|Source: Credit Suisse. Helman Sitohang, Chief Executive Officer, Asia Pacific, Credit Suisse.|
Credit Suisse has been proactive against the looming prospect of technological disruption, digitalising its traditional wealth management service model instead of allowing itself to be 'disrupted', said Helman Sitohang, Chief Executive Officer for Asia Pacific, Credit Suisse, in his opening address for the fourth annual Credit Suisse Global Megatrends Conference in Singapore.
"We are simplifying access to the knowledge and insights of the bank, so that our clients can identify and act on the information that is most important to them, whenever they choose. By doing so, we aim to bring significant efficiency gains and higher value-added productivity to our relationship managers and Credit Suisse, and most important of all, enable us to serve our clients better and cultivate deeper client relationships."
Sitohang noted that the bank has seen waves of technological innovations increasingly disrupting traditional business models across many sectors, from transport, to commerce to especially financial services. "The pace of disruption seems to be accelerating by the day, with major implications on consumers, businesses, as well as regulations," he said.
Credit Suisse launched its global digital private banking platform, which includes a mobile app, a year ago. Singapore was the first rollout location, Sitohang noted. "One year on, we are delighted that client usage of the digital banking platform has accelerated significantly, by ten-fold, as new functionalities and devices have been introduced," he said.
On the event website the bank explains that megatrends are major economic, social and political forces relevant across decades that are a prerequisite for successful investments into growing markets. The bank has developed a megatrends framework to expose long-term opportunities of a given megatrend while also allowing for the tactical aspects of the megatrend’s investment cycle. The megatrends have been grouped under the three overarching pillars of demographics, multipolar world and sustainability.