Credit Suisse’s successful digital -...
Transcript of Credit Suisse’s successful digital -...
Credit Suisse’s successful digital
transformation - a look back and
ahead
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“Regulatory Tsunami” Digital disruption Client empowerment
Increasing regulatory
oversight drives increased focus on automationTypical bank IT change
budget is 50–65%1
allocated to compliance
1 BCG, IT Benchmarking report, 2015.
Commodification of WM
servicesData & Analytics –automating personalized
servicesMobile and Social –
pervasive access to content and community
Engagement in decision
making sets apart a new breed of Tech savvy millennial investors and
emerging market HNW investors
Information overload, but also a more informed
investor than ever before
Size/scale matters –
compliance is expensive
Automation critical to ensuring
adaptability:
— Auto – authentication
— Automating rules
Embracing digital, whilst
maintaining brand differentiation, is keyMaking a multi-channel model
(RM + Digital) work, online and offline together are more
powerful than Digital in isolation
Focus on new digital business
capabilities: — Data driven insight— Client-centric design
thinking and — Simplicity of the user
experience
Implications:
3 Key Trends from 2014 are still shaping our Industry
today…
…and some say it’s a “Kodak moment” for Our Industry
Source: Credit Suisse
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Our Digital Journey in Private Banking Asia Pacific
Client Reporting2011-2015
Delivered a new client reporting solution for the
Private Banking Asia Pacific booking centers based
on vendor product
Upgraded and harmonized under one instance the
Temenos T24 core-banking solution for the Private
Banking Asia Pacific booking centers
Introduced a business process engine for the
Private Banking Asia Pacific Front Office based on
2 vendor products (Temenos Wealth Manager and
Appway)
Automated front-to-back trading flows with a central
compliance rule engine based on two in-house
systems (My Solutions and Spirit Asia) for PB APAC
Developed Credit Suisse’s new award winning
channel for Private Banking clients to access the
bank’s services digitally
Optimized user experience for Front Office, building
on functions, data & business processes from the
renovated Private Banking Asia Pacific Platform
started in 2011 and continues Sample of digital innovation
Core-Banking2012-2016
Front-Office Workplace
2012-2016
Order Mgmt Systems2012-2016
Digital Private Bankingstarted 2014
RM Ecosystemstarted 2015
Re
ha
ul P
B A
PA
C P
latf
orm
to
be
dig
ita
l re
ad
y
Commenced the digital occupation of Client / RM
interaction during physical meetings by renovating
the client onboarding and IPQ renewal process.
Digital Client Onboarding
started 2016On
go
ing
In
itia
tive
s
See next sections for details
Digital Private Banking
Digital Onboarding
RM Ecosystem
Partnering with Fintechs. First partnership recently
announced with Mesitis and their client accountaggregation product Canopy which has been integrated
into Digital Private Banking.
Innovation @ Credit Suisse
APACstarted 2016
Aggregation
Credit Suisse Invest
Clie
nt A
ctiv
ato
rs
Data Platform
Pro
du
ct &
Sa
les
En
ab
lem
en
t
Au
tom
atio
n &
Se
lf Se
rvic
e
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Our digitization program requires us to fundamentally rethink many business processes – it is a new Service
ModelNew Client Front End experience…
Client-centric
360˚ view of client relationship…
Near real-time
Processes and systems must support 24/7...
Personalized
Clients can opt to receive multiple notifications including
trade status, market data and new documents
Paperless
Digitalising key processes to satisfy client demands...
Multi-channel
Seamless service across online and offline, embracing
appropriate Fintech capabilities and offerings...
…Leading to a new Service Model
4/13Please note that the above is for illustrative purpose only and does not constitute an offer or a solicitation to buy or sell any interest or any
investment
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A Roadmap of new
features
Building “for” Clients and “with” Clients, we continuously support our clients with enhanced
features...
Please note that depending on the country of residence or incorporation, clients may not be eligible for access or certain features may be restricted or
not available.
