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Chappuis Halder & Cie 
Digital in Private Banking 
3rd of April, 2014 
Daniel Corrales dcorrales@chappuishalder.com 
Patrick Bucquet pbucquet@chappuishalder.com 
Stéphane Eyraud seyraud@chappuishalder.com
Introduction 
2 
"The next big thing is digitalisation” 
There are more wealthy people on Facebook, Google+, and other networks than anywhere, and what if they begin getting investment advice through those channels? 
-- Jürg Zeltner 
CEO, UBS Weatlh Management 
September 16th 2013
Agenda 
Paradigm shifts driven by the introduction of digital strategies 
Leads to explore in Digital Private Banking 
Our value proposition 
3
The Banking industry is going through major changes, and banks are more and more challenged by new entrants 
4 
Data is the real value, not commission 
… 
Next Gen 
Banking 
Banking is a service, product- agnostic 
Regulation is no longer a barrier 
UX is key to provide a service focusing on one use, bank-agnostic 
Governance bodies favor financial inclusion, easing new entrants into the industry 
There is a strong pressure on commissions, banking business is now about customer data use 
800 million users 
(e-commerce) 
8,5 million users, 40% of Kenyan adults 
1% of Whole Foods transactions after 1 month (US)
Alibaba is now one of the biggest financial service providers in the world, and is ready to launch a real bank 
300 million users of Alipay (online payment) – 80 million transactions par day 
190 million users of Alipay Wallet 
Yu’e Bao is the biggest funds (125 million customers, $90 Mds AUM) 
Zhao Cai Bao finances SME, based on a P2P model 
Chinese banking regulator allowed Alibaba to launch MYBank, a privately owned bank 
5
Customers are now surrounded by new technologies and new devices transforming the way to interact with each others 
6 
Devices 
Social media 
Platforms
The web has now changed to become the “web of users”, users are much more trusting their peers than the brands 
7 
The wealthy tend to be part of connected digital communities who share their ideas and opinions 
2/3 of users are trusting their peers, 1/6 are trusting the brands
I want to be able to send feedback to my bank so it can improve my service 
I am expecting personal interactions with representatives and a customized interface 
I want my bank to be able to fit to my specific banking usage (personalized offers, “pay as you bank”, personal savings & budget management) 
I want to get access to my personal information and my banking services whenever I want and wherever I am (multi- devices), with a real time update 
I need to understand my bank to make my life simpler 
I need a simplified interface that fits to the device I use 
I want my bank to be present in my day to day online social environment 
I want to benefit from my social network(expertise, recommendation, etc.) 
I want to share banking services with my community 
Digital Era 
Digital UX 
The digitalization of day-to-day life brings customer’s new expectations, which are much more user experience oriented than service based 
Loyal 
Smart 
Co- construction 
Always on 
Personal 
Simple & design 
Social 
Gamification 
I want my bank to give me the tools to take my own decisions based on my analysis 
I want to get access to the best expertise from my bank when needed 
I want to get concrete benefits of my relationship with my bank (coupons, promotions, gift, etc.) 
I want to use existing or new services with fun 
8 
Different aspects of best-in-class attributes in digital banking
Agenda 
Paradigm shifts driven by the introduction of digital strategies - examples 
Leads to explore in Digital Private Banking 
Our value proposition 
9
Rational: 
>Being first-mover to create a competitive advantage 
>Being different from competitors 
>Start local then move to other market 
New technologies open up incredible opportunity to build a new business model in private banking 
10 
1 
Private Banking 
New generation 
Basic digital offer 
2 
3 
Improved digital offer 
New Business Model 
>Standard offer 
>e-banking, online presence 
>Different web and mobile offer 
>Focus on smartphone use 
>M-banking 
>Big Data: analytics clients and prospects 
>Costumed digital offers 
>Introduce now products and innovating services 
>Refocus on UX (User eXperience): useful, intuitive, fun and easy 
Split zone: 
>New technologies reach mass market 
>New digital standards, coming from other sectors, are deeply changing private banking and customer experience 
>Banks are not anymore the only providers of banking services (P2P lending, etc.) 
