E-Banking & Mobility services in Personal and Private Banking in Europe

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1 E-Banking & Mobility services in Personal and Private Banking in Europe White Paper September 2014

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3 CONTENTS DISCLAIMER... 4 ACKNOWLEDGMENT BACKGROUND KEY QUESTIONS RAISED METHODOLOGY The peer group The benchmarked functionalities of e-banking offerings E-banking approaches beyond the functionality aspects Clientele globally served for a given geography Business model strategy at the IT level Testimonial from editors 4. ANALYSIS OF THE EVOLUTION OF E-BANKING PLATFORMS IN THE PRIVATE E-banking past and present Detailed analysis of e-banking offers Mapping of competitors by segments CONCLUSION

4 INEUM Kurt Salmon DISCLAIMER The views and opinions expressed herein are those of the authors and interviewees and do not necessarily represent the views and opinions of Kurt Salmon. ACKNOWLEDGMENT We would like to give special thanks to all the financial institutions and service providers who contributed to our research and participated in this survey. For reasons of confidentiality, the names of the financial institutions interviewed have been withheld. 4

5 1. BACKGROUND The Private Banking industry has undergone key changes in recent years which have triggered a reshaping of the entire landscape. Private Banks have faced fundamental challenges related to structural, cyclical and regulatory evolutions since Banks continue to struggle with a level of profitability below pre-crisis levels due to heavy pressures on their cost/ income ratios. Even though capital markets conditions are improving, most still operate in a low-rate environment, which provides little room to restore profitability. OECD states and financial authorities across the world have also introduced a new regulatory framework to eradicate banking secrecy and to tap into undisclosed offshore accounts in order to levy taxes. Automatic exchange of information will enter into force in the medium term. Luxembourg will introduce it in 2015; Switzerland is still negotiating with other countries. As automatic exchange of information becomes the norm, legal risks vanish. In turn, this should foster a more regular and detailed dialogue between Private Banking entities and their clients. In such a context, the key opportunity for the Private Banking industry is to enhance e-banking services for the good of their clients, their relationships, their business models and profits. Private Banks should make the most of ongoing technological and demographic changes, regardless of their location. Global demographic trends are reworking the established profile of the Private Bank clientele. The Y-generation (those born in the 1980s and 1990s - offspring of the baby-boomer generation) is increasingly important to Private Banking as it represents the heirs of the traditional client base. They grew up connected to the Internet and cannot consider living without dematerialized services. In a similar manner, entrepreneurs from the New Tech industry also have high expectations regarding the channels of access to their services. The most successful are also very rich. These trends produce new needs, set new expectations and require new communication tools. These changes go right to the heart of the old Private Banking business model. The new generation of clients - and the industry s response - will mark a new era for the wealth management industry. Industry observers now wonder how Private Banks will address this major Internet- and digital technology-driven shift. Internet-connected household ratios have soared over the past decade. A private Internet connection is no longer a technological advantage nor luxury. It has become a day-to-day necessity and a utility function. Free Internet access in public areas is available in many countries, reinforcing the need for always-connected services. The digital industry has grown on the back of the Internet revolution. The number of smartphones and tablets sold and used has skyrocketed. New behaviours have emerged and social networks have developed. Information traffic has grown exponentially and modified the nature of all communication. As a result, people are more and more connected. Private Banks must reshape their onshore and offshore offering by providing new channels of communication to their clients as banking secrecy is eroded. Private Banking clients expect new high-standard services, including online access to their private bank accounts. Private Banks, particularly those in Switzerland and Luxembourg, often manage clients who live abroad. Such banks must simplify their means of client contact and consider online services as core communication channels. E-banking technology may be a useful tool for relationship managers, too. Banking and online technology can significantly increase the mobility and efficiency of relationship managers by strengthening their capability to multi-task or, on the contrary, to save time in order to focus on added-value tasks. 5

