Julius Baer Rolls Out Digital Onboarding for Its Private Clients

Julius Baer Rolls Out Digital Onboarding for Its Private Clients

by March 19, 2021
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Swiss wealth management group Julius Baer has introduced a guided digital onboarding solution for clients, including a complete video identification service.

The bank claims to be one of the first wealth managers to provide a guided digital onboarding experience tailored to the needs of private banking clients.

Digital onboarding meets clients’ demand for easy account opening from the comfort of their own home or on the go.


Moreover, the Julius Baer said that its solution differs from existing banking applications as a wealth-management-specific implementation that does not involve industrialisation or a shift to a self-service process.

Julius Baer said that it offers clients a convenient and speedy onboarding experience while facilitating the interaction with the relationship manager, who accompanies the client thoroughly through the process.

The solution, developed together with external providers, consists of two parts. The first being video identification that enables prospects and clients to verify their identity via a video call, thus providing a digital alternative to traditional face-to-face meetings.

The second would be the e-signature for prospects, which enables prospects to sign account-opening agreements electronically in the Julius Baer Assistant App in a secure, convenient, and legally compliant way.

Complete digital onboarding has been rolled out for clients served out of Switzerland and the video identification part for clients served out of Luxembourg.

The solutions are planned to be introduced to additional advisory offices and booking centers.

This account opening service extends Julius Baer’s recently accelerated digital offering, which includes other new functionalities such as chat capabilities, BJB Chat and WhatsApp, and e-signature for existing clients.

Matthias Plattner, Head Channels and Innovation at Julius Baer

Matthias Plattner

Matthias Plattner, Head Channels and Innovation at Julius Baer commented,

“We are delighted to introduce a convenient, guided, digital onboarding solution for our clients, which is perfectly aligned with our personalised wealth management business.

 

While personal relationships remain at the centre of excellent wealth management, we use digital technology wherever we see potential to improve the banking experience for our clients.”

 

Featured image credit: edited from Unsplash

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