Wealth Tech Awards 2025: Winners’ profiles

Profiles written by Nicholas Fearn, James King, Joy Macknight, Chris Newlands and Henry Smith

Wealth Tech Awards 2025
Wealth Tech Awards 2025

Best Private Bank for Digital Wealth Planning    

Best Private Bank for Big Data Analytics and AI

Best Digital Private Bank in the US               

JP Morgan Private Bank

JP Morgan Private Bank positions itself as a ‘digital-first’ private bank, strategically investing in its platforms, integrating big data analytics and AI, to improve client experience and staff productivity.

“Digital developments have significantly reshaped client preferences, with an increasing demand for personalised, secure and efficient digital experiences,” says Andrew Catterall, head of digital and data transformation for the international private bank.

“JP Morgan has responded by overhauling the global user experience, spanning over 25 countries and seven languages, to cater to diverse client needs.”

For example, the bank has revamped JP Morgan Online International (JPOI), improving the user interface, execution capabilities and security features of the mobile app. This has resulted in a 20 per cent increase in client satisfaction and a 119 per cent rise in monthly active mobile users, claims the bank.

Additionally, the introduction of personalised, data-driven nudges via JPOI has led to a “17 per cent increase in clickthrough rates and heightened digital activity”.

In late 2023, the bank launched its Goals-based Planning (GBP) tool, which integrates clients’ internal and external assets. The auto-generated customisable client proposals help advisers personalise investment strategies.  In 2025, JP Morgan is planning to integrate GBP within the JPOI experience.

The private bank also rolled out Connect Coach, a platform that integrates multiple AI use cases and large language model (LLM) agents into its adviser ecosystem. The LLM Suite, powered by ChatGPT, acts as a “co-pilot for financial advisers”, allowing them to retrieve financial insights, deliver market commentary at scale, and prioritise outreach and engagement.

“AI has become a game-changer in wealth management,” says Karen Donnelly, head of digital for the US private bank. “Our advisers are experiencing significant productivity gains with these advanced tools, allowing them to do more for our clients. By supporting human interaction, these tools enable our advisers to enhance their service and deliver greater value to our clients.” JM

 “AI has become a game-changer in wealth management,” says Karen Donnelly at JP Morgan Private Bank
“AI has become a game-changer in wealth management,” says Karen Donnelly at JP Morgan Private Bank

 

Best Private Bank for Digital Portfolio Management      

Best Private Bank for Self-Directed Investments              

UBS

Against a background of geopolitical volatility, corporate challenges and regulatory machinations, UBS is doing its best to steer a steady course in its flagship private banking unit. Its much-praised technology is still receiving plaudits from market commentators, especially when it comes to portfolio management, an area not always prioritised by other leading players.

One such lauded example is the bank’s ‘My Way’ portfolio management tool, which has been dubbed the “Netflix of banking” in some quarters of the media. UBS calls it “simple, intuitive and fully personalised”, adding that it enables clients to tailor their portfolios beyond traditional mandates in order to offer “unmatched flexibility”.

And, as a result of its popularity among clients, UBS has chosen to quickly roll out the tool onto the Credit Suisse platform it inherited following the 2023 merger.

With a hint of understated Swiss efficiency, leading bankers at Zurich HQ like to speak about “business as usual” when servicing wealthy clients.

“At UBS, helping wealthy individuals and families pursue what matters most to them has been our purpose for over 160 years,” says a UBS spokesperson.

“Staying close to our clients is more important than ever, especially in times that have seen a global pandemic, technological breakthroughs, the outbreak of wars and the largest spike in inflation in decades.”

But insiders are quick to point out the continuing challenges the bank faces. Even though nearly two years have passed since UBS completed its acquisition of Credit Suisse, the pressure of that merger still weighs heavy around the necks of the bank’s senior management.

Indeed, during the first few months of 2025, as part of a compromise deal with Swiss regulators — who are considering increasing the bank’s capital requirements — UBS agreed a cap on the size of its investment bank.

In an open letter, Sergio Ermotti, chief executive of UBS, said he “never expected the greatest obstacle to delivering a successful outcome would come from the same authorities who asked us to take on the Credit Suisse challenge”.

The problem for Swiss regulators is that the UBS balance sheet has grown larger than the country’s GDP as a result of the government-mandated acquisition of its once fierce rival. Should the bank fail, the clean-up operation would be messy, causing the Swiss finance minister, Karin Keller-Sutter, to say that she “must first look after the interests of taxpayers”. CN

 

Best Private Bank for Culture and Vision                 

Best Private Bank in Europe for use of Technology         

BNP Paribas Wealth Management

 

Best Private Bank in Europe for Digital Wealth Planning             

BNP Paribas Fortis

Like its rival leading players, BNP Paribas Wealth Management is keen to ramp up its use of and reliance on artificial intelligence (AI).

Despite the potential negative effect on staffing levels — Bloomberg Intelligence suggests major banks could cut up to 200,000 jobs globally in the next five years due to AI — the French bank believes it will be revolutionary for clients.

Mariam Rassai, head of digital transformation at BNP’s wealth management unit, says: “We have accelerated our work on AI as we strongly believe it offers promising perspectives for the wealth management industry, being a real game changer that offers a wide range of opportunities.”

The bank already has various AI “use cases” in action to enhance client experience, personalise investment recommendations, improve operational efficiency, and to detect and prevent risks related to fraud and anti-money laundering. It also plans to use AI to perform checks as part of the bank’s mandatory ‘know-your-customer’ process.