Portfolio
Overview
Market News
& Research
Watchlist Collaboration
Tools
Trading
Tools
Biometric
Access
eDocuments
& Go Green
Curated
Content
Mobile
ExperienceRisk Analyzer
Additional
Features
Enhancements to the
Minimum Viable Product
First release - our
Minimum viable Product
… A Strategic
Roadmap for future
development
… New Features
prioritised based on
business strategy
and client feedback
… Build in house, or
partner with Fintech
to deliver to Credit
Suisse eco-system
Token Free
Login
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Fintech Partnership* to enable Aggregated Reporting and Analytics for our clients
Clients’ Demand for: Consolidated
view of Wealth
Canopy’s Unique Offering:
Aggregation and Analytics
“How many Apple shares do I hold
in total?”
New insights, need for advice from
Trusted Advisor
UHNW clients typically diversify
holdings across geographies and
custodians
Canopy helps client to understand
aggregated performance and exposure;
Secure and Convenient via the app,
data remains anonymous
*Canopy is a 3rd party account aggregation service offered by Mesitis w hich can be accessed via Credit Suisse Private Banking Asia Pacif ic app by
clients (Booked and Managed in Singapore) w ho have subscribed to the service with Mesitis. 6/13
For illustrative purposes only
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Combining Technology with Human Touch – delivering the new Credit Suisse Invest advisory offering
Interactive and transparent – monitor and track client’s
Credit Suisse Invest portfolio, against their selected model portfolio
Detailed and extensive – comprehensive reports on portfolio quality with ability to drill down into the details
and highlight risk issues that require client’s attention
Accurate and timely – notifications on latest investment
ideas and market updates, customized to client’s chosen strategy and preferences
Convenient and user-friendly– 24/7 online access with ability to make contextual contact directly to the
Relationship Manager via the app.
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Non User Active User
2015 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May
And our client traction on the platform is strong…
Scalable offering in place and strong momentum in onboarding of clients:
10 logins per
month(with increasing
trend)
~10 mins per
login
User engagement… Most used features…
Portfolio
Trade
Research
Top features by no. of page views
“I know my financial
situation…”
“I am empowered to
act on opportunities”
“I have access to
insights”
High trade volumes reflect strong user
engagement…
Client engagement is high, with focus on key features and rapidly increasing execution rates
2016
Scalability of offering (geographies, client types, devices, features)
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Source: Credit Suisse
2017
3.6x
Q12016
Q22016
Q32016
Q42016
Q12017
Average number of trades per client within a month
1.8x
9x
3.2x
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Client Facing Employees (Relationship
Managers)
Utilize the internal digital platform RMEcosystem
Provides all information and capabilitiesneeded to serve our clients in the best possible
way
Connects to various systems on the technologyplatform and integrates processes for Front
Office
Clients Access the Award Winning Digital Private Banking Suite, Relationship Managers Benefit from
RM Ecosystem
Simple
Smart
Seamless
Intuitive app-like
interface is simple touse
Key client information
is surfaced – drill down into all details that are
needed
Google-like search
across client, positions,documents, research,and more
Market impact onclients at a glance
Integration of Platform
capabilities from CoreBanking, Trading, DPBand Research
Time saving byintegrating FO
processes
Clients
Utilize Credit SuissePrivate Banking Digital Capabilities
Award-winning digital platform for both Mobile Devices and Desktop
Clients are able to check portfolio details andmarket news, access to CS Investment Strategyand Research materials as well as trade equityand FX
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IPQ Renewal via iPadAccount Opening via
iPad
New clients
Singapore Booked
Meeting happens
in Singapore
All Existing
Clients
All Account type
Meeting happens
in Singapore
Digital Client Onboarding
Offering Benefits
Modular Entry
Allow quick toggle between sections
E - signature
ONE signature
Digital Forms
No more heavy stack of AOD
forms
Reassign to ARM
Easy switch between RM &
ARM
Full front-to-back
automation
Faster Turnaround
IPQ Workflow
completed from iPad
Hassle-free
Paperless
No more data input; no more
transcription-error
OCR
Scan the ID/passport by
taking a PIC
Digital Leader
Differentiating Offering
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Empowered
Teams: small, agile,
accountable
& quick decisions
Collaboration:
Co-location of
business and IT,
and
embracing Fintech
to bring new
capabilities to clients
Quality:
Pairing developers
to improve quality
Agility:
Automation of
integration,
deployment and
testing
Communication
s:
Daily stand ups with
instant
communication
Client-centric:
From building for
clients to building
with clients
Building an Agile delivery capability: how was it different from our traditional IT Program?
Source: Credit Suisse
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