UBS “adapts” to clients with third-party instant messaging platform: UBS’s Gutmannsbauer
UBS Global Wealth Management (GWM) has launched UBS Advisor Messaging in APAC to better secure client-RM communications over third-party messaging platforms such as WhatsApp and WeChat, according to the bank’s APAC wealth management operating head, Wiwi Gutmannsbauer.
Wiwi Gutmannsbauer, UBS
“We expect interacting with advisors to be easier and more frequent,” Gutmannsbauer told Asian Private Banker. “We always start with the client experience. We have these chat platforms because this is how our clients communicate today.”
In addition to using the platform to discuss portfolio, product and price information, RMs can share event news and CIO views with clients as well as integrate investment specialists into conversations which, according to Gutmannsbauer, “opens up a whole new level as they can provide specific details on client enquiries”.
However, he emphasised, the offering is by no means a tool through which RMs can push for sales but rather a service for “clients’ convenience when interacting with their advisors”.
Global expansion
UBS GWM’s Asia clients are the first — and so far the only — customers with access to the service owing to the region’s strong preference for digital messaging services. Specifically, the bank’s Hong Kong clients can access UBS Advisor Messaging via WhatsApp and WeChat while those in Singapore can access the platform through WhatsApp.
However, the Swiss giant believes expanding the offering to other regions is likely as Advisor Messaging is built on the One Wealth Management Platform (One WMP) and was developed by the bank’s Swiss and Asian teams to ensure seamless integration with One WMP and across regions.
“Everything we do scales on our One WMP,” noted Gutmannsbauer. “Communication in Switzerland is very much based on WhatsApp too, so we might expand there for WhatsApp via our platform.”
Platform integration
Currently, the bank is not looking to integrate its latest solution with its mobile app’s chat function, as it “doesn’t see a reason” to do so.
“It should be easy to bank with us,” said Gutmannsbauer. “You do not adapt to us. We adapt to you.”
And for security reasons, UBS GWM has made a conscious decision not to integrate its transaction and trading functions with Advisor Messaging as such services are available on the bank’s mobile banking platform which is “widely” used by clients.
“WeChat (owned by Tencent) and WhatsApp (owned by Facebook) are third-party collaborators, so we are not alone with our clients in that platform,” said Gutmannsbauer, adding that the bank is “very aware of this and respectful about that”.
Looking forward, UBS GWM’s digital team intends to enhance e-trading capabilities and offer e-signature features for the convenience of both clients and RMs, with the general aim of shifting more transaction activities to digital platforms.
On the RM front, the bank is currently developing Client Advisor Workbench 2020, with plans to launch the solution in both Hong Kong and Singapore later this year.
“We have a balanced focus: we are looking into new client solutions but we are also focusing on solutions for our client advisors,” said Richard Chow, head of digital, WM APAC Digital Office at UBS GWM. “We’ve built a new platform and a new one-stop interface to improve their productivity.”
Gutmannsbauer added that the bank intends to make client-RM interaction easier, “especially when it comes to cross-border business”.
UBS GWM joins the growing list of lenders in the region which offer communication solutions over third-party platforms. In September last year, DBS launched Wealth Chat via WhatsApp and WeChat, shortly followed by Credit Suisse which opened a new communication channel via Apple Business Chat in October.