“We are now driven by an ambitious vision for generative AI. We have launched an intensive round of idea creation sessions involving all types of profiles [and people within the company], from the front office to the IT teams across our sites in order to identify impactful use cases,” she says, adding that this has so far involved more than 160 participants at the firm.

But this is just the start of the bank’s exploration of AI and there is much more to learn, says Ms Rassai, an engineer by training.

“We are at the beginning of the generative AI path,” she says. “We need to continue this journey in order to leverage as much as possible from this technology, which clearly offers a lot of opportunities in many areas.” CN

 

Best Private Bank for ESG Technology      

LGT Private Banking

Four hundred employees at global private bank LGT are now using its environmental, social and governance (ESG) analysis tool.

Launched in August 2024, LGT ESG provides easy access to carbon emission, energy consumption and sustainability rating data. This information is helping the bank’s global experts better understand their clients’ ESG practices.

Creating the product, however, has been challenging for the bank. Tobias Hurst, who leads its development, says its success depends on “extensive architectural and infrastructure work”, tight integration with LGT’s existing IT real estate and “seamless” dataflows.

Mr Hurst and his team are responding to these challenges with team-wide collaboration and ongoing user feedback. And they are actively thinking about the product’s future, exploring how artificial intelligence (AI) can create actionable ESG summaries from quantitative data.

“The goal is to integrate the AI-generated qualitative summaries into the ESG Navigator and launch it by the end of the year,” he adds. NF

 Four hundred employees at global private bank LGT are now using its environmental, social and governance analysis tool. Image © Paul Trummer
Four hundred employees at global private bank LGT are now using its environmental, social and governance analysis tool. Image © Paul Trummer

 

Best CRM for Private Banking in Asia         

Axis Bank

Burgundy Private, the private banking arm of Axis Bank, broadened its reach in 2024, adding 15 cities to its network for a total of 42 locations across India. This expansion taps into the country’s booming private wealth market and underscores the firm’s growth ambitions.

But Burgundy Private’s growing physical footprint is also being accompanied by investments in digital capabilities. In particular, its customer relationship management platform, known as Siddhi, has been designed with a “client-centric focus” and integrates real-time data and insights to benefit customers and private bankers, claims Axis.

Siddhi also facilitates end-to-end journeys for a broad range of products, enabling swift portfolio rebalancing. “Siddhi seamlessly integrates digital efficiency with personalised engagement by automating routine tasks, providing real-time insights, and enabling on-the-go portfolio management,” claims Sonali Dahiya, head of wealth at Axis Bank — Burgundy Private.

Bankers at Axis are not resting on their laurels however, with stiff competition coming from major players Kotak and HDFC. They are aware that more cutting-edge digital innovations will be required across India’s wealth management market, as the industry grapples with a deepening talent shortage. JK

 

Best Digital Innovator of the Year in China            

China Merchants Bank

China Merchants Bank is betting big on digital transformation to secure its future growth trajectory, as it grapples with choppy market conditions and growing competition.

The Shenzhen-headquartered financial giant’s private banking arm is adopting artificial intelligence (AI), big data, cloud computing and other tools to advance its wealth technology capabilities, as it optimises internal operations and client-facing solutions.

In particular, CMB Private Banking — the market’s first mover — has built a digital client management system that harnesses AI and intelligent agents to meet frontline client managers’ needs. Moreover, the development of its ‘Family Trust Cloud’ permits collaboration with third-party partners across the full life cycle of family trust management.

CMB Private Banking is also embracing AI technology to boost anti-money laundering and due diligence procedures.
“We believe that leveraging AI's capabilities in anti-money laundering initiatives and due diligence processes will unlock new productivity potential, driving digital transformation and operational upgrades across the banking sector,” says a spokesperson from CMB Private Banking. JK

 

Best Digital Private Bank in Asia   

Best Private Bank in Asia for Digital Marketing & Communication

Best Private Bank in Asia for self-directed Investments              

DBS Bank

DBS puts its success in growing its private clients’ asset base down to growing use of artificial intelligence (AI).

Joseph Poon, group head of the firm's private bank, explains why the high-tech push is so important. “By harnessing AI and machine learning, we deliver automated, personalised recommendations that deepen client engagement and translate into meaningful investment actions,” he says.

But Mr Poon recognises the bank has more to do. “We’re investing in generative AI and advanced analytics to elevate the productivity of relationship managers, so they can spend more time delivering tailored advice and value to our high net worth and ultra- high net worth clients,” he says.

“Innovation is never static and we remain committed to pushing the boundaries of what’s possible in digital private banking.”

While the Singaporean bank’s increasing reliance on AI has undoubtedly unlocked new opportunities, the company’s ultimate boss recognises it will have an impact on staff numbers.

At a recent IT conference in India, Piyush Gupta, chief executive of DBS, told delegates that over the next three years the bank “will shrink” its workforce by “about 4,000 [people] or 10 per cent” as a result of new technology.

“In my 15 years of being a CEO, for the first time I’m struggling to create jobs,” said Mr Gupta. “So far, I’ve always had a line of sight to what jobs I can create. This time I’m struggling to say how I will repurpose people to create jobs.”

The jobs at risk at the bank will be mainly temporary and contract roles. DBS employs between 8,000 and 9,000 workers on these contracts. Full time staff will not be impacted.

Indeed, figures from Bloomberg Intelligence suggest that major banks could cut up to 200,000 jobs globally in the next five years due to AI.