>Banks propose other services than banking services 
Traditional banking services 
Today’s challenge is to reinforce market position, be a first-mover and capture new markets
Level 1 : Product-Centric 
Level 2: Service-Centric 
Level 3 : Client-Centric 
Online client servicing includes advices and support to financial planning 
Sales team can rely on efficient tools (on tablet, etc.) 
Personalized offers are pushed to the client (direct marketing) using all client’s data available (big data) 
RM could be contacted by different means (IM, video, etc.) 
Online client servicing is mainly focusing on reporting 
Client have real time access (market data, alerts) 
Pricers and simulators are available online and can be used by the client on his own 
E-workflow / paperless processes 
General information pushed to clients 
Marketing documentation available onsite 
- Digital Maturity of the Bank + 
- Value Added Services + 
11 
Trading platform is a Client tailor-made tool 
Banks transferred services online (e-PB) 
Client & Bank relations are integrated 
The digitalization of Private Banking is on-going, moving from a product-centric approach to a client-centric approach, but without any major ruptures
Becoming Client-Centric is the final objective, but previous phases are mandatory to deploy Enablers 
12 
Client Centricity must be limited to increase the number of touch points… 
… Which means changes to be deployed on the different layers of the organization 
Provide tools to RM to be able to face the customers with the same tools they have at home Review the role of the RM 
Review IT to support e- processes, e-offer and e- customers 
Design specific offer for digital channels, and do not add a channel for the same offers 
CRM 
IT 
Offer 
Adapt Front-to-Back processes to manage digital channels 
Process
Technology is now a “brain-amplifier”, providing users with many 
analytic tools, actually intermediating the banks 
13 
The wealthy are more technology enabled than ever before
There is an ongoing polarization in Private Banking, and Digital could increase market segmentation 
14 
HNWI segment is declining in favor of Mass Affluent and UHNWI… 
… and Digital just adds another risk 
UHNWI 
Mass Affluent 
FAMILY OFFICE 
HNWI 
≈13 MILLION CLIENTS 
$30 MILLION 
$1 M – $5 M 
≈344 MILLION CLIENTS 
≈167 000 CLIENTS 
$0.5 M – $1 M 
RETAIL BANKS 
Digitalization along with an always more bounding regulation makes private banks less attractive to UHNWI. They will seek more customization by joining family offices 
92% of HNWI considering internet and digital technology to be a major source of ongoing wealth generation and planning to increase their usage 
With Digitalization “mass affluent” will not be willing to pay extra fees for services they can perform themself online. At the same time retail banks improve and customize their services to attract “mass affluent clients” 
The “HNWI” market will get smaller and competition will increase and become always more international 
Source: Horizons bancaires, 2009
15 
Digital enablers are now an opportunity for Private Banks not only to Improve but also to Innovate 
Operational efficiency (e-process to reduce cost) 
Anti-Fraud 
Addressable market 
UX segmentation 
New business model 
Improve 
Innovate
16 
Digital enablers could support Improvement (operational efficiency) 
Improve authentication 
Simplify data collection (KYC) 
Second factor authentication + Voice recognition + Behaviometrics (behavioral biometrics) monitoring 
Collect data electronically every year, avoid to send paper to customers to streamline client profile update 
Source: Behaviosec 
Source: Jumio
Digital enablers could support Innovation 
17 
Address new markets 
Propose different UX 
Develop new business model 
Become a trusted market place, connecting people and service providers 
Enlarge addressable markets thank to new digital channels: target mass affluent segment / liaise with future HNWI 
Adapt services to expectations, get ready for Young HNWI expectations
Private Banking business model is changing, pushed by new entrants 
18 
+ PRODUCTS 
+ SERVICES 
+ PEERS 
+ CONTENT 
Inspiring concept in Private Banking 
A financial community helping people / corporate to get funded 
A social network, where users can follow best practices / advice from others 
An aggregation of data assessed based on quality and relevant to user’s objectives 
