Credit Suisse Selects Fintech Firm To Overhaul Private Banking Platform

Credit Suisse has partnered with a financial technology firm to enhance its Asian private banking platform with the addition of a digital onboarding process and analytics software, giving a nod to automated account aggregation technology.

The Swiss banking giant has teamed up with Mesitis, a fintech firm, to allow the bank's clients access to Mesitis' Canopy platform – an automated account aggregation system and reporting solution. Additionally, Credit Suisse is rolling out a fully automated digital client onboarding application, a first of its kind within Asia's private banking industry, according to the group.

Credit Suisse claims its new digital offering will increase the efficiency of the onboarding process while creating a fresh client experience.

The bank's move to revamp one of its digital platforms comes as the findings of a report, reported exclusively by this news service, reveal that wealth managers are “perfectly placed” to exploit automated account aggregation technology to make advisors more efficient.

The report suggests that such aggregation systems could enhance advisors' efficiency levels by using computer-assisted data and digital platforms to harvest information and then distribute it across several networks. For example, a client's financial history could be accessed through client relationship management and financial planning systems.

Credit Suisse's partnership with Mesitis will enable its clients in Singapore to aggregate bankable and non-bankable assets across various regions and asset classes. The platform also offers “sohpisticated” analytics and insights, Credit Suisse says, to help clients grow and manage their wealth.

“By largely automating the aggregation process and adding deep analytics, we help the bank's clients get an overall picture of their wealth, the risks they are running and do ‘what if’ analyses,” said Tanmai Sharma, founder and chief executive of Mesitis. “Canopy also helps relationship managers analyse client portfolios, irrespective of the amount of complexity, and rapidly narrow down on what is performing, and what is not, in a matter of minutes.”

Meanwhile, its digitised onboarding system means Singapore-based relationship managers can complete the entire client sign-up process using an Apple iPad. The technology is expected to not only speed up the onboarding process, but also enhance the “quality and completeness” of data required to satisfy due diligence policies, Credit Suisse says.

“We are transforming our front office technology platform and tools, including digitalising key business processes,” said Christian Huber, chief operating officer of Credit Suisse's Asian private banking unit. “Digital client onboarding is a key initiative which will ultimately enhance a new client’s experience with Credit Suisse as well as the efficiency of our relationship managers who can focus more on servicing clients’ financial needs."

Source: welathbriefingasia

Nick Kalikajaros 2017