Despite the cuts, however, Mr Gupta expects 1,000 new positions related to AI to be created within DBS. CN

 “By harnessing AI and machine learning, we deliver automated, personalised recommendations that deepen client engagement and translate into meaningful investment actions,” says Joseph Poon from DBS
“By harnessing AI and machine learning, we deliver automated, personalised recommendations that deepen client engagement and translate into meaningful investment actions,” says Joseph Poon from DBS

 

Best Private Bank in Asia for Big Data Analytics and AI                 

Taishin International Bank

Taishin International Bank has responded to growing demand for personalised services by launching a project to deliver more targeted and customised solutions for its clients. To support this, Taishin, one of the leading players in the highly competitive Taiwanese market, has adopted a learning-to-rank algorithm known as LambdaMART, which helps segment its product suite based on individual customer needs.

Initiated in 2024, the LambdaMART project has enhanced prediction accuracy and improved customer prioritisation across a range of Taishin International Bank’s offerings, including loan products, leading to increased uptake of existing solutions. This success has been built on the use of a scoring model that harnesses internal and external data points to determine customer preferences, says the bank.

Taishin International Bank is also deploying generative artificial intelligence tools alongside this project to tailor associated marketing materials. This use of technology is helping reduce customer churn and boost product uptake, as interest in Taiwan from foreign private banking players heaps pressure on existing market participants. JK

 

Best Private Bank in Asia for Digital Customer Experience      

Best Private Bank in Asia for use of RegTech       

Best Private Bank in Asia for use of Technology                 

Best Digital Leader - Céline Le Cotonnec (see interview)

Bank of Singapore

Bank of Singapore, the private banking subsidiary of OCBC, has launched a one-stop mobile-first, omni-channel, hyper-personalised digital platform for clients and financial intermediaries (FIMs).

The redesigned platform provides a 360 degree-view of client accounts, tailored financial advice, actionable insights and the ability to trade on-the-go across 11 markets and global exchanges. FIMs benefit from next best action suggestions, artificial intelligence (AI)-driven product ideas and a GenAI copilot. The dashboard has a 90 per cent adoption rate among clients and relationship managers, claims the bank.

“Strong engagement and education” is needed at every stage of the digital transformation journey, says Karthik Shenoy, the bank’s head of platforms and integration office.

“Our customer experience team involves clients in the process, gathering feedback to ensure our digital solutions are intuitive and meet their needs,” he says.

To combat financial crime, Bank of Singapore has implemented a dynamic trigger monitoring (DTM) model that uses AI tools to perform comprehensive financial crime risk assessments on clients’ source of wealth, transactions and behavioural profiles. The bank can now detect red flags in real-time more efficiently, particularly during high risk situations.

DTM has uncovered six new financial crime typologies, as well as achieved a threefold reduction in false positives and 20 per cent time savings in the investigation process. Mr Shenoy believes “false positives” could be reduced further by using contextual search and validating results by cross-referencing them against a broader dataset.

The objective of the model is to dynamically escalate clients with red flags and facilitate the bank’s transition from traditional time-based triggered reviews to dynamic, data analytics-triggered reviews. JM

 

Best Private Bank in China for Digital Marketing & Communication 

Best Private Bank in China for Digital Portfolio Management

ICBC Private Banking

In China’s tech-savvy private banking sector, the pace of digital innovation is frenetic. As clients embrace new communication channels in their daily lives, market participants are adapting their marketing, engagement and outreach initiatives accordingly.

ICBC Private Banking is no exception. It harnesses three principal online platforms, including its mobile banking offering, cloud branches and its official WeChat account, to engage its client base and provide specialised offerings for specific customer sub-segments.

In the upcoming version of ICBC Private Banking’s mobile application, a metaverse-based virtual space will be deployed, allowing customers to use virtual characters to interact with digital booths, video content and promotional materials. The metaverse offering will also support full client service solutions capable of providing real-time guidance on all aspects of customer finances.

“ICBC Private Banking's metaverse innovations will elevate digital engagement through immersive virtual consultations and scenario-embedded financial understanding, fostering emotional brand resonance,” says a spokesperson for ICBC Private Banking.

Choppy market conditions in China have bred a mix of opportunities and challenges for the domestic wealth management market. In this environment, ICBC’s Intelligent Investment Advisory platform has helped clients pursue specialised asset allocation strategies through a diversified mix of service solutions.

In particular, customers benefit from enhanced portfolio analysis, market views, allocation suggestions and product recommendations. Wealth advisers are also empowered through the offering, which facilitates personalised interactions tailored to specific client needs.

Looking ahead, ICBC Private Banking says it aims to boost this flagship platform by increasing the scope of performance metrics, enhancing product screening criteria and refining production evaluation, among many other changes. It will also harness additional artificial intelligence capabilities to improve the platform.

The bank says it will continue to work with “emerging AI technologies”, in order to integrate advanced client insights, real-time asset diagnostics, personalised asset-allocation recommendations and AI-driven advisory support. JK

 In the upcoming version of ICBC Private Banking’s mobile application, a metaverse-based virtual space will be deployed, allowing customers to use virtual characters to interact with digital booths, video content and promotional materials
In the upcoming version of ICBC Private Banking’s mobile application, a metaverse-based virtual space will be deployed, allowing customers to use virtual characters to interact with digital booths, video content and promotional materials

 

Best Private Bank in Asia for Digital Portfolio Management     

HSBC 

It has been a time of great change for HSBC, which despite continued focus on market-leading portfolio management technology, has undergone a sweeping overhaul intended to streamline costs and improve decision making.

