|Source: Credit Suisse e-brochure.|
Credit Suisse has launched its digital private banking platform in Hong Kong with the release of an enhanced Private Banking Asia Pacific app.
The digital platform creates a new multichannel service delivery model combining a digital and direct client experience. Credit Suisse’s initial digital private banking platform was first rolled out in Singapore in March 2015. More than12 months of client usage analysis and usability testing has culminated in an enhanced version of the app the bank has launched in Hong Kong, with a new design and client user interface as well as additional language capabilities.
|Source: Credit Suisse. Monnet.|
Francois Monnet, Credit Suisse's Head of Private Banking Greater China, and Lead for the development of the digital private banking project said, “We are delighted to launch an enhanced version of our Private Banking Asia Pacific app for our Hong Kong wealth management hub, building on the experience and learnings accumulated in the past year following the Singapore rollout. Hong Kong is one of the fastest growing hubs for our Private Banking business as well as a hotbed of consumer adoption of digital solutions across many products and services.
"Digital technology is rapidly changing the way people use financial services, they are increasingly using digital channels to contact their banks, execute trades and purchase financial products. As a leading global wealth manager, Credit Suisse is making significant investments in digital technology to capture this opportunity and deepen the relationship with our current and next generation of private banking clients and help drive the growth of our business across the region.
“Asia Pacific has some of the biggest and most rapidly expanding wealth pools in the world. A digitalised multichannel service delivery model will bring the relationship manager and bank significant gains in efficiency and higher value-added productivity, and most important of all, enable us to serve our clients better and cultivate deeper client relationships. In rolling out our digital private banking capabilities, we are redesigning the way in which we interact with and curate content for our clients. It is not just an enhancement to the client experience, but a transformation of our private banking service model.”
According to a 2014 survey*, 38% of high net worth individuals in Asia feel that digital contact with their wealth manager is more important that direct contact, while 83% of them said that they are far more likely to leave wealth management firms that cannot offer an integrated digital and direct channel experience.
Credit Suisse identified that the majority of its private banking clients in Asia Pacific are what it describes as “validators”, that is those who want to understand investment opportunities and trade-offs to validate with their advisors, who think in the mid- to long-term and appreciate support in understanding global markets and refining their views and ideas.
Monnet said, “We designed, developed and prioritised the features of our first product release based on what these clients expect from our bank and our digital offering. We fully engaged with our clients through more than 100 in-depth one-on-one Voice of the Client sessions held with across the region including in Greater China, and their feedback shaped the way we developed and constantly refined the digital private banking app. We also held many Voice of the Business sessions with more than 80 members from the relationship management teams, to get their views, expectations and feedback throughout the process of developing these capabilities.”
Credit Suisse’s new digital platform empowers clients with round-the-clock access to comprehensive information about their accounts, market insights and intelligence personalised according to their portfolios, tools to analyse their risk exposure across portfolios while equipping them with trading tools to respond to moving markets. The new digital private banking solution also facilitates multiple channels of connectivity and collaboration for clients with their relationship manager and Credit Suisse team.
Monnet added, “Our data and analytics over the past year from Singapore have indeed shown that we have delivered a digital solution that meets many of our clients’ aspirations in terms of functionality and usability. As a result, the number of clients using the digital channel has increased almost thirty times. They are logging in more often - at all times of the day and night and on average are spending more time on each visit. They are using the platform to access and understand investment opportunities and ideas, and are empowered to act on market opportunities through the trading tool anytime at their convenience. We are confident that the new digital platform will bring significant benefits and efficiencies to all our regional clients whose assets are managed in our Hong Kong hub.”
The app is available to regional clients with accounts in Hong Kong and supports English and new Chinese language capabilities. It is accessible across multiple devices including iPad, iPhone, and Web browsers. Android users can access the platform via Web browsers.
Read the TechTrade Asia blog post about Credit Suisse's path to digital transformation
*Capgemini RBC Wealth Management Asia Pacific Wealth Report 2014