How tech is changing wealth management

November 29, 2017 7:31 pm

According to a Nielsen 2016 report, nearly half (47 percent) globally checked an account balance or a recent transaction on their mobile device in the past six months, while 42 percent paid a bill using their mobile device. There’s more: 36 percent transferred money between their own bank accounts on a mobile device in the past six months but, 42 percent expect they’ll transfer money between bank accounts in the next six months.

In a country like the UAE, where Internet penetration soars at more than 90 percent* as of June 2017, these numbers are expected to be even higher. It’s no surprise, then, that banks are evolving their digital offering to adapt to evolving customer needs.

And while digitization of day-to-day activities such as, checking account balance and paying bills, is fairly common, banks are still finding optimal ways to digitize more advanced solutions such as wealth management.

One such bank, Standard Chartered, has, however, introduced new digital tools for its wealth management clients to stay up to date on the go.

The bank has created an ADVICE Platform, which provides weekly updates on asset allocation, and single asset class focus at a security level linked to Reuters Eikon – a software that allows financial professionals to monitor and analyse financial information through real time market data, news, fundamental data, analytics, trading and messaging tools – for bankers to update clients on respective securities. “One of our biggest strengths is practicing strong governance and control, which benefit both the clients and the bank,” says Gautam Duggal, Regional Head of Wealth Management for Europe, Middle East and Africa.

Additionally, Standard Chartered also does per trade call-backs to customers to ensure that there is very minimal chance of mis-selling – an issue that led to the The Central Bank of the UAE issuing a circular in May 2017 advising banks and finance companies to resolve all outstanding mis-selling complaints “amicably” and within a deadline of just 90 days.

Also, “We match our clients to the products based on the risk rating they receive upon completing our customer profiling,” adds Mr. Duggal.

The bank’s digital efforts have further been accelerated through the launch of:

1. Market Commentary Engine (MCE)

“As part of our commitment to offer our clients more convenient access to our Wealth Management advice and insights, we have launched Market Views on-the-go 24/7,” explains Mr Duggal. This new capability provides clients instant access to the bank’s extensive array of house views in the form of reports, videos and summaries. It also offers clients:

. Timely market insights

. Convenient access to reports and videos through any chosen device – smartphone, tablet or laptop

. Easy to view insights on different markets and asset classes such as equities, bonds, foreign exchange, commodities and alternatives

. At-a-glance summaries through just one click

. Downloadable detailed reports and video updates

2. Customer Investor Profile (CIP) on mobile phones

“We constantly strive to ensure our clients’ financial goals and risk appetite, within their investment timeframe, is met,” explains Mr. Duggal. In order to do so, Standard Chartered uses the Customer Investor Profile (CIP). Now, the bank has launched a user-friendly and interactive version of this tool through its mobile app. The CIP tool on mobile introduces an interactive risk gauge: Clients have to fill in their personal information, financial position, objectives and attitude, knowledge and experience to view their final risk rating as risk averse, conservative, moderate, moderately aggressive, aggressive, and highly aggressive.

 Foreign Exchange (FX) Order Watch

The bank has launched a 24-hour check on global currencies: Foreign Exchange (FX) Order Watch Service. FX Order Watch provides capabilities for Priority Banking clients. It is a valuable service that allows clients to place an FX order with the bank at their desired FX level, where the order gets executed upon reaching that stated level. In addition to this service, Standard Chartered provides a digital platform in its branches that enables clients to seek real time FX quotes and preferential FX pricing from the bank staff for an enhanced customer experience. *Internet World Stats


AMEinfo Staff
By AMEinfo Staff
AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.