Credit Suisse Pushes Fintech Digital Private Banking in Hong Kongby Company Announcement June 6, 2018
Credit Suisse announced additional enhancements to its digital private banking platform in Hong Kong, as client adoption and usage continues to increase.
Based on its partnership with the fintech company Canopy, Credit Suisse has made the automated account aggregation platform and reporting solution, Canopy, accessible to its Hong Kong booked clients through its Digital Private Banking platform.
Francois Monnet, Head of Greater China, Private Banking Asia Pacific and Chief Executive Hong Kong branch said,
“Credit Suisse is at the forefront of digitization in the private banking sector. Since launching our Digital Private Banking platform in Hong Kong two years ago, we have been constantly refining our offering.
Many of our ultra-high net worth and high net worth clients have indicated they would like to have a single portfolio view available in one place and to be able to plan, analyze and track their wealth across multiple institutions and asset classes.
In response to this trend and our desire to place the client experience at the heart of everything we do, we continuously look to bring the most innovative technology solutions to serve our clients. Through our collaboration with Canopy, we aim to further enhance our existing digital private banking service offering through more innovative solutions and services for our clients.”
“The Digital Private Banking platform creates a new digitalized multi-channel service delivery model that brings the relationship manager and bank significant gains in efficiency and higher value-added productivity, and most important of all, enables us to serve our clients better and cultivate deeper client relationships.
The platform is one of the key enablers of our business growth in Greater China. In 2017, our Greater China private banking business grew robustly with assets under management and revenues increasing more than 20%, with profitability more than doubling year-on-year.”
Credit Suisse’s partnership with Canopy included an equity stake in the fintech company – representing Credit Suisse’s first investment in a fintech company in Asia Pacific. It will help Canopy to develop further the platform and reflects Credit Suisse’s commitment to both the partnership for the benefit of its clients and its commitment to help drive fintech innovation in Asia.
Tanmai Sharma, founder and chief executive officer of Canopy said,
“Most high net worth clients have five or more banks they work with. For clients to understand the performance, risk and asset allocation in their portfolios across all the banks is almost impossible. This is where Canopy offers a solution.
Canopy aggregates the data from all banks and is able to process all formats including PDF. With Canopy, clients have one place to go to for all their holistic investment analytics.
For private banking relationship managers (RMs), Canopy can also provide a holistic picture of the clients’ assets and further build their trusted relationship with clients. Our successful collaboration with Credit Suisse shows that Canopy adds value to both the client and the RM.
We are excited to build on our partnership with Credit Suisse with the launch in Hong Kong. To support the Hong Kong rollout we have released Canopy in both traditional and simplified Chinese so that clients can see the investments in their preferred language.”