CUSTOMER 
A new approach to help people to achieve their financial needs, with an understandable approach, step-by-step
Becoming A PLACE TO BE, Private Banks could increase trust and security and provide A TRUSTED PLACE, built on 5 main blocks 
19 
Private Banking = “Trusted Finance Amplifier” 
(much more than mere finance) 
Protection 
Empowerment 
Guiding & Education 
Social 
Intimacy
Using the UX as a corner stone, CH&Cie already identified potential innovations for Private Banking 
20 
Reporting 
Alerts 
Aggregators 
Financial Goals / Simulators 
P2P comparison 
Nudge Marketing / “levels” to guide and educate users 
Automate 
Improve 
Innovate 
Protection 
Empowerment 
Guiding & Education 
Loyalty / Rewards 
Social 
Intimacy 
Direct contact with RM on any medias 
Information collection and analysis on customers 
Services for entrepreneur “CFO in a pocket” 
E-Trading 
Access to experts and reports 
Ranking of external advisors 
Market trends 
Consolidation of reports / data etc. 
Alerts on market changes 
E-Vault 
Stronger authentication 
E-Reputation management 
Validation of comments and sharing between users 
Concierge 
Specific discounts based on customer habits 
Partnership with top players : UBER, AirBnB for villas, etc. 
Access to expertise online 
Crowdfunding 
Currency transfer between customers 
P2P advisory 
Collective intelligence
To benefit from the digital opportunities, Private Banks must change their way of working 
Leverage on technology enablers to keep ahead of the game 
21 
Borrow ideas across the world to trigger innovation 
"The next big thing is digitalisation: there are more wealthy people on Facebook, Google+, and other networks than anywhere, and what if they begin getting investment advice through those channels." 
-- Jürg Zeltner 
Focus on uses, get into the life of the users 
Don’t think only about Finance, user’s life is much bigger!
Agenda 
Paradigm shifts driven by the introduction of digital strategies – examples 
Leads to explore in Digital Private Banking 
Our value proposition 
22
Framework for digital strategy thinking 
Wealth presentation 
Advisory 
Smart push 
Investments and financial services 
Customized offer 
Security and data protection 
Full availability 
Social Networks 
4 
5 
6 
7 
8 
9 
Transaction services 
1 
2 
3 
A comprehensive digital offer has different functional blocks. They are customized to changes according to clients’ needs. Each of the following blocks should be carefully thought to build a consistent and suitable offer. 
*Note: This is a non exhaustive list 
23
Kick-Boost-Launch Approach 
Methodology 
Deliverables 
Define the approach 
Transparency 
Blueprint 
Line up the different players 
Realize Establish a roadmap 
1 
2 
3 
KICK 
BOOST 
LAUNCH 
Objective: 
–Understand the commercial strategy 
–Validate digital as a catalyst 
Workshop/brainstorming for each block with CH&Cie experts 
Bank context 
Expertise 
Market insights 
Objective: 
–Understanding of « best practices » and main features of digital banking 
Stakeholders involved 
Objective: 
–Identify and structure an opportunity to kick of an realize the vision 
–Formalize the roadmap for digital strategy 
Project perimeter: proposed value, components of the offer, customer experience, etc. 
Prerequisite and action plan 
Common vision shared 
Different level of maturity of stakeholders 
Roadmap and key steps – 3 years 
Description of main projects (1 slide per project + budget) 
Define kept operational blocks 
Different storyline with stakeholders in order to share / validate / improve 
Small team 
Top management 
24
Chappuis Halder & Cie is a Financial Services consulting firm, bringing ideas and delivering solutions across the globe 
25 
Chappuis Halder & Cie is a consulting company specializing in Financial Services. We have expanded geographically from our origins in Geneva, now serving clients in all of the major financial centres across the globe. Our main focus is on 4 business areas: Retail & Private Banking, Corporate & Investment Banking, Insurance, and Commodity Trading. CH&Cie expertise is anchored in the deep sector and functional knowledge of our consultants; all of us have a financial services background, and know the sector inside out. Because we do nothing else, and we operate across the globe, we are able to bring a rich seam of best practice ideas and benchmarking data to our clients. 