6 The efficiency of relationship managers can be enhanced if they can access their working environment no matter where they are, as physical and material constraints are removed through dematerialisation. For example, with online access to an e-banking platform, relationship managers no longer have to be physically in the office to open an account or get documents signed off. In this regard, the e-signature is one small step for technology, one giant leap for relationship managers way of working. Having access to core functions online unleashes the mobility potential of relationship managers, boosting sales opportunities and encouraging other commercial activities. E-banking will emerge as a key distribution channel as it accompanies the very deep evolution in client behaviour. Private Banking providers will have to deal with internal resistance nonetheless. The main technology revolution risk faced by the Private Banking industry is the dematerialisation of the personal and confidential relationship between banks and their clients. Historically, the relationship manager is the single point of contact for the client to get access to Private Bank services. From investment advice to inheritance planning solutions and even for personal issues, the relationship manager was considered as a sort of family doctor. The relationship manager has based his or her position on values and principles such as confidence, exclusivity, discretion and customized services. At first sight, there will be a potential loss of proximity between the relationship managers and their clients if those clients have online access to all Private Banking services. Risk and Compliance departments may pose an obstacle to implementing e-banking platforms. Risk and compliance teams increasingly focus on protecting data as banking secrecy evolves. Although the end of banking secrecy has been announced, data confidentiality remains important. If certain financial authorities have access to clients data for regulatory purposes, private clients will not accept any personal data leakage into the public sphere. Secured e-banking services will be a necessity. Cross-border policies constitute another brake on the development of e-banking solutions. As Private Bankers must comply with local regulations when doing business abroad, e-banking services must pay particular attention to these regulations so as to not put the broader organisation at risk. To conclude, we must admit that Private Banks cannot ignore the benefit of online services. However, relationship managers constitute the first barrier to full and efficient deployment. 6

7 2. KEY QUESTIONS RAISED Retail banking was the first banking channel to develop innovative solutions to address client needs and to improve efficiency. By taking advantage of e-banking platforms, retail banks dealt with mass-market clients and a high volume of simple orders. These days, most retail banks offer online banking that pushes the concept of banking dematerialization - diffusion - to its limit. We question whether this strategy is best suited to the Private Banking industry. Should diffusion through e-banking platforms be at the heart of development of the Private Bank concept? The first question raised by the development and implementation of e-banking platforms concerns the industry s targeted clientele. It is important to notice a shift in who potential customers are and what they want from their bank. Most pure-play Private Banks are reconsidering their client segmentation, with a greater focus on Ultra High Net Worth Individuals (UHNWI), family offices and institutional clients. Therefore, we must consider shifting from the mass affluent segment towards a more demanding and complex clientele while developing e-banking platforms that are and will remain relevant. Thus, for whom and for what purpose are Private Banks investing in this type of technology? The second question is whether e-banking will solely be a marketing tool or a tactical means for refreshing the image of Private Banks in order to attract and retain a new clientele - the Y generation, clients in Emerging Markets or even technology entrepreneurs. Should e-banking platforms also be considered as a specific service offering or only as a marketing tool? A final question is what is the added value of an e-banking tool for the Relationship Managers? Is e-banking an efficient tool which improve their performance? Or is it a threat to their very existence? 7

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9 3. METHODOLOGY 3. METHODOLOGY 3.1. The peer group 3.1. The peer group We have analyzed a sample of 24 e-banking offers by 19 Private Banks from Switzerland, Luxembourg, France and Belgium. We have Each analyzed bank was a sample slotted of 24 into e-banking one of the offers three by 19 categories Private Banks shown from below: Switzerland, Pure Private Luxembourg, Banks; Universal France and Banks with Belgium. a Private Each Banking bank was Division; slotted and into Global one of Private the three Banks. categories shown below: Pure Private Banks; Universal Banks with a Private Banking Division; and Global Private Banks. Figure 1: Business Model Introduction Pure Private Banks Banks that mainly provides Private Banking and Asset Management services (for illustration purposes - Pictet, UBP, Banque Privée Edmond de Rothschild). Universal Banks with a Private Banking Division Global Banking Groups that often provide Retail Banking, Corporate & Investment Banking, Insurance, Asset Management as well as Private Banking services (such as BNP Paribas, Société Générale, HSBC). Global Private Banks Global Banking Groups providing Retail Banking in their home market with significant Private Banking activity worldwide (for illustration purposes - UBS, Crédit Suisse). Figure 2 Figure 2: Panel key figures 24 e-banking offers studied 19 Banks studied 73 functionalities spread over 8 groups of functionalities analyzed 37% Pure Private Banks 3 of basic functionalities 53% Universal Banks with a Private Banking Division 18% of advanced functionalities 1 Global Private Banks 42% of complex functionalities 9

