Ppt 20120208 Pb Study Media Conference En
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Transcript of Ppt 20120208 Pb Study Media Conference En
1© 2012 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG
International.
Agenda
10.00 Welcome Andreas Hammer, Head of
Public Relations & Public Affairs,
KPMG Switzerland
Introduction Daniel Senn, Head of Financial
Services and Member of the Executive
Committee, KPMG Switzerland
Scientific Framework Prof. Dr. Dr. Tomi Laamanen,
Institute of Management,
University St. Gallen
Study Results Dr. Christian Hintermann,
Head of Transactions &
Restructuring Financial Services,
KPMG Switzerland
Daniel Senn
11.00 Questions & Answers
Lunch
Current Situation of
Swiss Private Banking
Daniel Senn
Head of Financial Services and Member of the
Executive Committee, KPMG Switzerland
«Wer zu spät kommt,
den bestraft das
Leben…»Michail Sergejewitsch Gorbatschow
Ost-Berlin, 7. Oktober 1989
Scientific Framework
Prof. Dr. Dr. Tomi Laamanen
Chair of Strategic Management,
Institute of Management,
University of St.Gallen
5© 2012 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG
International.
Overall Strategic Analysis Framework
AntecedentsInterpretation of
the situation
Actions
Consequences
Economic crisis
Regulatory
changes
Technological
opportunities
6© 2012 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG
International.
Private banks are generally positively attuned to external changes
0%
10%
20%
30%
40%
50%
60%
70%
Threat Opportunity
32%
68%
General perceptions
7© 2012 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG
International.
There were, however, major country differences
Regulatory changes Information technology
Op
po
rtu
nit
y–
thre
at
evalu
ati
on
8© 2012 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG
International.
Swiss Private Banks
interpret the economic,
regulatory and information
technology environment
as opportunities
Private Banks’ Reactions to External Changes
Switzerland
0%
20%
40%
60%
80%
100%
Economic Environment
Regulatory Environment
IT Environment
12 %23 %
12 %
85 %
38 %
35 %
Opportunity
Threat
9© 2012 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG
International.
Private Banks’ Reactions to External Changes
Luxembourg
0%
20%
40%
60%
80%
100%
Economic Environment
Regulatory Environment
IT Environment
20%8%
24%
76%
28%
20%
Opportunity
Threat
Private Banks in
Luxembourg
interpret the economic and
regulatory environment as
opportunities and the
information technology
rather as threat
10© 2012 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG
International.
Austrian Private Banks
interpret the economic and
information technology
environment as opportunities
and the regulation as threat
Private Banks’ Reactions to External Changes
Austria
0%
20%
40%
60%
80%
100%
Economic Environment
Regulatory Environment
IT Environment
38 % 44 %
6 %
50 %
13 %
13 %
Opportunity
Threat
11© 2012 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG
International.
Asian Private Banks
interpret the economic and
information technology
environment as opportunities,
and the regulation as threat
Private Banks’ Reactions to External Changes
Asia
0%
20%
40%
60%
80%
100%
Economic Environment
Regulatory Environment
IT Environment
8 %
54 %
15 %
77 %
15 %
54 %Opportunity
Threat
12© 2012 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG
International.
Performance through focus
Multiple external challenges requiring a focused approach
RefineFocus
Expand
Define
the
core
Important to be able to convert the threats into opportunities
Focus on what your best at and the build-up of proactive strategies
Study Results
Dr. Christian Hintermann
Head of Transactions & Restructuring Financial
Services, KPMG Switzerland
Daniel Senn
Head of Financial Services and Member of the
Executive Committee, KPMG Switzerland
14© 2012 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG
International.
AppleNokia
Performance through focus
15© 2012 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG
International.
Last call to refocusing of the Bank’s strategy to sustain profitability
Profitability
+
-
RoE (2007)
= 16%
RoE (2010)
= 4%
Time
last chance
to focus
for turnaround
16© 2012 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG
International.
Cost management is only half the equation
Many Swiss banks still focus very much on cost management
Time has come to emphasize more on revenue enhancement
Processes, staff and IT will be
optimized to reduce costs
% y
es
an
sw
ers
100%
80%
60%
40%
20%
81% 81%
38%
91%
New ranges of products and services
will be offered
% y
es
an
sw
ers
100%
80%
60%
40%
20%
81% 81%
38%
91%
Switzerland Luxembourg Austria Asia
17© 2012 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG
International.
Seven areas that are key to sustained success
18© 2012 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG
International.
Differentiators
Confidentiality Political stability Tax stability Capabilities /
expertise (of local
service provider)
% y
es
an
sw
ers
100%
80%
60%
40%
20%
Switzerland
Luxembourg
Austria
Asia
Key selling propositions of home jurisdiction
Client confidentiality and political stability as key selling proposition
Banks will struggle to differentiate only based on national characteristics
19© 2012 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG
International.
