About the customer
Swiss banks have a long tradition in private banking – about 35 per cent of global private and institutional assets are now managed privately. Wealth management specialists and consultants Berenberg Bank (Switzerland) A.G. are among these. Berenberg Bank (Switzerland) Ltd. specialises in wealth management and consulting. The 100% subsidiary of Berenberg Bank in Hamburg, one of Europe's oldest private banks, was founded over 20 years ago and currently manages about 3.3 billion Swiss Francs with just 60 employees.
One of the leitmotifs of the bank is to combine tradition with innovation in the interests of the clients. These are not just empty words, as is is attestedby the implementation of a business intelligence system, among other things. The aim was to make client relationship management more efficient. Primarily, the private client advisors should be able to optimise their consulting performance in the future, both by classical ABC client analysis as well as individual evaluations of client data.
Which investment options and what conditions can I offer the client? Which clients have recently joined the bank or have left it, and why? These are typical questions to which the consultants need answers.
For the management, the desire for an improved overview of the total client situation stood firmly in the foreground. Questions concerning this issue include:
- How is the client portfolio put together?
- How many new clients have been won?
- What incomes are obtained with which products, in which market areas?
In addition, the controlling figures for contribution margin accounting, such as the income and cost per consultant, were to be made available.
The required data were derived from different sources, so that evaluation has only been possible until now via a cumbersome and error-prone Excel “detour”.
Berenberg Bank (Switzerland) AG therefore decided to first integrate all the data into a common data model which could then be accessed by a suitable BI solution as a front end. In order to do this, the bank developed its own data warehouse, in which financial data from TCS BaNCS, Access and Excel are transferred via special interfaces.
The bank pursued a pragmatic approach: "We could not and would not afford to carry out a large market evaluation with its associated start-up costs, or dedicate scarce project resources to this.”
Afterwards, they looked for suitable software for analysis and display. "For us, it was important to find a solution that we could put to productive use quickly and with little investment and which could then be gradually expanded," explains Markus Zwyssig, Executive Vice President of Berenberg Bank Switzerland AG. The bank found the ideal consulting partner in Informatec Ltd.liab.co. The information technology service provider not only has extensive BI expertise, but also in-depth expert experience in the banking sector.
Application area and uses
A decisive factor was the high degree of flexibility both in terms of usage as well as with respect to the pricing model. "With its simple and understandable script commands, QlikView is extremely flexible. Specific data models and queries can be created in a relatively short time and successful operations can be enjoyed very quickly. Right away we were able to feed in an Excel list and try out the diversity of the evaluation options," explains Zwyssig. "QlikView offers the opportunity to start in small stages and then to make gradual further investments. Thus the project risk is minimal."
Informatec required only about three days for the implementation of the infrastructure, the incorporation of the clients and the setup with the first templates. Later, the IT service provider implemented an access control, because not all users should be able to access the entire database.“ The privacy of our customers is our top priority and is subject to very strict requirements in our establishment,” adds Zwyssig.
Faster knowledge building
According to the Swiss Berenberg Bank, additional advantages include the fact that it is easy to learn, due to the intuitive Web interface. "We can quickly build up in-house know-how. The learning curve for this product is very steep," says Zwyssig.
The Network concept, which is one of the cornerstones of QlikTech's product strategy, was very persuasive: Individual QlikView applications can be modified easily, newly configured and shared both internally within the company and with the QlikViewCommunity.
"There is a very active and capable QlikView community, whose contributions can be easily accessed via the forums," confirms Zwyssig. "For me this is a very efficient method of knowledge transfer. The many QlikView code examples from various user forums are very helpful and can be used for custom applications."
Currently, about 30 employees use QlikView for different analyses and reports. Some 100,000 records are read in daily.
"QlikView is a real help for decision making", says Zwyssig. "One day after the end of the month all the data are available, and not two to three weeks later, as was the case previously, when the evaluation is already history."
QlikView has even proved its worth as a management tool. "We can now see very quickly which consultants have developed and how: where there are differences in the profitability of customer relationships, for example, or which recommendations consultants give to their clients and to what extent these are acted upon, etc.," said Zwyssig.
The application spectrum of QlikView is to be expanded in the future. It is planned to be used for risk management and for the viewing of credit transactions.
"The learning curve is very steep with QlikView. From the outset, we derived great benefit from using the tool in the interests of our clients." - Markus Zwyssig, Executive Vice President, Berenberg Bank (Switzerland) AG