Herbert Scheidt, chairman of Switzerland's Vontobel private bank, in an interview with finews.com speaks about the credibility of the banking industry, his expectations for his staff, good banking advice and the legacy of the late Chairman Hans Vontobel. He also gives a hint about what his bank will change in September of this year.

Herbert Scheidt, why is there a lack of credibility in Swiss big banks among the people?

Fundamentally, there are two perceptions: Studies show that customers trust their own bank and their advice.

When asked about the image of the financial industry as such, the picture is a different one. That’s where the events surrounding the latest financial market crisis show.

When and how will this lack of trust disappear?

Once words and deeds go hand in hand. In other words, when we proof customers in our daily exchange that we do what we promise to do.

And to the extent that we concentrate less on what happened in the past and focus more on the future and its opportunities. That’s when the perception about the entire industry will change.

Bank Vontobel is adjusting its guiding principles. Is this partly a reaction to the perception by the general public about the banking industry?

We do not adjust our guiding principles. What we, the board and the executive together with our staff, have done, is akin an archeological excavation: Unearthing what we are all about. We haven’t reinvented ourselves.

«In the end, our staff will make the difference»

Vontobel remains Vontobel – but with sharper outlines and a clearer identity. This is what becomes more and more important in a competitive world, where services and products are seemingly interchangeable.

You recently said that customers decided to bank with Vontobel no longer because of what the bank does but more and more because of how it does it and why. What are you doing differently?

In the end, our staff will make the difference. The quality of service to our clients and the demands we have in ourselves and the quality of our work are decisive. We all are conscious that it depends not only on what we do but primarily on how we do it.

What does this mean for employees?

In all our tasks we rely on employees who are willing to take responsibility and who are actively looking for opportunities and solutions even in difficult markets. Vontobel stands out in as much as we and our customers don’t follow every trend. But we detect them at an early stage and stick to our strategic decisions if we are convinced about them.

That’s what Vontobel how I’ve known it for the past 15 years has stood for. And this is what we in future want to make more readily recognizable.

In the mission statement you mention new convictions needed in banking today. What has changed compared to earlier?

A sense of orientation and identity becomes ever more important in times when things are in motion, old and trusted structures are being dissolved and new ones visible in their infancy only. Customers nowadays don’t just want to know which products we offer but why and how we do so. If we want to remain successful we need to give answers.

«Wealth international clients are increasingly looking for regional diversification options»

Studies show that companies with a clear purpose have better motivated and happier staff as well as significantly faster growth than companies who don’t provide clear answers to the questions about the ‘how’ and ‘why’.

What expectations have clients in respect to the advice by the bank?

Wealthy clients expect that we properly understand him and his situation and are able to offer suitable solutions. The so-called «model T-banking» of «you can get a Ford in any color as long as it’s black» won’t do any longer.

Wealthy international clients are increasingly looking for regional diversification options. Security is playing an important role. Stability becomes a value in itself the more insecure the environment is.

And above all, the client expects that the service and results promised are being delivered.

Bank Vontobel expects employees to take more responsibility, to keep a long-term perspective and to show perseverance. How do you expect staff to translate these values in their day-to-day work?

By helping employees on all levels to take responsibility and to make good use of the liberties available. We are investing in our employees and business culture for that purpose.

You’ve announced a new and unmistakable Vontobel experience for September 2017. What will it be like?

We won’t wake up one fine day in September and not recognize Vontobel anymore. I can promise you as much. After 15 years, we have put work into the visual appearance of our company. We won’t break with our past and develop on the bedrock of our history, taking it into the future.

«What we stand for is independent entrepreneurial thinking, a will to create and perseverance»

But actually, it isn’t about the new design at all. The new appearance is primarily the transmission belt. What it is about is that customers should discover in the daily exchange with us what we stand for, independent entrepreneurial thinking, a will to create and perseverance.

Honorary Chairman Hans Vontobel, who died at the beginning of 2016, shaped the bank for many years with his values and convictions. Will the new guiding principles mark a change away from his principles?

No, quite the opposite. It is the extension and renewal of the principals that have guided our work for decades. Hans Vontobel stood for responsibility, entrepreneurial action and trust in the opportunities of the future, even if it wasn’t in keeping with the so-called mainstream – his famous dictum «Quand même».

Herbert J. Scheidt has been chairman of Zurich-based Bank Vontobel since 2011.  From 2002 through 2011, he acted as chief executive officer. Before joining Vontobel, Scheidt worked for two decades at Deutsche Bank in Germany, New York, Milan and Geneva. For last six years of his time at Deutsche, Scheidt was head of the Private Banking International unit based in Geneva.

The banker has a degree in economics from University of Sussex and an MBA from University of New York. He is also the president of the Swiss Bankers Association.