London 
Hong Kong 
Singapore 
Genève 
New York 
Montreal 
Paris

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CH&Cie Digital in Private Banking

  • 1. Chappuis Halder & Cie Digital in Private Banking 3rd of April, 2014 Daniel Corrales dcorrales@chappuishalder.com Patrick Bucquet pbucquet@chappuishalder.com Stéphane Eyraud seyraud@chappuishalder.com
  • 2. Introduction 2 "The next big thing is digitalisation” There are more wealthy people on Facebook, Google+, and other networks than anywhere, and what if they begin getting investment advice through those channels? -- Jürg Zeltner CEO, UBS Weatlh Management September 16th 2013
  • 3. Agenda Paradigm shifts driven by the introduction of digital strategies Leads to explore in Digital Private Banking Our value proposition 3
  • 4. The Banking industry is going through major changes, and banks are more and more challenged by new entrants 4 Data is the real value, not commission … Next Gen Banking Banking is a service, product- agnostic Regulation is no longer a barrier UX is key to provide a service focusing on one use, bank-agnostic Governance bodies favor financial inclusion, easing new entrants into the industry There is a strong pressure on commissions, banking business is now about customer data use 800 million users (e-commerce) 8,5 million users, 40% of Kenyan adults 1% of Whole Foods transactions after 1 month (US)
  • 5. Alibaba is now one of the biggest financial service providers in the world, and is ready to launch a real bank 300 million users of Alipay (online payment) – 80 million transactions par day 190 million users of Alipay Wallet Yu’e Bao is the biggest funds (125 million customers, $90 Mds AUM) Zhao Cai Bao finances SME, based on a P2P model Chinese banking regulator allowed Alibaba to launch MYBank, a privately owned bank 5
  • 6. Customers are now surrounded by new technologies and new devices transforming the way to interact with each others 6 Devices Social media Platforms
  • 7. The web has now changed to become the “web of users”, users are much more trusting their peers than the brands 7 The wealthy tend to be part of connected digital communities who share their ideas and opinions 2/3 of users are trusting their peers, 1/6 are trusting the brands
  • 8. I want to be able to send feedback to my bank so it can improve my service I am expecting personal interactions with representatives and a customized interface I want my bank to be able to fit to my specific banking usage (personalized offers, “pay as you bank”, personal savings & budget management) I want to get access to my personal information and my banking services whenever I want and wherever I am (multi- devices), with a real time update I need to understand my bank to make my life simpler I need a simplified interface that fits to the device I use I want my bank to be present in my day to day online social environment I want to benefit from my social network(expertise, recommendation, etc.) I want to share banking services with my community Digital Era Digital UX The digitalization of day-to-day life brings customer’s new expectations, which are much more user experience oriented than service based Loyal Smart Co- construction Always on Personal Simple & design Social Gamification I want my bank to give me the tools to take my own decisions based on my analysis I want to get access to the best expertise from my bank when needed I want to get concrete benefits of my relationship with my bank (coupons, promotions, gift, etc.) I want to use existing or new services with fun 8 Different aspects of best-in-class attributes in digital banking
  • 9. Agenda Paradigm shifts driven by the introduction of digital strategies - examples Leads to explore in Digital Private Banking Our value proposition 9
  • 10. Rational: >Being first-mover to create a competitive advantage >Being different from competitors >Start local then move to other market New technologies open up incredible opportunity to build a new business model in private banking 10 1 Private Banking New generation Basic digital offer 2 3 Improved digital offer New Business Model >Standard offer >e-banking, online presence >Different web and mobile offer >Focus on smartphone use >M-banking >Big Data: analytics clients and prospects >Costumed digital offers >Introduce now products and innovating services >Refocus on UX (User eXperience): useful, intuitive, fun and easy Split zone: >New technologies reach mass market >New digital standards, coming from other sectors, are deeply changing private banking and customer experience >Banks are not anymore the only providers of banking services (P2P lending, etc.) >Banks propose other services than banking services Traditional banking services Today’s challenge is to reinforce market position, be a first-mover and capture new markets
