The other point of tech focus for the bank is on trading execution, where it continues to make investments to improve straight-through processing and seamlessness.
No License Need to Compete
Banks are increasingly focused on investing in digital capabilities not only to enhance cost efficiency but also to remain relevant for the next generation of clients that did not grow up accustomed to the brick-and-mortar model. Van de Walle notes that Bank of Singapore is closely monitoring the developments of newly licensed digital players in Hong Kong and Singapore but echoes the private banking industry’s consensus view about the irreplaceableness of the human touch and the physical relationship manager.
«Our view is that firstly, you don’t need a digital banking license to offer digital banking services. We are convinced that this is the future and all banks must enhance their client experience and augment RMs to remain relevant,» he explained.
«Secondly, our experience is that whilst clients are happy to receive an idea digitally, they still want to validate it with their RM. This is all very natural as investing is a highly emotional matter. Further along in the future, this may change but it will take a very, very long time in my view.»
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