Since the last decade, European private banking and wealth management sectors have been battling reduced profit margins. The profit of private banks in western Europe dropped 1.5 per cent to €13.3 billion last year and have shrunk by a tenth from the peak of €14.7 billion registered in 2017 as per McKinsey’s analysis. Several factors, including a wave of regulations following the 2007-08 global financial crisis is the reason for the present climate. Due to enhanced risks, governments across the globe have imposed new regulations forcing banks to document each step of client interaction or face hefty fines along with dent in reputation. This has contributed significantly to deteriorating the customer experience and affecting the investments in general. Another significant aspect that reduced the profit margins is changing customer behaviour due to the rise in technology consumption by the clients. The clients who reviewed their accounts once per year want more transparency and around the clock interaction with their banking service providers. This has added to the operational cost that takes a cut in the profit. VitusRotzer, CEO at New Access opines, “Businesses operating in the wealth management and private banking sectors need to revitalize their operational strategy and adopt client-centric view in order to be profitable.” To that end, banks need to start thinking from the client perspective and work backwards to enhance customer experience and achieve a controlled and efficient operating cost, while keeping the complexity to its lowest. This is where New Access makes a difference with agile and scalable core-to-digital advanced software solutions exclusively for the private banking and wealth management sectors. The company’s solutions allow these sectors to turn the challenges into opportunities by significantly improving client interaction in compliance with all the stringent regulations across countries.
“We have gained deep expertise working in the private banking and wealth management industries for 20 years that allows us to offer best-in-class and reliable solutions for these sectors,” says Vitus Rotzer.
We have gained deep expertise working in the private banking and wealth management industries for 20 years that allows us to offer best-in-class and reliable solutions for these sectors
The company's client lifecycle management solution, Banker's Front is a fully configurable front-end portal that enables bankers and clients to interact seamlessly in a fully secured and cross-border regulatory compliant environment. Developed on the back of the three pillars—client relationship management, document management, and portfolio management—the web technology-based solution is the only portal that provides an intuitive interface to the relationship managers for managing the complete lifecycle of the client services, from prospection to onboarding, modification, review, and all the ongoing day-to-day activities. Vitus Rotzer states, “We leverage our knowledge about client management, financial instrument management and document management and put that into our Banker’s Front solution, enabling banks to improve client relationship to a great extent.”
In 2017, New Access acquired the Ambit Private Banking business from FIS (ex-SunGard) that provides a comprehensive suite of software solutions, including APSYS that offers all the relevant information regarding the supervision and control of the client’s financial situation, including positions keeping, performance, profitability, revenue, liquidity, currency reserves and interest income. More importantly, New Access allows integration of its solutions with third-party Fintech/Regtech solutions for enhanced value and management of the processes (e.g. sophisticated risk engine and portfolio optimization tool, cross-border compliance, and others). Further, with the onset of the COVID 19 pandemic, the company has integrated video conferencing system on its platform in addition to the digital signature and messaging feature to help its clients interact with their clients efficiently in this scenario.
Established in 2000 by banking and IT industries experts, New Access boasts of a proficient team of 200 employees that serves more than 50 of its clients spread across many countries. Headquartered in Geneva, Switzerland, the company has offices in Zurich, France, Luxembourg, Singapore and Tunis. “We leverage the best digital tools and solutions and keep innovating our services to help our clients gain a competitive edge over their counterparts,” concludes Vitus Rotzer.