My Private Banking Research: 3 Questions to Mariam Rassai
In its April 2018 report "Digital Leaders in Wealth", the independent research institute myPrivateBanking ranks BNP Paribas Wealth Management as the leading player in the private banking sector for its innovation and digitalisation strategy. We explore the factors behind this success with Mariam Rassaï, Head of Client Experience for BNP Paribas Wealth Management.
Beyond the method, which concrete innovations made the difference?
M.R. The study mentions “the Leaders’ Connection”, an app that allows our large clients to make co-investments together, whether for acquiring an office building or a stake in an unlisted company. This initiative clearly underscores our tailored approach for the most expert investors.
As regards our mobile apps, they are aimed at our entire wealth management client base. These apps allow clients to manage their wealth and take advantage of investment opportunities at any time from their mobile, and to interact with the bank more fluidly, in line with new habits.
Finally, myPrivateBanking Research also understood and appreciated our sequenced approach. Innovative functions such as digital recommendations for personalised investments or the aggregation of wealth are gradually being integrated into our myWealth client platform.
What are the next steps?
M.R. The myPrivateBanking Research study generously stated that there are no weaknesses in our approach; this is why we received a 10/10 rating. I would be more moderate in my assessment, since we still have much to do to provide a first-rate digital experience to all our clients! First, we must make sure that our innovations are deployed in more countries and for more clients. Our teams are committed to meeting this challenge.
Finally, we must continue to integrate new client expectations and emerging technologies as they are introduced. Our three “factories” in Singapore, Geneva and Luxembourg are working on new Minimum Viable Products that we are testing with our clients. Several new products will be announced in the coming months!
Click here to discover the redesigned BNP Paribas Wealth Management client experience.
Click here to learn more about the study “Digital Leaders in Wealth Management”.
In your opinion, what are the factors that explain this 10/10 rating?
M.R. The authors of the study emphasise that we have succeeded in developing both a digitalisation strategy for our private clients and a strong culture of innovation. And this is, in fact, the main objective of our client experience programme. When it was launched in 2016, we concentrated on identifying our clients’ new expectations. The next year was focused on the development of many Minimum Viable Products in agile method and in co-construction with our clients and Fintechs. In 2018, these services and functions -- the majority of which are highly innovative -- are being deployed on a larger scale. I think that this is why we are more strongly identified as a leader in innovation for private banking.
The recognition by MyPrivateBanking honours the efforts of nearly 400 people: clients, employees, and Fintech partners. It certainly encourages us to continue our digital transformation!