  • 11. Level 1 : Product-Centric Level 2: Service-Centric Level 3 : Client-Centric Online client servicing includes advices and support to financial planning Sales team can rely on efficient tools (on tablet, etc.) Personalized offers are pushed to the client (direct marketing) using all client’s data available (big data) RM could be contacted by different means (IM, video, etc.) Online client servicing is mainly focusing on reporting Client have real time access (market data, alerts) Pricers and simulators are available online and can be used by the client on his own E-workflow / paperless processes General information pushed to clients Marketing documentation available onsite - Digital Maturity of the Bank + - Value Added Services + 11 Trading platform is a Client tailor-made tool Banks transferred services online (e-PB) Client & Bank relations are integrated The digitalization of Private Banking is on-going, moving from a product-centric approach to a client-centric approach, but without any major ruptures
  • 12. Becoming Client-Centric is the final objective, but previous phases are mandatory to deploy Enablers 12 Client Centricity must be limited to increase the number of touch points… … Which means changes to be deployed on the different layers of the organization Provide tools to RM to be able to face the customers with the same tools they have at home Review the role of the RM Review IT to support e- processes, e-offer and e- customers Design specific offer for digital channels, and do not add a channel for the same offers CRM IT Offer Adapt Front-to-Back processes to manage digital channels Process
  • 13. Technology is now a “brain-amplifier”, providing users with many analytic tools, actually intermediating the banks 13 The wealthy are more technology enabled than ever before
  • 14. There is an ongoing polarization in Private Banking, and Digital could increase market segmentation 14 HNWI segment is declining in favor of Mass Affluent and UHNWI… … and Digital just adds another risk UHNWI Mass Affluent FAMILY OFFICE HNWI ≈13 MILLION CLIENTS $30 MILLION $1 M – $5 M ≈344 MILLION CLIENTS ≈167 000 CLIENTS $0.5 M – $1 M RETAIL BANKS Digitalization along with an always more bounding regulation makes private banks less attractive to UHNWI. They will seek more customization by joining family offices 92% of HNWI considering internet and digital technology to be a major source of ongoing wealth generation and planning to increase their usage With Digitalization “mass affluent” will not be willing to pay extra fees for services they can perform themself online. At the same time retail banks improve and customize their services to attract “mass affluent clients” The “HNWI” market will get smaller and competition will increase and become always more international Source: Horizons bancaires, 2009
  • 15. 15 Digital enablers are now an opportunity for Private Banks not only to Improve but also to Innovate Operational efficiency (e-process to reduce cost) Anti-Fraud Addressable market UX segmentation New business model Improve Innovate
  • 16. 16 Digital enablers could support Improvement (operational efficiency) Improve authentication Simplify data collection (KYC) Second factor authentication + Voice recognition + Behaviometrics (behavioral biometrics) monitoring Collect data electronically every year, avoid to send paper to customers to streamline client profile update Source: Behaviosec Source: Jumio
  • 17. Digital enablers could support Innovation 17 Address new markets Propose different UX Develop new business model Become a trusted market place, connecting people and service providers Enlarge addressable markets thank to new digital channels: target mass affluent segment / liaise with future HNWI Adapt services to expectations, get ready for Young HNWI expectations
  • 18. Private Banking business model is changing, pushed by new entrants 18 + PRODUCTS + SERVICES + PEERS + CONTENT Inspiring concept in Private Banking A financial community helping people / corporate to get funded A social network, where users can follow best practices / advice from others An aggregation of data assessed based on quality and relevant to user’s objectives CUSTOMER A new approach to help people to achieve their financial needs, with an understandable approach, step-by-step
