Andreas Feller: «The Gods of Bahnhofstrasse»

The reason why private hospitals are well ahead of the banking business in the way they treat their wealthy clients is one of sheer necessity: the structural change in the health-care business came earlier than in banking. «In the banking industry, it is now accelerating and becoming evident through the consolidation process,» Feller said.

Mutual Respect

The structural change is affecting the margins of the companies, but the atmosphere among bankers has also seen better times.

The training that the bankers from the Zurich business mile had at the hospital served its purpose in that respect. Talking to the doctors and nurses it became clear that they held the bankers in a very high regard – the gods of Bahnhofstrasse so to speak – with a lot of respect for what they know and how they advise their clients.

Crucial Work Environment

Feller doesn’t know yet whether the cooperation with the hospital will continue, despite its success. The program was an additional burden for the finely tuned business of a hospital such as Hirslanden.

The idea for the cross-industry-learning experiment was put to Feller by a former member of staff, who was a patient at the hospital. Feller, a man easily inspired and with an affinity for all things medical, was all for it. The parallels between the industries are obvious and the relationship between the doctor and hospital is one of the examples.

Much as a hospital, a bank also has to create an environment in which relationship managers can thrive. The finance industry has to keep pace with technological progress, just like the health-care sector. And: «You can’t treat your customer as a guinea pig.»

How to Reestablish a Bond of Trust

New offerings and innovative technologies have to be tested properly before being released, be it to the hospital’s clientele or the bank’s. Feller is adamant that off-the-rack offers are a good thing.

«Some may frown upon standardized products, but the banks spend the most money on such products,» he said. «The challenge is to apply the offering of the bank to the personal situation of the client. Technology gives the relationship manager more time to spend with his client and to build trust.»

And it is this bond of trust that has been partially broken over the past decade and which Julius Baer wants to reestablish. Projects such as Feller's hospital experiment ought to help the bankers understand how this is achieved in another setting.

At the heart of matter remains what Feller put in a succinct manner: «You have to like dealing with people. If you don’t, you’re in the wrong job.»