Key to its success in terms of tech has been the bank’s ‘Prism Advisory’ platform, a portfolio-based investment service that combines what HSBC calls “expert guidance and data-driven insights”. The platform also provides clients with a “health check” that ensures they can quickly react to changes in their portfolio.

The bank says: “Prism is a clear example of how we are building a truly hybrid wealth management proposition and a cutting-edge portfolio advisory service, making our services more agile and responsive to market developments.”

All of this comes amid a period of flux at the bank, however. In October 2024, CEO Georges Elhedery unveiled a plan to merge some business units and separate out its geographic footprint into east and west. The move involved the removal of duplicate roles in a bid to reduce costs and bolster income.

One casualty of that was the bank’s global private banking and wealth boss, Annabel Spring, who left the company at the end of last year and was replaced by interim chief Gabriel Castello.

The bank, however, said at the time: “Global private banking remains central to our wealth ambition.” CN

 

Best Private Bank in Australasia for Culture and Vision              

Bank of New Zealand

Bank of New Zealand (BNZ) Private Bank fosters a culture of continuous improvement by encouraging its teams to constantly look for ways to streamline their daily processes, claims the bank.

But this is far from the typical corporate bravado. When embedding new changes, the bank holds “objection workshops” to encourage the team to bring forward their concerns and questions.

“This streamlines the adoption of changes and provides better outcomes for our teams and clients,” says Jenna Broadhurst, the bank’s general manager of private bank and home lending.

In 2024, it invested in the use of advanced data analytics to examine the broader BNZ consumer portfolio and identify future private bank clients. It also continued enhancing its new end-to-end CRM platform, leading to an eight-point increase in its net promoter score to 80 points.

BNZ has also launched a wellbeing app, TeHauora, to share thought leadership on physical and mental wellbeing, as well as facilitate wellbeing challenges to encourage teams to come together around their health. JM

 Bank of New Zealand holds “objection workshops” to encourage the team to bring forward their concerns and questions abut new changes, which provides better outcomes teams and clients, says the bank's Jenna Broadhurst
Bank of New Zealand holds “objection workshops” to encourage the team to bring forward their concerns and questions abut new changes, which provides better outcomes teams and clients, says the bank's Jenna Broadhurst

 

Best Private Bank in Thailand for Digitally Empowering Relationship Managers

Siam Commercial Bank

In February 2025, Siam Commercial Bank set a goal to become Thailand’s number one “wealth management bank” in terms of assets under advisory, customer satisfaction by net promoter score and sustainable portfolio growth, by the end of 2026.

To achieve this, SCB must overcome a daunting set of challenges. First, the number of international private banking and wealth management firms setting up in Thailand is growing, fuelling intense competition. Second, a shortage of experienced relationship managers is straining the broader industry and driving up wage inflation.

However, SCB is pushing hard to hit its growth target by empowering its relationship managers with a new generation of digital tools. This includes its RM-assisted digital advisory platform, wPlan, that offers end-to-end solutions including client onboard, product execution and account monitoring.

In addition, account planning and portfolio monitoring for individual customers has been boosted by SCB’s data driven advisory platform, equipped with a broad suite of analytic tools to help relationship managers. JK

 

Best Digital Innovator of the Year in Central and Eastern Europe        

Bank Pekao S.A.

Poland’s Bank Pekao is preserving the work of renowned Polish artists like Stanisław Wyspiański and Jan Matejko for future generations thanks to the latest advancements in photography, digital storage and blockchain technology.

Through the ARCHIV3 project, the bank uses reproductive photography to create realistic scans of original artworks, the blockchain to archive them digitally and light-sensitive piqlFilm to provide offline archiving. The art is stored in an Arctic World Archive vault in the Norwegian archipelago of Svalbard for up to two millennia.

Despite this project’s success, blockchain still has a lot of stigma attached. But Michał Walęczak, head of private banking at Bank Pekao, says the bank is showing that blockchain can be a credible technology through client education sessions that address the tech’s opportunities and risks.

Still, the bank remains confident in the future of blockchain, so much so that it’s actively exploring wider uses for the technology across its operations and products. However, Mr Walęczak admits that Polish regulations must catch up for this to happen. NF

 

Best Private Bank in Central and Eastern Europe for Digital Customer Experience

mBank S.A.

Poland-based mBank is now offering a new wealth reporting suite across its online and mobile banking services as it continues to pursue a “digital-first” customer experience strategy.

The bank previously displayed daily valuations of financial instruments, but some customers felt the lack of comprehensive financial data limited their experience.

The improved wealth reporting tools detail total investments, individual portfolios and financial instruments. These include valuations, return rate and profit level breakdowns.

Users can also visualise past valuations and return rates, perform benchmark comparisons and monitor investment performance. Additionally, they can analyse diversification using asset class, currency and regional indicators.

The company is also exploring ways in which artificial intelligence technology can further enhance this experience, including more detailed financial insights and tailored recommendations.

Edyta Bogacka, head of the private banking client department at mBank, says these features are delivering a “seamless” and “innovative” digital experience that is helping customers “manage their wealth more effectively.” NF

 mBank is now offering a new wealth reporting suite across its online and mobile banking services as it continues to pursue a “digital-first” customer experience strategy
mBank is now offering a new wealth reporting suite across its online and mobile banking services as it continues to pursue a “digital-first” customer experience strategy

 

Best Digital Private Bank in Europe

Best Private Bank in Europe for Digital Marketing & Communication                

CaixaBank

Spain’s private banking sector is adapting, as growing high net worth wealth and demand for specialised, tech-enabled services reshape the industry. CaixaBank Private Banking (CBPB) is part of this evolution, fusing in-house expertise with a sweeping digital overhaul of its business.

