Source: Credit Suisse e-brochure.

Credit Suisse has introduced its digital private banking platform in Hong Kong, launching an improved Private Banking Asia Pacific app.

This digital platform offers a new way to serve clients, blending digital and in-person experiences. Credit Suisse’s first digital private banking platform debuted in Singapore in March 2015. After analyzing client usage and conducting usability tests for over a year, the bank has introduced an enhanced app in Hong Kong. This version boasts a new design, an updated user interface, and support for additional languages.

Source: Credit Suisse. Monnet.

Francois Monnet, Head of Private Banking Greater China at Credit Suisse and project lead for digital private banking development, stated, “We are thrilled to launch an enhanced version of our Private Banking Asia Pacific app in our Hong Kong wealth management hub. We’ve built upon the experience and knowledge gained over the past year since the Singapore launch. Hong Kong is a key growth area for our Private Banking business and a hub for early adoption of digital solutions across numerous products and services."

“Digital technology is revolutionizing how people manage their finances. Clients are increasingly opting for digital channels to interact with their banks, make trades, and buy financial products. As a leading global wealth manager, Credit Suisse is significantly investing in digital technology to capitalize on this trend, strengthen relationships with current and future private banking clients, and fuel business growth across the region.”

“The Asia Pacific region boasts some of the largest and fastest-growing pools of wealth globally. A digital, multi-channel service delivery model will bring greater efficiency and higher value-added productivity to both relationship managers and the bank. Most importantly, it allows us to better serve our clients and foster deeper relationships. By rolling out our digital private banking capabilities, we are reinventing how we interact with and provide curated content for our clients. This goes beyond simply improving the client experience; it’s a complete transformation of our private banking service model.”

According to a 2014 survey*, 38% of high-net-worth individuals in Asia believe digital communication with their wealth manager is more important than face-to-face interaction. Furthermore, 83% indicated they would likely leave a wealth management firm that doesn’t offer a seamless blend of digital and direct channels.

Credit Suisse found that most of its Asia Pacific private banking clients are what it calls “validators.” These individuals seek to understand investment opportunities and potential drawbacks so they can discuss them with their advisors. They plan for the mid-to-long term and value support in navigating global markets and refining their investment perspectives.

Monnet added, “We designed, developed, and prioritized the features of our initial product release around what these clients want from our bank and digital offerings. We actively engaged with our clients through over 100 in-depth Voice of the Client sessions held across the region, including Greater China. Their feedback directly shaped the development and ongoing refinement of the digital private banking app. We also conducted numerous Voice of the Business sessions with over 80 members of our relationship management teams to gather their insights, expectations, and feedback throughout the development process.”

Credit Suisse’s new digital platform provides clients with 24/7 access to comprehensive information about their accounts, market insights tailored to their portfolios, and tools for analyzing their risk exposure across portfolios. It also equips them with trading tools for responding to market fluctuations. Additionally, this new digital private banking solution facilitates multi-channel communication and collaboration between clients and their relationship managers and the Credit Suisse team.

Monnet concluded, “Our data and analytics from the past year in Singapore demonstrate that we have delivered a digital solution that fulfills many of our clients’ expectations for functionality and user-friendliness. Consequently, we’ve seen an almost thirtyfold increase in the number of clients utilizing the digital channel. Clients are logging in more frequently—at all hours—and spending more time on average per visit. They’re using the platform to explore and understand investment opportunities and are empowered to act on market opportunities through the trading tool whenever convenient. We are confident that this new digital platform will offer significant benefits and efficiencies to all our regional clients whose assets are managed through our Hong Kong hub.”

Interested?

The app is available to regional clients with accounts in Hong Kong and supports both English and Chinese languages. It is accessible on various devices, including iPads, iPhones, and web browsers. Android users can access the platform through 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