IBS Journal March 2015
All aboard
The Swiss operation of the global wealth manager, Investec, has been busy on the technology front with several key strategic initiatives either in the pipeline or completed. One of the undertakings it has pursued over the last few years is to automate its client onboarding processes with dedicated software from a local firm, Appway.
It’s no secret that the wealth management industry is under attack from the regula- tors, with Swiss private banks and wealth managers in particular bearing the brunt of new regulatory mandates such as FAT- CA. The challenge of keeping abreast of new directives whilst trying to technolog- ically innovate is a difficult balancing act even for the likes of UBS and Credit Suisse. For the medium-sized players the problem is compounded by financial limitations. One player in this category, Investec Bank Switzerland, the Swiss subsidiary of Inves- tec’s wealth and investment division, has looked to tackle the regulatory challenge with a new tool to support its relation- ship managers in onboarding new clients. The software is supplied by a local firm, Appway, and after completing the roll-out in Switzerland, Investec is preparing to take the software on a group level.
‘When you talk about client onboard-
ing in general, certainly in Switzerland it has become harder and harder to onboard new clients, with the abundance of new compliance legislation and the ever changing tax environment, so the regu- latory scrutiny is quite extreme,’ says Ste- phen Brooks, head of client services at Investec Bank Switzerland. The challenge for Investec, recalls Brooks, was that most of its onboarding processes were handled manually using Excel spreadsheets, with no dedicated CRM system. Relationship managers expended a lot of effort carry- ing out manual tasks such as processing onboarding forms from new clients, which were then passed to the client services department for analysing and data entry. After approaching Appway with some of the challenges it was facing and seeing demonstrations of the software, Investec
Zurich ©Dietmar Rabich,
rabich.de
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© IBS Intelligence 2015
www.ibsintelligence.com
case study: investec
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