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“The algorithm isnowdefining


the theoretical relationship of the banker with the client,which then leads to the offer,” he confirms. “This is risky, if the algorithm is not working properly. So we need to leave the private bankers with some flexibility inhowmuch they can deviate fromthe standard formula. Wewill give them some roomfor manoeuvre, but not toomuch.” Thismove to data-led analysis will


involve a total change in the firm’s ethos, believes Mr Allende. “You have to change the organisation and our daily practices. This will give us an incredible capacity of knowing our clients and building commercial relationships. It is a huge transformation.”


This is just the beginning of


the redrawing of the investment landscape, believes Mr Allende, with Caixanowclaiming it can tailor portfolios to individual needs.“We are going to change a huge amount of our portfolios, andmove clients into impact investment, not just ESG,” he says. Yet despite the championing of


this sustainable investing trend by the likes of big brand managers BlackRock and Robeco, he does not see ESGstrategies as a key selling point for private banks. “The key differentiator for us will bewho is charginghowmuch forwhat and who can successfully introduce a fee-based private banking business.” Aprogrammeof widescale


segmentation will be carried out in conjunction with the bank’s business intelligence department, identifying eight different groups of clients, all expecting different products and solutions.“We have been looking at clients fromour premier banking division, with the likelihood of them becoming future private banking clients,”


says Mr Allende,whose careerwas particularly shaped by a stint with US bankersMorgan Stanley. “Their cultural and social attributes tell us which type of product preferences they will have.Wehave done a fantastic job there.” This transformation and hyper-


personalisation require a change inwork patterns for Mr Allende’s army of 680 private bankers, with numbers up by 30 from2019.“We cannowpersonalise the portfolio and help the private banker adapt the commercial approach for each client,” he says. Each private client will be


digitally flagged to advisers, with an indication of their propensity to engage in activities such as buying mutual funds or trading equities over the telephone. “This requires a teamapproach,” suggests Mr Allende. “It is impossible to do this with just an individual private banker approach.” The risk here is that relationships


will in future essentially be determined by technology and data rather than personalities.


WATCHANDLEARN Although thosewho know him say the vision and the leadership of Caixa’s private banking operation comes directly fromMr Allende, he credits the newparadigmto other operations he has witnessed fromhis peer group, particularly in foreign territories. “The only thing we have really


done is to travel a little bit, seewhat others are doing and then apply that to Spain,” says Mr Allende humbly. “We didn’t invent anything.Wejust looked atwhat others were already doing successfully and copied those best practices. But we have gone a little bit further putting them together, and more importantly, with a high conviction in their implementation. Ideas are out there for all of us. The challenge iswhether we can implement them.”


CaixaBankwasawardedBestPrivate BankinSpainandVictorAllendenamed BestLeaderinPrivateBankingin PWM’sGlobalPrivateBankingAwards, 2020.Extendedcoveragefrompage10


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