In particular, CaixaBank Private Banking’s new GPS platform, launched in late 2024, integrates its own capabilities with BlackRock’s Aladdin Wealth tool to deliver customised investment strategies, clear cost breakdowns, robust risk oversight and detailed portfolio insights.

Belén Martín, newly appointed head of private banking at CaixaBank, says: “The launch of the GPS platform reflects CaixaBank Private Banking’s vision to provide high-quality advisory services while utilising the latest technologies to meet our clients evolving needs, wherever they are.”

CBPB says it is the only private bank in Spain to use this platform, offering a leap in the quality of its service. Still, intensifying competition across the country’s private banking sector is emerging as a long-term test for all market participants.

In early 2025, CaixaBank launched its “Cosmos” plan to invest €5bn into its processes and technology, including the broad application of artificial intelligence (AI), over the coming years.

But harnessing digital innovations has long been a priority for the wider business, with CaixaBank Private Banking leading the way in using frontier technologies to boost its operations and client services.

In particular, leveraging AI and data-driven insights has enabled CBPB to create personalised digital marketing and communication campaigns that helped drive growth in the production of funds and managed portfolios over the course of 2024.

“CaixaBank Private Banking’s digital marketing and communication approach is shaped by the data-driven insights and advanced platforms we have integrated, including dynamic creative optimisation, AI-enhanced algorithms, and bespoke audience segmentation,” says Ms Martín.

CBPB has also built an emotional connect with its audience, by merging its financial expertise with aspirational experiences to deliver a meaningful impact, she says. JK

 

Best Private Bank in Europe for Big Data Analytics and AI         

Best Private Bank in Europe for Culture and Vision        

Best Private Bank in Europe for Digitally Empowering Relationship Managers         

Van Lanschot Kempen

Scoring a hat-trick is impressive in any context, but particularly in the sphere of digital innovation. Van Lanschot Kempen has upped its game with several initiatives to improve customer and employee experience.

Its purpose-built digital platform, ClientCenter, is a “one-stop-shop” portal to provide a hyper-personalised omnichannel client service, integrating data-driven insights with intuitive workflow management, according to Bas Rapati, chief analytics officer and managing director of digital and advanced analytics at the independent wealth manager. More than 90 per cent of its private bankers access the platform daily, says the bank, claiming a user satisfaction score of 91 per cent.

The bank has also plugged its artificial intelligence (AI) solutions into ClientCenter.
Its AI Meeting Preparation Assistant, for example, has reduced preparation time by 50 per cent, time now redirected towards value-add client interactions.

Investment in custom-built digital tools, such as its proprietary AI chat platform Leonardo, has enhanced the institution’s ability to attract and retain top private banking talent. “Private bankers are attracted by our values, strong brand and long-established business. Once they join, they are impressed by our advanced employee tools,” says Mr Rapati. “We have embedded a digital culture at the heart of the bank.”

Its innovation spirit is fostered by the Digital, Advanced Analytics and Technology (DAAT) department, which promotes continuous upskilling. Since 2018, it has held weekly Digitalks, monthly DIAlogue demo carousel sessions and annual hackathons to bring employees on the bank’s digital journey. Impressively, 50 per cent of all ideas launched in the hackathons eventually make it into production.

In 2024, DAAT organised more than 80 AI events with colleagues, clients and prospects about the transformative potential of generative AI. Now 90 per cent of users feel confident using AI independently. The hackathon in 2025 will focus on autonomous AI agents to help advisers draft personalised proposals. JM

 

Best Private Bank in Turkey for Digital Customer Experience

Akbank Private Banking

Akbank now provides advanced stock insights as part of its digital wealth management offering, which it claims is a first for the Turkish financial services market.

Powered by artificial intelligence (AI) technology, this new product enables retail investors to track NYSE and Nasdaq stocks in real time via the Akbank mobile app. It facilitates historical, technical and fundamental analysis.

Users can do all this without investing in third-party software or performing manual research, saving them both money and time. According to Dalya Kohen, executive vice-president of private banking and wealth management at Akbank, these insights are empowering customers to “make faster, more informed decisions”.

Granted, some users may be unfamiliar with novel technologies like AI. But Ms Kohen is confident that the platform’s intuitive interface, combined with user training and education, will make this transition less overwhelming.

This seems more important than ever as the bank plans to incorporate more AI and machine learning functions into its digital offerings, such as advanced scenario simulations and predictive analytics. NF

 

Best Private Bank in the Nordics for Digital Customer Experience    

Nordea

Nordic private bank Nordea is seeing significant growth and high customer satisfaction across its online channels after making a string of digital enhancements.

Nordea’s wealthy clients are now using its app one or more times daily and rate it four out of five stars in a sign that the bank plays an “essential” role in their day-to-day lives, according to head of digital wealth Johan Borg.

The bank recently updated its mobile app with an enhanced portfolio insights area, allowing private banking customers to monitor their investment and discretionary portfolios in one place.

Other new features include upgraded trading experiences, price alerts, news and research materials, and a consolidated corporate and personal holdings portfolio for Norwegian and Swedish customers.

Mr Borg admits these changes were not easy to implement due to the complex nature of savings and investments. However, cross-department collaboration and user feedback made them possible.

