Wealth Management: The digital shift


The investment & wealth management industry is going through a monumental digital shift. Before 2020, digitalisation had long been predicted, but both investors and firms were relatively slow to demand or implement change: meetings mainly took place in person, conference calls were made over the phone, and digital upgrades were put off.

Then, when the pandemic hit everything changed, creating the perfect storm to accelerate digitalisation. Adoption of digital technology became mandatory for wealth businesses to operate at all, posing new challenges and opportunities for wealth managers to navigate and take advantage of. Almost overnight, business models evolved, and client expectations rose. But now, clients find themselves ever more reliant on new technologies and are providers actively prioritising digital innovations as fee structures are once again questioned.

Deloitte's recent study in conjunction with ESI ThoughtLab – Wealth and Asset Management 4.0 – show that 40% of clients now say digital access has greater importance in decision making. And three-quarters of wealth firms believe that investors primary engagement channel will be digital within two years.

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Posted on 8/02/2022 | 0 Comments

Wealth Management: The rise of social impact investing


The pandemic has disrupted many parts of our lives, both domestically and commercially, but whilst the daily pace has slowed, many social and economic trends have accelerated. And for the investment community, it was a watershed moment.

Shifts that were only just in motion became commonplace overnight. Transforming the industry into one that was digital-first and socially-minded. Where investor expectations and ways of working were utterly upended. The full consequences are yet to be realised, but the next three years will be pivotal as some firms capitalise and others stumble.

In order to help wealth management firms understand what these profound shifts mean, Deloitte teamed up with ESI ThoughtLab and others to conduct a pioneering thought leadership research program, Wealth and Asset Management 4.0.

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Posted on 24/01/2022 | 0 Comments

Swiss banks: How to master client experience in the digital age

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The pandemic has permanently changed the way banks interact with their clients. While the use of digital banking channels has experienced a sharp increase, personal touchpoints have been rare or non-existent (see our latest banking study). The drop in face-to-face interaction poses a serious challenge to the Swiss banking sector, where well-established personal relationships with clients are often crucial for selling products & services. In this new digital era, the challenge for Swiss banks is two-fold; how can the digital experience of clients be elevated, while at the same time personal relationships be maintained?

This blogpost is the second in our five-part series on “Five strategic imperatives for marketing executives in banking”.

In this post, we outline how Swiss banks can sustain and even deepen their client personal relationships through digital channels and provide their clients with a unique and memorable customer experience.

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Posted on 30/08/2021 | 0 Comments

Next Level Client Onboarding in Wealth Management – Insights from Deloitte’s benchmarking service

Banner 2308Strategic relevance of client onboarding
We believe that a fast and convenient client onboarding process can be a competitive advantage for financial institutions.
Prospective clients obtain their first impression of providers from onboarding, and this can be a major differentiator when comparing and choosing between them. Clearly defined and consistently implemented onboarding standards are also key for managing the bank’s risk appetite and for complying with regulatory expectations.

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Posted on 24/08/2021 | 0 Comments

Taking the pulse of digital assets in financial services


Invariably, any technology that shows early promise comes with hype. Yet in the digital assets and cryptocurrency space, developments over the last few months would seem to suggest this area is moving towards the mainstream.

For this reason, we are currently surveying financial services firms across EMEA to gain a realistic perspective on their current adoption of digital assets, and to assess the true state of play.

The survey will address industry attitudes toward cryptocurrencies, stablecoins, central bank digital currencies (CBDCs), tokenised securities, and non-fungible tokens (NFTs) from senior executives in banking, insurance, asset management, fintechs, regulatory bodies and emerging digital assets companies.

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Posted on 16/07/2021 | 0 Comments

Winning against the odds: How financial institutions can win mortgage clients from competitors


This article is a continuation from our previous article on generating mortgage leads "Looking to safeguard mortgage leads in the digital new normal?", in which we looked at how to leverage partnerships, service enhancements and the right marketing-mix to generate new mortgage leads in a post-COVID world with more digital touchpoints. We presented an example of a client, Tim, who wanted to buy a house and had not yet found the right lender. In this article, we look at another client, Maria, and her journey to renewing or refinancing her expiring mortgage.

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Posted on 13/07/2021 | 0 Comments

Smart process automation and analytics: How Optical Character Recognition can enhance productivity in core banking processes

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Optical Character Recognition (OCR) Technology in FSI core processes

Optical Character Recognition (OCR) is the technological process of recognising and converting both handwritten and printed characters into editable and searchable data. It has two primary functionalities: eliminating manual data entry and extracting information automatically. For example if you wanted to digitalise and edit a paper contract, you could either spend a long time keying in the document, or you could use a scanner/photo and OCR to convert the file within seconds into an actionable file.

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Posted on 5/07/2021 | 0 Comments

Swiss banks: People don’t buy what you do - people buy why you do it

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Big brands in the consumer and technology space have led the way – people want to identify with brands that are purpose-led. This is difficult in banking, where products and services are seemingly commoditised. What can banks do?

This blogpost is the first in our five part series on “Five strategic imperatives for marketing executives in banking.

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Posted on 24/06/2021 | 0 Comments

Compliance Modernisation: Creating an effective, adaptable and efficient compliance function


Compliance functions in 2021 are facing growing pressure from stakeholders to simultaneously improve the effectiveness, adapt to changing regulation and reduce costs of compliance risk management.

These three key drivers require constant re-evaluation and functional analysis, in tandem with targeted transformation to meet stakeholder expectations – something that, as yet, is not widely adopted by Swiss financial institutions.

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Posted on 11/06/2021

Internal audit and ESG business imperatives for Swiss banks – From stewardship to change catalyst


As the law on CO2 reduction going to a public vote later this year shows, climate change risk and environmental, social, and governance (ESG) issues are now a priority. Banks need to establish a strong control environment for ESG issues. With this comes an increased focus on the quality of data about the risks. Internal audit (IA) can bring the same structure and rigour to processes, controls and governance for ESG risks that they apply to internal controls in other risk areas.

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Posted on 14/05/2021