Vontobel: Luring millennials with tech

John Schaffer speaks with Vontobel’s head of private banking, Georg Schubiger, to look at the bank’s digital strategy

John Schaffer speaks with Vontobel’s head of private banking, Georg Schubiger, to look at the bank’s digital strategy

JS: What measures has Vontobel put into place to attract millennial HNWIs?

 GS: We’re seen as a very wealth management focused and technology interested company, and that attracts a lot of younger customers. Millennials are not used to calling or going into the bank, so the whole way of interacting is very important.

 We have an absolute digital setup including desktop, tablet and smartphone solutions, where we have access to our entire investment universe. We’re one of the main brokers in Switzerland, research wise, and we have a large fund research department. A client can receive brokerage research content, fund content, and market analysis and get all that information at their fingertips for free, combined with the usual portfolios and daily information.

 Whenever we have something happening in the market – like the corrections that we had at the beginning of January or the Fed increasing the interest rate – immediately you get a flash in our application where you can read the bank’s view.

 Then you have your portfolio, which you can look at in real time. You can go into all the instruments and shares, and it again links to our research. We’re also just about to launch trading applications as well as portfolio simulation tools.

 On the communication side – we have a secure messaging line on the tablet, I think that’s standard for some banks, but for many its actually not. We have a direct connection phone line, you can see who your advisor assistants are, you see the pictures, you press a button and it starts connecting.

The world is getting more and more effected by email fraud, so we have to have people on a secure connection.

Secondaly, we are able to send push out messages – the account managers can send messages to the bank and send out contracts in order to interact.