10 INEUM Kurt Salmon Figure 3 Figure 3: Panel distribution by countries Pure Private Banks: e-banking services of independent Private Banks based in Switzerland, Luxembourg and Belgium Pure Private banks: e-banking services of independent Private Banks based in Switzerland, Luxembourg and Belgium to a lesser extent. These banks often offer a global Private Banking service as well. to a lesser extent. These banks often offer a global Private Banking service as well. Universal Banks with Universal Banks with Universal Banks with a Private Banking Division: Universal Banks with a Private Banking Division: E-banking services from Private Banking entities provided by Universal Banks that are not supported by - E-banking services from Private Banking entities provided by Universal Banks that are not supported by Retail Banking activities in their market. Banking activities their market. - Retail E-banking services frominprivate Banking entities provided by Universal Banks that are supported by Retail Banking activities in their market. - E-banking services from Private Banking entities provided by Universal Banks that are supported by Retail GlobalBanking Private Banks: e-banking offers of Private Banking players with Retail Banking in Switzerland and major activities in their market. Private Banking divisions worldwide, which can be broken down as follows: E-banking in a market a Retail Banking activity also provided Global Private Banks: offers e-banking offers where of Private Banking players withisretail Banking in Switzerland and major Private E-banking offers in a market where a Retail Banking activity is not provided Banking divisions worldwide, which can be broken down as follows: - E-banking offers in a market where a Retail Banking activity is also provided. - E-banking offers in a market where a Retail Banking activity is not provided. 10

11 3.2. The benchmarked functionalities of e-banking offerings 3.2. The benchmarked functionalities of e-banking offerings This This study study is a is comparative a comparative analysis analysis of of e-banking e-banking offerings offerings run run by by Private Private Banks Banks across across European countries. We We have gathered have gathered key e-banking key e-banking functionalities functionalities and classified and classified them them into into eight eight functional areas. areas. We We have have then then compared them with them metadata with metadata and criteria and criteria such as such the as type the of type bank, of bank, characteristics and and habits habits of clients, of clients, and and the the nature of of each e-banking each e-banking platform. platform. Figure 4: E-banking functionalities Figure 4 Customization and specific functionalities for targeted segments Access Type Consultation Type Messages and Alerts e-banking functionalities Documentation Download Mobility and Digital Solutions Trading and Associated controls Payments and Associated controls Each of the identified functionality areas is increasingly challenging and complex in a constantly evolving environment. Access type defines the level of security required for a client to access e-banking offered by each Private Bank. Several features have been evaluated such as login and authentication, and different levels of security such as passwords, tokens or SMS text message systems. Consultation type covers different features defining the online account display. For example, the account overview has been evaluated from a first level of account information to a more sophisticated level which enables the client to have a better understanding of entire portfolios (i.e. asset allocations, online portfolio valuations). We also take account of transaction details overviews (operation list and history) and price history overviews. Finally, more convenient options have been screened, such as the choice of each portfolio s reference currency or the ability to consult static data online. Documentation download enables the client to access past online statement documents and know-your-client (KYC) documentation or signed agreements. Search options that filter documentation were also screened. Payments and associated controls help clients perform online payment operations. Different features have been taken into account such as internal transfers between accounts, external payments, history of transfers, history of payments and management of payments templates. Regulatory developments such as the Single European Payments Area (SEPA) also impact procedures and compliance issues