Differentiators
Key selling propositions for your bank
Switzerland Luxembourg Austria Asia
Financial Branding CRMs Products Culture Pricing Technology
engineering
% y
es
answ
ers
100%
80%
60%
40%
20%
Swiss Private Banks want to differentiate mainly through their culture – pricing and
technology not relevant
Do the banks invest enough to build a clear profile in the increasingly competitive market?
20© 2012 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG
International.
Geographic Strategy
Swiss Banks best positioned to seize the global opportunity – a focused geographic
strategy is a necessity
Banks need to decide which markets they can serve profitably and which markets to exit
M&A more driven by critical size considerations, forced exits
Switzerland
Luxembourg
Austria
Asia
Primary target growth markets
21© 2012 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG
International.
Geographic Strategy
Local regulation as key inhibitor for approaching clients
Many banks still rely/have to rely on classical cross border banking to do business
Large banks Small banks Large banks Small banks
Local regulation in the foreign country
Tone from the top, general strategy of
the group
Culture differences
IT infrastructure
Size of your own operation
% yes answers % yes answers
22© 2012 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG
International.
Regulatory Impacts
Implementation of tax transparency strategy in light of increasing regulation
26%
71% 70%
92%
Tax transparency strategy
within 1 year
Tax transparency strategy
within 5 years
Switzerland Luxembourg Switzerland
Yes Yes
% o
fto
tal
Luxembourg
0 %
20 %
100 %
40 %
80 %
60 %
Luxembourg Banks perceive a stronger sense of urgency achieving tax transparency
Early adoption may be a competitive advantage and with ever increasing pressure a
pre-requirement
23© 2012 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG
International.
Client Segmentation
20% 25%
85%
64%20%17%
5%
27%
40% 42%
90% 91%
0%
20%
40%
60%
80%
100%
Austria Switzerland Luxembourg Asia
Client segment changes
% o
f to
tal a
nsw
ers
Growing regulation as driver of client segment changes
Yes In evaluation
Growing regulation as driver of client segment changes
Clarify which segments a bank is able to serve on a profitable basis
Banks need to understand the profitability of segments – including regulatory costs
Proactive approach to exit from loss making segments
24© 2012 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG
International.
Products and Services
Switzerland Luxembourg Austria Asia
Clients’ demands for more services for less money
Significant need to adjust fees?
Clients demand more specific services (including support on tax side). Banks need to
focus offering
25© 2012 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG
International.
‘Relationship managers
who are client-oriented
and have manager as well
as acquisition skills are
rare on the market'
Switzerland based
Interviewee
Client Advisory
Disillusion of Assets under Management that newly hired CRM can bring
Increased focus on development of CRM
The shortage of skilled client relationship managers
‘Sociologist, economist,
police officer, entrepreneur,
with a minimum of 15 years
of experience'
Switzerland based
Interviewee
26© 2012 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG
International.
Client Advisory
Ways to interact with clients
Direct interaction
Events
Marketing publications
Philantrophy & charity
Sponsorship
Europe Asia
Direct interaction still dominant way to interact with clients
Direct interaction
Usage of `classical`
information technology
Marketing publications
Events
Social networks &
online fora
Sponsorship
Direct interaction
Usage of `classical`
information technology
Marketing publications
Events
Social networks &
online fora
Sponsorship
High importance High importance Increased importanceIncreased importance
% of total answers % of total answers
0 % 50 % 100 % 0 % 50 % 100 %
27© 2012 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG
International.
Technology
Lack of understanding of the potential benefits of mobile and internet banking
Nice to have for European banks
Enhancing service delivery through mobile banking
Opportunity
Switzerland Luxembourg Austria Asia
Threat
(0.0) %(20.0) % 20.0 %(40.0) % 40.0 % 60.0 %
Conclusion
Daniel Senn
Head of Financial Services and
Member of the Executive
Committee, KPMG Switzerland
29© 2012 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG
International.
Conclusion
Banks need to...
1. ... have a clear view of their own differentiators
2. ... identify their key geographic markets and define how to service them
3. ... define the path to become fully tax transparent
4. ... understand the performance of their client segments and focus on the profitable ones
5. ... differentiate through products and services for specific target clients’ needs
6. ... invest in CRM’s technical and regulatory skills to meet the client’s individual needs
7. ... understand the potential of enhancing the service delivery through internet and mobile
banking
© 2012 KPMG AG/SA, a Swiss corporation, is a
subsidiary of KPMG Holding AG/SA, which is a
subsidiary of KPMG Europe LLP and a member of
the KPMG network of independent firms affiliated
with KPMG International Cooperative (“KPMG
International”), a Swiss legal entity. All rights
reserved. The KPMG name, logo and “cutting
through complexity” are registered trademarks or
trademarks of KPMG International.