erfolgreich sein kann.

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The Future of Swiss Private Banking

  1. 1. The Future of Swiss Private Banking Turning regulation into value Media Conference 16 April 2015
  2. 2. 1© 2015 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks. Agenda 10:00 Welcome Andreas Hammer Head of Corporate Communications, KPMG Switzerland 10:05 Introduction Philipp Rickert Head of Financial Services and Member of the Executive Committee, KPMG Switzerland Study Results Prof. Dr. Dr. Tomi Laamanen Chair of Strategic Management, Institute of Management, University St.Gallen (HSG) Hans Stamm Audit Financial Services, KPMG Switzerland Key messages Philipp Rickert Head of Financial Services and Member of the Executive Committee, KPMG Switzerland 11:30 Lunch
  3. 3. Introduction Philipp Rickert Head of Financial Services and Member of the Executive Committee, KPMG Switzerland
  4. 4. 3© 2015 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks. KPMG Private Banking Thought Leadership over the past 5 years… 2009 2010 2012 2013 2014 2015 Private Banking Report (Performance) Private Banking Survey (Future)
  5. 5. 4© 2015 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks. «Transnational regulation ensures an international level playing field and restore the industry’s reputation.» Wealth of transnational regulation
  6. 6. Presentation study results Philipp Rickert Head of Financial Services, KPMG Switzerland Prof. Dr. Dr. Tomi Laamanen Chair of Strategic Management, Institute of Management, Universität St. Gallen (HSG) Hans Stamm Audit Financial Services, KPMG Switzerland
  7. 7. Restoring trust and securing Swiss banking preeminence
  8. 8. 7© 2015 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks. Transnational regulation enhances the competitiveness of Swiss banks  Adopt a united voice and shape a common agenda between Swiss authorities, FINMA, and the banking industry  Participate proactively in creating transnational regulation  Ensure reciprocity of market access  Ensure strict supervision and controls when introducing transnational regulation to secure an international level playing field
  9. 9. 8© 2015 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks. Regulation is necessary to protect client assets and restore trust  Regulation must protect the trusted relationship between banks and their clients  Regulation is seen to provide transparency and help clients decide on product and services  Regulation is not considered to improve clients’ satisfaction
  10. 10. 9© 2015 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks. An appropriate and principle based regulatory approach is necessary  Principle based approach for implementation: − regulators decide what should be regulated − banks decide how it should be implemented  Ensure early and proactive involvement of banks with authorities to create / adopt meaningful regulations
  11. 11. Banks’ strategy and business models
  12. 12. 11© 2015 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks. Rethink your business model to realize efficiencies and pursue growth. Regulation requires to sharpen the strategic positioning  Cantonal banks (CB): higher industrialization enabled by retail banking operations  Pure private banks: − Pure differentiation strategy (PB1) − Client based differentiation & technological differentiation (PB2)  Global private banks (GPB): combine operating scale, technology and differentiation
  13. 13. 12© 2015 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks. Smaller banks will increasingly become niche players  Minimum size of a bank will increase due to regulation  Focus activities on core markets also for larger banks  Consider collaborations and outsourcing of non-core activities
  14. 14. Operational Excellence
  15. 15. 14© 2015 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks. Digitalizing operations leads to increased efficiency  Client expect private banks to provide the same level of digital technologies as retail banks  Assess the advantages of being a first mover vs. taking time to see what technologies are successful  Consider joining forces with technology providers to co-create solutions
  16. 16. 15© 2015 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks. Big Data is needed to be compliant  Collect structured data to enhance the effectiveness of clients targeting  Provide better-tailored offerings to clients thanks to additional data  Bring expert from another industry to improve segmentation, use and analysis of client data
  17. 17. 16© 2015 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks. BoD and Management have a crucial role in implementing regulation  Define at BoD level the implementation strategy and principles  Consider the skill sets and expertise needed by the BoD to supervise regulation implementation and sustainable compliance  Help Relationship Manager understand and comply with regulation
  18. 18. Improved Customer Relationship Management
  19. 19. 18© 2015 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks. Communication is becoming more frequent and intensive  Ask clients how they want to communicate and build specific clusters (face to face and/or electronic)  Provide RM with electronic devices such as tablets to enable simulate portfolio’s outcomes  Develop usage of social media channels for general information purposes
  20. 20. 19© 2015 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks. Relationship Manager role and profile is changing fundamentally  Make the RM the client’s «mini family officer» and sparring partner  Free up RM time to spend more time with clients and on service quality and delegate work to specialists  Ensure RM incentivization is in line with the bank’s strategy and culture
  21. 21. Key messages Philipp Rickert Head of Financial Services and Member of the Executive Committee, KPMG Switzerland
  22. 22. 21© 2015 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks. Key messages Transnational regulation is crucial to the banks’ survival. Appropriate and principle based regulatory approach is crucial. Regulation should be implemented promptly, focusing on added client value. Business models have to be rethought in order to realize efficiencies and pursue growth. Technology has to be used for effective operationalization. Relationship Management approach and client communication have to be evolved. 1 2 3 4 5 6
  23. 23. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. © 2015 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks.

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