12 Trading and associated controls have been assessed through the ability to book orders online for different instruments, including shares, bonds, funds, fiduciary deposits and foreign exchange. Options and derivatives trading has been excluded. Associated controls are key to this process. Online bookings must comply with the Markets in Financial Instruments Directive (MIFID I and shortly MIFID II). Detailed options provided are included within the scope of the study (i.e. maximum amount by order, view of order status, order confirmation). Mobility and Digital solutions are at the heart of e-banking evolution, providing clients access to their accounts anytime, anywhere. Thus the availability of smartphone or tablet applications has been evaluated. The availability of dedicated applications for relationship manager activities has also been assessed. Mobile functionalities have been assessed to evaluate whether their functionalities match those provided by e-banking. We ask if mobile applications provide restricted services, the same level as e-banking services or a better level of service. Messages and alerts are a major segment of this study. Secured messaging services, attachments, client notifications, rerouting options and co-browsing are the main features evaluated. These can work both ways: for clients (i.e. receiving notifications of account movements, operations and end of month statements); and for relationship manager (in and out mailing, video message, or video conference via digital solutions). These functionalities simplify simple requests from clients and encourage relationship managers to contact clients more regularly. Customization and specific functionalities may be differentiation factors in e-banking. The following features and functionalities have been evaluated: home page customization; market information displays; specific control of payment amounts or transaction types. Depending on the type of clients (i.e. segment, client sophistication, origin, or investment done by markets), Private Banks need to propose a way to customize their e-banking to better fit the complex needs of their clients. Two analysis methods Two analysis methods Figure 5: Method 1 - Benchmarked functionalities by bank type Functionality Explanatory chart 1 Functionality Functionality 2 Average % of e-banking offers within the group of Banks that provide the displayed functionality. Functionality 4 Functionality 3 Pure Private Banks Global Private Banks Universal Banks with a Private Banking division Above, we analyze the current e-banking services provided per segment of Private Banks for each group of functionalities studied. Above, we analyze the current e-banking services provided per segment of Private Banks for each group of functionalities studied. 12 Each following spider chart shows the positioning of the three segments of players surveyed: Pure Private Banks

13 Each following spider chart shows the positioning of the three segments of players surveyed: - Pure Private Banks - Global Private Banks - Universal Private Banks with a Private Banking division Each segment contains between three and 13 banks that are significant top-tier players among their peers. For each bank, a binary mark (i.e. 1 or 0) is given according to whether the feature is provided or not. Finally, we created a spider chart using the average by segment for each feature analyzed. For example, on the explanatory chart 1 above we can see that the Pure Private Banks group scores 8 for feature/ functionality 2. This means that 8 of e-banking offers analyzed for this group provide the feature. Figure 6: Method 2 - Radars on analyzed positioning of different actors by segments Actor Actor Actor 2 Explanatory chart 2 Actor 6 Actor 3 Actor 5 Actor 4 This chart shows the average grade in % for a given group of functionalities of the banking players belonging to the same group of banks. Our second methodology analyzes the positioning of different banks by segment. Our second methodology analyzes the positioning of different banks by segment. Each bank has indicated whether it provides each features or not through its e-banking service. As a binary choice, 1 indicates Each bank the has feature indicated is offered, whether 0 indicates it provides it is each not. features or not through its e-banking service. As a binary choice, 1 indicates the feature is offered, 0 indicates it is not. We have determined weightings from 1 to 3 with regard to the importance of each feature for each criterion in each category. We have For determined instance, the weightings Access from type 1 category to 3 with regard includes to six the main importance features. of We each give feature the maximum for each criterion weighting in of each 3 to category. Online assistance For instance, 24/7 the due Access to its importance type category to clients includes and six for main the quality features. of We the give service the provided maximum by weighting the bank. of 3 to Online assistance 24/7 due to its importance to clients and for the quality of the service provided by the bank. In contrast, Login and authentication secured by password is considered as a basic feature and then has a weighting of In 1. The contrast, same methodology Login and authentication was applied for secured the other by 4 password remaining is features considered of this as category. a basic feature and then has a weighting of 1. The same methodology was applied for the other 4 remaining features of this category. For example, on the explanatory chart 2 above, we can see that displays the highest score as it provides the most important features. For example, on the explanatory chart 2 above, we can see that displays the highest score as it provides 3.3. the E-banking most important approaches features. beyond the functionality aspects The first e-banking services were offered in the early 1990s. The range of services was very limited as Private Banking players mainly provided consultation features. However, these initial services were a good marketing tool for the pioneer banks. Since then, the technologies and services offered have evolved significantly. We observe in our panel that the e-banking offer and technological solutions implemented vary according to several parameters 13

