UBS launched a new operating platform for its private bank in Hong Kong and Singapore. Asia was the last major puzzle piece in the Swiss bank's 1 billion Swiss franc infrastructure project.
The new platform streamlines several existing tech platforms into a single operating one, a costly move which UBS believes will pay off later. The platform was rolled out in Switzerland first, then Germany, and Zurich-based said it has plans to roll it out elsewhere after Asia as well.
Overall private bank head Juerg Zeltner is investing 1 million Swiss ($1.2 billion) francs in order to eventually save money: he now has 80 percent of UBS' managed assets on one platform, a move which will lower costs by 20 percent.
Information technology, or IT, is generally the most expensive profit-and-loss position save for personnel, and cutting costs, as finews.asia has written, is a big part of UBS' strategy.
Open to Rivals
The platform eases client on-boarding through a seamless digital platform, while better client intelligence capabilities help client advisors to better address what clients want. The platform is also expected to streamline its internal processes and frameworks globally, thus saving time and money.
«This has also opened up new business opportunities for UBS as an infrastructure provider for others in the industry,» UBS private bank operating chief Dirk Klee said in a statement, while Asia private banking head Edmund Koh called the investment a «game-changer» for UBS in the region because private bankers will be able to respond to clients faster.
