In the past few months, the adaptation of digital products has increased among customers in Swiss Private Banking. Here, digital and mobile access is an essential requirement. Yet at the same time, Swiss investors remain very keen on the personal component. Financial service providers must comply with this conflict. Even though Swiss Private Banking is known to always deal with complex situations in a professional manner, the task of developing a digital solution that meets the requirements of individuality and personal relationships is challenging.
However, the best time to take action is now, as traditional financial service providers maintain an advantage in terms of trust over the offers of young technology providers.
The purpose of this paper is to illustrate parameters of a potential solution. From the provider's perspective, a solution must reduce expenses, emphasise expertise, create transparency and be efficient. Exclusive features offer room to differentiate oneself from the competition and to position oneself significantly in the market through a unique offer. Such features can, for example, transparently display portfolio activities in a timeline, provide access to curated content or generate personalised reports. They also offer customers the best opportunity to provide a unique service experience.
Even in direct comparison to existing methods of wealth management, such as traditional and individual wealth management, but also the Robo Advisor, digital wealth management remains convincing from both the providers' and the customers' perspective.
To summarise, digital wealth management offers a lot of room for creativity and individuality. Technological backing allows for an exclusive offer which creates a positive service experience for the customer and becomes the key to new revenue streams for providers. Efficiency and scalability are also ensured, so that new target groups can be attracted.
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About aixigo
aixigo has the world's fastest API-based wealth management platform for investment advisory, portfolio management, portfolio risk management, portfolio analysis and portfolio monitoring. The platform, which is equipped with more than 100 digital services delivers constant trend-setting and real added value innovations to aixigo’s customers and their savings and investment customers. aixigo’s international customers including Bank Vontobel, BNP Paribas, Commerzbank and Hargreaves Lansdown are already benefiting from the aixigo platform. Furthermore, aixigo was awarded the Banking IT-Innovation Award by the University of St. Gallen (Switzerland), the German Innovation Award by the German Bundestag and the German Industry, and was named in the WealthTech100 by FinTech Global.