14 CLIENTELE GLOBALLY SERVED FOR A GIVEN GEOGRAPHY We underline two structural elements: First, the presence of another business line in a given geography can be a determining factor in the Private Banking service and the technology solution used. Thus, we observe that for all geographies where a player serves both private and retail clients, synergies and solutions which are already operational for retail customers are re-used and improved (in particular portfolio reporting functions or limits for order entry) in order to serve an upscale clientele. The same also applies to banks that have both investment and private banking activities in a given geography and that decide to offer online trading functionalities to an upmarket clientele. By contrast, only a very few private bankers use or mutualize e-banking capabilities with their asset management business lines because of divergent needs. Asset management divisions are more geared towards the needs of regulatory reporting for insurers i.e. with S2, or performance reporting. They are less oriented towards elements of order entry or financial information provided by independent private bankers. Secondly, the e-banking offer and the solution implemented by private banking business lines differ substantially depending on the clientele segment served. Thus our panel shows that the most active bankers targeting external managers, single family or multi-family offices tend to develop a range of products and services which are not supported by their e-banking website, but rather by a web version of their internal portfolio management tools. These external manager portals provide the same functionalities as those given to internal relationship managers and offer a wider functional complexity than typical e-banking websites. In this configuration, the e-banking site takes a less strategic position and is limited to a tactical marketing tool or a simple vector of communication between the bank and its institutional clients, allowing them to communicate end-of-day information relating to transactions or positions. Conversely, actors more focused on a mass affluent clientele or on HNWI entry segments (less than 5 million) allocate a more strategic position to their e-banking websites in order to adapt to the changing generational and technological context. 14

15 BUSINESS MODEL AND STRATEGY AT THE IT LEVEL. Different business models impact directly e-banking offers. Many banks in Luxembourg and Switzerland have set up centralized operational platforms (hubs) in recent years. These hubs then host a number of accounting entities (spokes) via a homogeneous distribution platform and thus a homogeneous e-banking offer and set of features. Conversely, the more a business model is customized for each entity, the more the e-banking offer differs within the same group. IT Strategies also have an impact on e-banking offers. We can highlight several trends: Some participants give priority to ease of integration into the existing architecture of the bank at the expense of the Some participants give priority to ease of integration into the existing architecture of the bank at the expense of the finest finest functional functional need. need. They They have have chosen chosen an an existing existing or or in-process e-banking module developed by by the the editor editor of of one one of their of their distribution distribution platform platform elements elements (PMS (PMS or CRM). or CRM). Thus Thus flows flows described described in the in graph the graph below below are all are the all more the more consistent consistent as they belong as they to belong the same to the set of same modules. set of In modules. the same In manner, the same some manner, players some have players gone further have gone in setting further up in their full setting IT structure up their by full a IT unique structure editor. by a unique editor. In In contrast to to this this latest trend, others have preferred the optimal choice in in terms of of functionality and and maturity maturity and and opted for for expert solutions regarding their e-banking module. Figure 7: Main interfaces within the distribution desk Outlook RM - FIMs Electronic Document Management System Client opening (request to set up e-banking client) Update client information / Secure messaging Archived statements Contract notes (operation advice) Position Ptf Outlier CRM TOOL Single Sign On (SSO) Dashboard Data Steering tool Portfolio statement transmitted to client Market data (price...) Clients E-BANKING Accounted operations, position, instrument, referential, reports online Transaction e-banking RM - DPM Market order status PMS Portfolio statement to be sent to client Client order status and Cash transactions Accounted order (securities/cash), static data (instrument /price/...) and client positions Mass Printing DISTRIBUTION DESKTOP FOR RM EXECUTION DESK EXECUTION DESK Standing orders parameters Corporate actions alerts PMS interfaces CRM tool interfaces E-Banking interfaces Execution table interfaces BACK OFFICE Update client : Opening / closing initiated by the client Client data Relation client account BACK OFFICE TESTIMONIAL FROM EDITORS. Crealogix: an expert provider of e-banking solutions: - What kind of solution do you propose to your Private Banks and Asset Managers? CREALOGIX offers its Digital Banking Platform for all types of banks, of any size. Dedicated for Private Banks and Asset Managers we offer the CLX.AdviceManager, the leading solution for financial services providers. The 15

