Vontobel: up to 55 million per year for technology
Monday, 29.06.2020
news-single-imgcaption" style="width:240px;">It is not the first time that technology has been at the heart of Vontobel’s strategic considerations. (Keystone)
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Vontobel’s experiences during the Covid-19 pandemic prompted the management bank to accelerate its investments in technology. The Zurich establishment plans to spend up to 55 million francs per year by 2022 in this area.
“This is one of the lessons from the coronavirus crisis. The implementation of new technological tools has gained enormous momentum,” said President Herbert Scheidt on Monday to the press in Lausanne. Vontobel’s board of directors and general management are meeting this week in the Vaud capital for a strategic review.
Mr. Scheidt recalled that Vontobel has already worked hard in the past, passing in
a few years from 25 million investments in technology to 35 million currently. “We want to offer the best equipment to keep in touch with our customers, even if they cannot see us personally.”
The use of videoconferencing has gained in importance during containment measures, even in the field of asset and wealth management, where personal contacts are privileged. “The crisis has brought to the fore of developments already present in the past, but by accentuating them”, according to Herbert Scheidt.
Crisis-proof systems
It is not the first time that technology has been at the heart of Vontobel’s strategic considerations. Two years ago, the Zurich bank had made its “retirement” in the heart of Silicon Valley, California.
New technological tools should not just improve operational efficiency, but anticipate customer needs, insisted the president of the family group listed on SIX. Vontobel has a team of 15 to 18 data researchers who facilitate interactions between advisers and clients. Mr. Scheidt cited as an example the establishment of online account openings.
Vontobel’s investments in technology have also proven to be crucial in terms of the stability of IT systems during the crisis. From mid-March, the volumes processed on the bank’s platforms reached historic peaks, a level tripled compared to the last surge in date, caused by Brexit. “Our systems handled this without problems,” said Herbert Scheidt.
The presence of Vontobel’s top executives in Lausanne was motivated by the desire to meet the new teams from the French-speaking part of Switzerland after the acquisition of Notenstein La Roche. Last year, the strategic meeting was held in St. Gallen, the cradle of private banking acquired in 2018.
The integration of Notenstein La Roche is now complete, so Vontobel is ready to make a new acquisition, provided that the corporate culture is compatible, warned Herbert Scheidt. “But organic growth remains a priority.” (AWP)
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