In the future, Nordea plans to improve its data engagement engine so customers receive insights that are more aligned with their goals. Mr Borg claims this will lead to “timely” and “tailored” cross-channel savings. NF

 

Best Private Bank in Spain for Digital Customer Experience  

Santander Private Banking

After seeing a sharp increase in client interest in taking an active role in asset allocation, in 2023 Santander Private Banking (SPB) launched Unique Portfolio (UP), a discretionary portfolio management service and introduced several improvements in 2024.

For example, in addition to advisers, investors can now create and adjust portfolios by themselves at any time and anywhere. The bank also released new building blocks to let clients choose between a wide variety of investment options, composed and managed by specialists, and aligned to a specific geographical market, as well as a new search engine to help with their selection.

Importantly, clients still receive personal support from their adviser. “The UP’s capabilities make it a truly hybrid tool to customise portfolios,” says Francisco Javier García Gómez, managing director, head of clients, SPB Spain. “The adviser still plays a main role in the client’s [decision process], enhanced by an important deployment of digital tools.” JM

 

Best Private Bank in the UK for Digital Customer Experience

Coutts

British private bank Coutts is planning to accelerate its digital transformation efforts in a bid to deliver a more personalised and inclusive customer experience for its wealthy clientele.

Over the next few months, the firm will overhaul its public-facing website, roll out new investment reporting tools across its app and improve the accessibility of its digital offerings so that they suit the needs of every customer.

The bank is also optimistic about the role of artificial intelligence (AI) technology in driving these changes. According to Louisa Nicholl, head of digital, experience and design of the wealth division at Coutts, AI banking use cases like predictive risk profiling, automated fraud monitoring and tailored financial insights are enabling the bank to deliver “timely, relevant, and contextual support”.

With this in mind, Coutts is equipping its teams with the latest AI tools to help them “work smarter and faster”. But Ms Nicholl is clear that the bank does not view this technology as a way of “replacing the human relationship”. Instead, the bank positions automation as an “enabler to excellence”. She adds: “We are a relationship-led bank, digitally enabled.” NF

 

Best Private Bank in Portugal for Digitally Empowering Relationship Managers     

BPI

Banco BPI is actively targeting the younger members of wealthy families through its digital transformation efforts as it looks to create private banking services fit for the future.

The high-profile Portuguese financial player is undertaking a range of initiatives to boost its appeal among young people, including a digital banking solution for customers up to 24 years old.

Called BPI AGE, the service is solely technology-based, has no maintenance costs and empowers young people to secure their financial futures by investing as little as €25. So far, 500 customers have created BPI AGE accounts.

Additionally, the bank runs a mentoring programme that helps VIPs and their family members navigate the fast-changing wealth management landscape and leverage the opportunities made possible by innovations like artificial intelligence.

Reflecting on these efforts, António Luna Vaz, executive director of BPI Private & Wealth, says the expectations of younger generations are “already influencing” its operations and communications.

With this in mind, he says it is vital that the bank equips its teams with the tools needed to “deliver a service that remains relevant and efficient”. NF

 

Best Private Bank in Europe for ESG Technology               

Bank J. Safra Sarasin Ltd

Like many banks and investment managers, Bank J. Safra Sarasin says sustainability considerations are a core part of its investment process. However, the Swiss private bank claims that what makes it “a leader in sustainable finance” is its “innovative” use of technology, touting its proprietary ESG Navigator platform as a competitive differentiator.

ESG Navigator, which was launched in its current form and name in October 2023, comprises four modules: ESG Portfolio Analytics for reporting, Sustainable Research Universe for holdings analysis, Engagement Tracker (added in 2024) for stewardship activities, and Turnover Universe for assessing the effects of environmental, social and governance rating changes.

The bank says the ESG Navigator “enhances the ability to align investments with client values, measure impact effectively, and uphold the highest standards of sustainable investing”.

Amid a political pushback in the US and Europe against ESG initiatives and growing investor scepticism towards sustainable investing, Daniel Wild, chief sustainability officer at Bank J. Safra Sarasin, says ESG strategies “have seen some outflows, mainly in the US, but to some degree also in Europe”.

Noting that “secular sustainability trends exceed the duration of a presidential term”, he adds that investors “should stay on track and choose companies that are aligned with long-term actual sustainability trends and can prove this through concrete strategies and actions”. HS

 

Best Private Bank in Europe for Self-directed Investments     

Deutsche Bank AG

In response to growing demand from self-directed professional investors, Deutsche Bank Private Bank launched the European Integrated Trading Platform to improve order execution processes across the private bank trading desks in the region.

“We recognised that certain platforms in the self-directed space required enhancements. Consequently, we re-evaluated our operations and introduced various features to empower clients and provide seamless auto execution,” says Marco Basteck, head of capital markets platform Europe in the bank’s private bank division.

Three modules are operational: fund trading, which uses more than 50 regulatory controls to enhance governance and automation efficiency for an improved client experience; listed derivatives automation, which eliminates manual keying errors, reduces costs and frees up capacity with straight-through processing; and the multi-broker, which provides improved business continuity by diversifying execution channels.

In 2025, Deutsche Bank plans to enhance the platform’s accessibility, launch new features and further extend its reach across various regions. JM

 

Best Wealth Manager in the UK for use of Technology

Investment Quorum

Increasing competition, regulation and digital innovation are driving change across the UK’s wealth management sector. Investment Quorum is responding with a digital-first growth strategy designed to set it apart in this rapidly evolving landscape.

“We believe staying ahead of the curve through cutting-edge technology is vital for delivering a superior client experience at a lower cost,” says Petronella West, chief executive officer at Investment Quorum.