16 TESTIMONIAL FROM EDITORS. Crealogix: an expert provider of e-banking solutions: - What kind of solution do you propose to your Private Banks and Asset Managers? CREALOGIX offers its Digital Banking Platform for all types of banks, of any size. Dedicated for Private Banks and Asset Managers we offer the CLX.AdviceManager, the leading solution for financial services providers. The software can be used either standalone as a solution for relationship managers, or as integrated module in the Digital Banking solution (for relationship managers as well as for private banking customers). It gives advisers and their clients a platform with a broad functional scope. It helps during the consultation process and facilitates sales processes. The emphasis is on portfolio advice and management, financial planning and cross-channel customer relationship management. Whether by tablet, PC or smartphone customer advisers are always ready to intervene in a portfolio analysis with which the investor is currently concerned, for example. They can track the customer, simulate various scenarios together on the screen, or provide additional information. If the customer wishes to complete the remainder of the process alone, then the adviser can withdraw. The hybrid advice solution which CREALOGIX gives customers the maximum freedom of choice of contact channel and the time at which contact is made. This opens up new opportunities in terms of personal advice and customer care for the bank, without losing control of developments and regular transactions. - What is your strategic plan in terms of technology in the next 3 years? The Digital Banking Solution has been upgraded last year to Rich Internet Architecture and HTML 5, featuring responsive design. The modern system architecture permits the integration of and interaction between middle layers, in the form of many desirable third-party applications, such as credit card, payment, esafe, and Maestro systems, market information providers and content management systems. Flexibility, scalability, secure performance and maintenance-friendliness are guaranteed by the latest technology, as well as tried-and-tested software such as Java, J2EE, XML, Oracle WLS and DBMS. The software suite is regularly adapted to new technologies and market trends. New technologies and trends will be integrated as they appear and are mature enough to be provided to banks. - What is your latest success story related to the e-banking implementation? One of the largest French banks has decided to introduce the complete CREALOGIX Banking Software Suite and to equip its customers with CREALOGIX security products. This bank will gradually introduce the entire portfolio for mobile and stationary online banking in various countries. The mature modules map all functions that the bank s wealth management needs for its clients in France and numerous other European and Asian countries in order to gain a leading edge in a demanding market. At the same time, the bank will implement the CREALOGIX security solutions for comprehensive protection of its clients against cyber-attacks. The mobile security solutions will also be used. Within the last few months, already five Cantonal Banks in Switzerland opted for upgrading their existing CREALOGIX solution to the new Digital Banking Platform, featuring the new, highly flexible, lean and secure architecture and the RIA-User Interface. 16

