Swiss private bank Julius Baer is leaning more on technology to advise its wealthy clients. Operating chief Nic Dreckmann has shuffled the department's top ranks.
The Zurich-based wealth manager has invested more than $1 billion in improving its technology since 2014. In Asia, where one-quarter of the bank's assets are now managed, Julius Baer has already migrated to a new platform provided by Temenos, and private bankers in Europe are relying on robo-assistants to conquer reams on paperwork.
«All of this keeps us on our toes», CEO Bernhard Hodler said on Monday during the Swiss bank's full-year results. «You don't need deep pockets or bells and whistles to be up to speed.»
Swiss Upgrade
The bank's efforts pale in comparison to what awaits: Julius Baer is working on a workable interface between its old core banking system and the digital options it wants for its clients and employees in future.
The interface is needed because Julius Baer has decided not to replace its current system, dubbed «Host». The move echoes an approach taken by UBS and Credit Suisse gleich, Hodler, though «Host» is in good working order.
Digital Shuffle
Operating chief Nic Dreckmann and digital boss Christoph Hartgens are responsible for the tech upgrade. However, Hartgens' job is being phased out: the former Cash Zweiplus CEO will spearhead a digitization of Julius Baer's trading activities, a spokeswoman told finews.com.
The wider digitization effort will be led byMarzia Thuering-Menegon, who joined Julius Baer last April as head of business transformation. This April, she will be joined by UBS tech executive Matthias Plattner, whom Julius Baer is hiring as head of channels under Thuering.
Compliance Woes
Their tasks will include rolling out a robo-assistant in Switzerland, following the European introduction. The bank hopes to lift its efficiency per private banker with the measure: advisers in Europe have shaved 75 percent off the time needed to carry out client business, Hodler said.
The tech advances should help Julius Baer in its most troublesome area currently: compliance. An invasive worldwide client review is due to conclude by year-end, as finews.com reported earlier on Monday.