The firm’s technology operating model, built around a unified data layer, is the cornerstone of its digital transformation strategy. This model has helped to streamline internal procedures and improve the client experience, while ensuring the wealth manager is well placed to harness further digital innovations.

“Our digital transformation empowers our wealth managers to dedicate more time to looking after their existing clients and winning new ones. We've built a digital infrastructure that provides instant answers, secure communication and enhanced accessibility,” says Ms West. JK

 “We believe staying ahead of the curve through cutting-edge technology is vital for delivering a superior client experience at a lower cost,” says Petronella West from Investment Quorum
“We believe staying ahead of the curve through cutting-edge technology is vital for delivering a superior client experience at a lower cost,” says Petronella West from Investment Quorum

 

Best CRM for Private Banking in the US

Best Private Bank in the US for Client Acquisition

Merrill & Bank of America Private Bank

 

Best Private Bank in the US for Digital Marketing & Communication

Bank of America Private Bank

Bank of America Private Bank and Merrill adopted or enhanced a number of digital tools in 2024 with the aim of improving operational efficiency and providing clients with a more tailored service.

One such tool launched last year was Digital Appointment Setting, a new scheduling capability which enables advisers and client associates to initiate appointments for clients and prospects through Salesforce.

“Clients can now reserve time with their respective adviser at their convenience without having to pick up the phone and triangulate calendars,” says Inez Louzonis, head of Merrill platforms and capabilities. “Conversely, for each appointment set up digitally, we estimate that 18 minutes is saved for the financial adviser and client associate. This equates to a total addressable opportunity of 75,000 hours in annual capacity saves.”

Ms Louzonis also highlights the modernisation of “the look and feel” of Merrill adviser websites which has expanded their reach to Institutional, Merrill branch and private bank advisers, while bringing additional personalisation options to advisers, allowing them to integrate Video Pro videos, more custom photography and adviser events and seminars. She adds that lead generation workflow has also been “streamlined”, delivering information directly to Salesforce and autogenerating lead reminders.

“Additionally, we have expanded integration between tools, connecting Advisor Match and adviser websites, created quick links for other digital tools and expanded reporting dashboards at the adviser and executive levels. Along with other tools such as LinkedIn, Video Pro and others, we have created a robust ecosystem to support client and prospect engagement,” she says.

The adoption of new and enhanced digital tools enables clients and advisers to interact and transact in a more efficient manner, says Ms Louzonis.

“As a result, we are seeing capacity savings for advisory teams, so that they can spend more time on what is important for their clients, providing a personalised solution as they embark on their financial journey,” she adds. HS

 

Best Digital Innovator of the Year in the US           

Morgan Stanley Wealth Management

Morgan Stanley Wealth Management claims its strategic partnership with US-based artificial intelligence (AI) research company, OpenAI, allows it to be “at the forefront” of implementing machine learning and generative AI in wealth management.

In July 2024, in a bid to improve efficiency, the private wealth manager launched AI @Morgan Stanley Debrief, a tool that acts as an AI-enabled assistant generating notes and highlighting action items on a financial adviser’s behalf.  After a meeting, it creates a follow-up email and saves a note into Salesforce.

This followed the roll-out in September 2023 of the AI @Morgan Stanley Assistant, a tool that sources and retrieves internal information, and the firm’s proprietary research and analysis in response to financial advisers’ questions.

“All our AI tools are working toward taking administrative tasks out of the hands of our humans, so they can tap into more value-add projects,” says Sal Cucchiara, chief information officer, wealth management and investment management technology at Morgan Stanley Wealth Management.

Later this year, the wealth manager plans to launch an AI-powered tool that allows advisers to extract positions and holdings from external financial statements to help them to more efficiently create a financial plan for clients.

“This is incredibly powerful considering the number of statements and documents that flow through our advisers,” says Mr Cucchiara. HS

 July 2024 saw the launch of AI @Morgan Stanley Debrief, a tool that acts as an AI-enabled assistant generating notes and highlighting action items on a financial adviser’s behalf
July 2024 saw the launch of AI @Morgan Stanley Debrief, a tool that acts as an AI-enabled assistant generating notes and highlighting action items on a financial adviser’s behalf

 

Best Private Bank in the US for Digital Customer Experience

Best Private Bank in the US for Digital Wealth Planning              

Northern Trust

Northern Trust's Global Family and Private Investment Offices made a number of changes to its technology platform in 2024 aimed at providing clients with a more efficient and personalised service.

The wealth manager enhanced its Money Movement Solution, a payment-processing capability which provides users with a number of money transfer options and can track each transaction in real time on any device.

Improvements were also made to its Digital Collaboration Hub to enable customisable options for historical documents that facilitate “easier” file-sharing among family members and family office staff.

Mary Timmons, chief operating officer at Northern Trust’s GFO says that with these enhanced technologies, family offices see “a boost in efficiency and self-sufficiency [when performing their roles], whether that’s conducting the accounting analysis, reviewing and approving transactions, or monitoring employee and family member accounts”.

Noting that family offices have extensive reporting needs to meet the challenge of tracking total net worth value for the office, Ms Timmons says the ability to report on asset holdings and values accurately and also to customise this reporting for varying office leaders, advisers and family members is “of substantial importance”.

“We’re constantly refining our own data visualisation tools and standard reports to meet these needs of our clients,” she says.

Northern Trust GFO, she adds, is investing heavily in AI and other digital tools that give employees “the confidence and flexibility” to focus on higher value activities that impact clients.