17 Temenos is an editor offering both an endless solution from the distribution platform around AAA, e-banking and CRM and a CBP around T24. - What kind of solution do you propose to your Private Banks and Asset Managers? Temenos has invested heavily in its channels solutions to help banks succeed in this new digital era and address the challenges above. The Temenos Connect product suite of channels solutions - Temenos Connect Internet Banking (TCIB) and Temenos Connect Mobile Banking (TCMB) solutions are available with pre-configured, however customisable, functionality for Retail, Corporate and Wealth and are all underpinned by a single User Experience Platform called edgeconnect. Web and User Interface technologies are of the fastest growth areas and edgeconnect has been developed to embrace these as they emerge so that the Temenos Connect product suite is fully future proofed providing low risk to Banks. In addition it provides maximum flexibility at the User Interface level so banks can easily customise and enhance the user experience for different customer segments or individual customers so that it is personalised to their needs. With a write once, publish many times model additional new products and services can be launched to market 4 x quicker across multiple channels and devices. - What is your latest success story related to the e-banking implementation? By sharing a single, consistent UXP the technology complexity is drastically reduced as it can be extended across the entire business this results in massive cost savings (new channels to market can be deployed providing up to 95% cost savings in comparison to traditional approaches) and increased speed to market enabling banks to become far more customer centric with the ability to respond to market opportunities and increasing customer expectations. - What is your strategic plan in terms of technology in the next 3 years? Banks are having to completely re-think their business models in how they attract and serve customers to enable them to succeed in this digital revolution. Gartner predicts that by Billion devices will be connected to the internet with the already unprecedented high volumes of consumer adoption of devices such as smartphones and tablets, consumers behaviour and expectations are also changing in how they consumer financial services and products. In this digital age the User Experience is absolutely key to banks differentiating themselves. With new devices emerging almost daily it is almost impossible to predict what devices will come out next and which ones will be widely adopted by consumers we are already seeing wearable technologies such as smartwatches becoming popular with much interest in Google Glass too there are many other devices on the horizon all with different screen sizes, different interaction methods, different browsers, different operating systems etc And, with the rise of the Internet of Things, we ll see these devices interacting with each other. A great example of this is the NFC ring a newly-developed device that functions as a key, capable of unlocking your phone, or digital door lock, and could be used to share information, for example, authenticating you at the ATM. This presents many challenges to banks as they look to avoid the complexity of developing and managing multiple silo applications at the front end, the need to get to market quickly and the need to increase customer retention. The customer of today expects to interact with its bank via whatever device they choose and at whatever time they wish it is all about CONVENIENCE, MOBILITY, being CONNECTED and the quality of the USER EXPERIENCE they receive. And this is all the more the case for the HNWI client segment who are in the vanguard of the digital revolution, tend to be technically savvy, and have the means and interest to obtain and use multiple devices. Banks need to attract this new age customer and have systems in place that enable the bank to be agile and flexible to embrace new devices as they emerge. Banks also need to better understand customer behaviours and buying traits so that they can personalise the user experience to specific needs and provide contextual relevant products and services. Temenos sees integration with customer intelligence solutions, such as Temenos Insight, and particularly predictive analytics key to driving personalised user experiences. This will provide the bank with competitive advantage and promote customer stickiness. 17