  • 19. Becoming A PLACE TO BE, Private Banks could increase trust and security and provide A TRUSTED PLACE, built on 5 main blocks 19 Private Banking = “Trusted Finance Amplifier” (much more than mere finance) Protection Empowerment Guiding & Education Social Intimacy
  • 20. Using the UX as a corner stone, CH&Cie already identified potential innovations for Private Banking 20 Reporting Alerts Aggregators Financial Goals / Simulators P2P comparison Nudge Marketing / “levels” to guide and educate users Automate Improve Innovate Protection Empowerment Guiding & Education Loyalty / Rewards Social Intimacy Direct contact with RM on any medias Information collection and analysis on customers Services for entrepreneur “CFO in a pocket” E-Trading Access to experts and reports Ranking of external advisors Market trends Consolidation of reports / data etc. Alerts on market changes E-Vault Stronger authentication E-Reputation management Validation of comments and sharing between users Concierge Specific discounts based on customer habits Partnership with top players : UBER, AirBnB for villas, etc. Access to expertise online Crowdfunding Currency transfer between customers P2P advisory Collective intelligence
  • 21. To benefit from the digital opportunities, Private Banks must change their way of working Leverage on technology enablers to keep ahead of the game 21 Borrow ideas across the world to trigger innovation "The next big thing is digitalisation: there are more wealthy people on Facebook, Google+, and other networks than anywhere, and what if they begin getting investment advice through those channels." -- Jürg Zeltner Focus on uses, get into the life of the users Don’t think only about Finance, user’s life is much bigger!
  • 22. Agenda Paradigm shifts driven by the introduction of digital strategies – examples Leads to explore in Digital Private Banking Our value proposition 22
  • 23. Framework for digital strategy thinking Wealth presentation Advisory Smart push Investments and financial services Customized offer Security and data protection Full availability Social Networks 4 5 6 7 8 9 Transaction services 1 2 3 A comprehensive digital offer has different functional blocks. They are customized to changes according to clients’ needs. Each of the following blocks should be carefully thought to build a consistent and suitable offer. *Note: This is a non exhaustive list 23
  • 24. Kick-Boost-Launch Approach Methodology Deliverables Define the approach Transparency Blueprint Line up the different players Realize Establish a roadmap 1 2 3 KICK BOOST LAUNCH Objective: –Understand the commercial strategy –Validate digital as a catalyst Workshop/brainstorming for each block with CH&Cie experts Bank context Expertise Market insights Objective: –Understanding of « best practices » and main features of digital banking Stakeholders involved Objective: –Identify and structure an opportunity to kick of an realize the vision –Formalize the roadmap for digital strategy Project perimeter: proposed value, components of the offer, customer experience, etc. Prerequisite and action plan Common vision shared Different level of maturity of stakeholders Roadmap and key steps – 3 years Description of main projects (1 slide per project + budget) Define kept operational blocks Different storyline with stakeholders in order to share / validate / improve Small team Top management 24
  • 25. Chappuis Halder & Cie is a Financial Services consulting firm, bringing ideas and delivering solutions across the globe 25 Chappuis Halder & Cie is a consulting company specializing in Financial Services. We have expanded geographically from our origins in Geneva, now serving clients in all of the major financial centres across the globe. Our main focus is on 4 business areas: Retail & Private Banking, Corporate & Investment Banking, Insurance, and Commodity Trading. CH&Cie expertise is anchored in the deep sector and functional knowledge of our consultants; all of us have a financial services background, and know the sector inside out. Because we do nothing else, and we operate across the globe, we are able to bring a rich seam of best practice ideas and benchmarking data to our clients. London Hong Kong Singapore Genève New York Montreal Paris