“An example is our document capture tool called The Digitizer, which extracts unstructured alternative investment data from capital calls and other documents and integrates it into existing workstreams”, she says. HS

 

Best Client Reporting Platform in Latin America               

BTG Pactual

Brazilian banking giant BTG Pactual is bolstering its digital offerings to deliver greater benefits for customers and the banking teams serving them daily.

One of its biggest enhancements is a new reporting system that consolidates investment holdings into a single digital environment. Using advanced analytics, it provides customers with richer data insights to help them invest their funds more wisely.

Additionally, BTG Pactual’s proposal generation tool can now create personalised investment strategies that take into account clients’ individual risk profiles. To better inform these efforts, BTG Pactual’s bankers are using a dedicated dashboard that tracks customer information and financial transactions in real time.

Patricia Maximo, head of business management and intelligence in the wealth management department at BTG Pactual, says these changes are delivering a “more agile, accurate, and personalised service”.

But she admits that developing a platform suitable for both financial professionals and clients has been challenging, which is why user feedback collection has been essential.

Future improvements include artificial intelligence-fuelled customer insights, new portfolio analysis tools, more third-party portfolio integrations and a simplified user interface. NF

 

Best Private Bank in Latin America for Digital Customer Experience

Best Private Bank in Latin America for use of Technology         

Itaú Private Bank

Itaú Private Bank has adopted several digital technologies during the past 12 months, including the use of artificial intelligence (AI) and machine learning in a bid to maximise the efficiency and quality of its products and services.

The creation of an algorithm that allows traders to offer personalised investment opportunities in real time is one of the innovations that is having a major impact on business growth, says Mauricio Correa, chief technology officer at Itaú Private Bank.

He adds that the implementation in 2024 of the Integrated Portfolio Report tool, which offers a comprehensive and personalized view of clients' financial assets, is also contributing “significantly” to growth, enabling personalised services that were previously exclusive to the Itaú Family Office.

Itaú Unibanco recently acquired a 15 per cent stake in NeoSpace, a start-up company specialising in generative AI for finance. GenAI is being used  to improve the personalisation of the services offered by Itaú Private Bank.

“AI tools provide information into clients' profiles, preferences and interests, enabling the creation of personalised communication models and the targeted selection of events,” says Mr Correa.

He adds that AI also helps to personalise the investment products offered and to carry out satisfaction surveys, which helps to improve client service and supports private bankers.

Over the next 12 to 18 months, Itaú Private Bank plans to continue investing in digital technologies, including expanding the use of AI and machine learning.

“The creation of applications in cloud architecture and execution in an agile model for fast and efficient solutions are also part of future plans. Also, the continuous improvement of clients’ digital journeys in the app and internet banking channels is our priority,” says Mr Correa. HS

 

Best Private Bank in North America for Digitally Empowering Relationship Managers

RBC Wealth Management

It is the third year in a row that RBC Wealth Management has picked up this award, and prising the trophy away from the Canadian firm’s grip will not be easy.

For Gwen Jorgens, head of client digital at the wealth unit, making the “impossible possible” has been key.

“Our technology investments helped us achieve what once seemed impossible: simplify and automate mundane tasks, liberating advisers and support staff time to more deeply understand and serve our clients’ financial needs with information at their fingertips,” she previously told PWM.

One of those investments has been the creation of an artificial intelligence (AI) program intended to help financial advisers deepen client relationships. The bank said: “The program uses AI to observe client behaviours and patterns to identify who might have money in motion following a significant financial event like selling a house or a business or inheriting money.” CN

 

Best Private Bank in the Middle East for Digital Marketing & Communication           

Bank Muscat

A strengthening economy, including healthy non-oil sector growth, has boosted Oman’s fortunes and opened the door to new development opportunities for the sultanate’s private banks in recent years.

In this changing environment, Bank Muscat has deployed frontier technologies, such as artificial intelligence, to boost its approach to digital marketing and brand growth. In particular, new digital tools have improved audience segmentation and enabled Bank Muscat to deliver tailored content and advertisements to both client and non-client groups.

In addition, engagement with a broad mix of digital and social media channels over the last year, to boost awareness around fraud prevention, financial literacy, brand awareness and products and services, has helped Bank Muscat to break new ground among a diverse and expanding audience.

Abdulnasir Al Raisi, Bank Muscat’s general manager for personal banking, says the firm’s digital engagement aims to “enhance client satisfaction, build trust, and foster loyalty, positioning the bank for future growth in a digital landscape”. JK

 

Best Private Bank in Africa for use of Technology             

Investec

Artificial intelligence (AI) technology is fast becoming a critical component of daily operations at private bank Investec.

South Africa-headquartered Investec relies on myriad AI capabilities to streamline its wealth managers’ and private bankers’ workloads, freeing up valuable time to assist clients with their evolving financial needs.

Most notably, Investec has integrated Microsoft Copilot into its wealth management productivity suite. The chatbot supports tasks ranging from customer relationship management to general information gathering. For sales-related tasks alone, Copilot is estimated to be helping the bank unlock 200 hours of annual time savings.

According to Lyndon Subroyen, global head of Investec Digital, staff are greatly supportive of the bank’s AI push. However, it is running internal adoption programmes to ensure they do not get overwhelmed by the rapid pace of change.

Encouraged by the success of its internal AI initiatives, Mr Subroyen says the bank plans to launch AI-driven client-facing features within the next year or two. Investec is also experimenting with new products and services powered solely by AI, though these are not currently market-ready. NF

Profiles written by Nicholas Fearn, James King, Joy Macknight, Chris Newlands and Henry Smith

 

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