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19 4. ANALYSIS OF THE EVOLUTION 4. ANALYSIS OF THE EVOLUTION OF E- OF E-BANKING BANKING PLATFORM PLATFORMS IN THE IN THE PRIVATE BANKING INDUSTRY PRIVATE BANKING INDUSTRY 4.1. E-banking past and present 4.1. E-banking past and present E-banking E-banking evolution evolution can can be be broken broken down down into into to to three three stages: stages: Figure 8: e-banking offers evolution - Consultation - Consultation Consultation features were the first e-banking services provided by Private Banks. In general, most early e-banking Consultation platforms were features developed were in-house. the first e-banking Clients had services access provided to basic features by Private such Banks. as standard In general, account most overviews early e-banking and platforms portfolio were distribution. developed Since in-house. then, consultation Clients had functionalities access to basic have improved, features such providing as standard more advanced account information, overviews and such as performance figures, transactions details and day-1 asset valuations. Overall consultation features may be portfolio distribution. Since then, consultation functionalities have improved, providing more advanced information, influenced by the development of other functionalities. such as performance figures, transactions details and day-1 asset valuations. Overall consultation features may be influenced - Transactional by the development aspects of other functionalities. - Transactional For the last aspects five years, the main e-banking developments have been transactional functionalities such as Payments and Trading. Around half of the Private Banks surveyed implemented these new features with an For external the last third-party five years, solution. the main e-banking developments have been transactional functionalities such as Payments and Trading. Around half of the Private Banks surveyed implemented these new features with an external third-party solution. Universal Banks with a Private Banking division were the first to provide such payment features as they could rely on the e-banking solutions developed by their retail division. Payments features provided include internal account transfers, payments by bank transfer, standing order payments or the possibility to fulfill payment orders using prepopulated templates. Universal Banks with a Private Banking division were the first to provide such payment features as they could rely on the e-banking solutions developed by their retail division. Payments features provided include internal account transfers, Trading payments functionalities by bank started transfer, with equities standing and order fixed payments income or products. the possibility The range to fulfill was payment expanded orders to foreign using prepopulated exchange templates. and derivative instruments by the pioneering banks. We note that the more banks develop e-banking trading functionalities, the more they must take account of trading process regulations such as MIFID. The Trading complexity functionalities and implementation started with burden equities can and increase fixed quickly income as products. trading capabilities The range was develop. expanded We also to foreign see evidence exchange that the provision of new trading features also impacts the provision of consultation features. A client willing to trade and shares derivative on an instruments e-banking platform by the will pioneering need access banks. to We financial note that market the information more banks (including develop historic e-banking prices) trading before functionalities, proceeding the with more a purchase they must or take sale. account of trading process regulations such as MIFID. The complexity and implementation burden can increase quickly as trading capabilities develop. We also see evidence that the provision of new - Mobility & Digital trading features also impacts the provision of consultation features. A client willing to trade shares on an e-banking platform Mobility will & Digital need access features to financial are the next market big information challenges for (including both Private historic and prices) Retail before Banks, proceeding our view. with Few a banks purchase or have sale. already started this third step. We can distinguish various stages of maturity. The first stage usually provides a mobile application to access a bank s website. The second step is to release an e-banking application with limited - Mobility functionality & Digital when compared to computer-based e-banking. The last step is to offer e-banking applications suitable for various mobile devices that provide a functional scope similar to computer-based e-banking. Mobility & Digital features are the next big challenges for both Private and Retail Banks, in our view. Few banks have 4.2. Detailed analysis of e-banking offers already started this third step. We can distinguish various stages of maturity. The first stage usually provides a mobile application to access a bank s website. The second step is to release an e-banking application with limited functionality when compared to computer-based e-banking. The last step is to offer e-banking applications suitable for various mobile Hereafter, devices we that apply provide Method a functional 1 to the scope mapping similar process to computer-based by analyzing by e-banking. type of bank. See page 12 for the detailed explanation. 19

20 4.2. Detailed analysis of e-banking offers Hereafter, we apply Method 1 to the mapping process by analyzing by type of bank. See page 12 for the detailed explanation. Key Access functionalities All respondents offer access to their e-banking platforms at anytime. However for some players, the access could be interrupted due to batches during the night. Password and token security measures are commonly provided by all type of Private Bank. The main service differences lie in the following functionalities: - Online assistance 24 hours a day, 7 days a week : only Global Private Banks provide this service. - Login and authentication secured by SMS messages : only three Private Banks provide this service. None of the Pure Private Banks provides this service. Key Access functionalities Figure 9: Access category Access 24 hours a day, 7 days a week 10 8 Login and authentication secured by SMS (phone text messaging) 6 4 Password retrieval without human intervention Login and authentication secured by token Online assistance 24 hours a day, 7 days a week Login and authentication secured by password Average % of e-banking offers within the group of Banks that provide the displayed feature. Pure Private Banks Global Private Banks Universal Banks with a Private Banking division 20 All respondents offer access to their e-banking platforms at anytime. However for some players, the access could be interrupted due to batches during the night. Password and token security measures are commonly provided by all type of Private Bank. The main service differences lie in the following functionalities:

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