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Credit Suisse Asia Pacific partners fintech firm Mesitis to offer aggregation platform
CREDIT Suisse Asia Pacific on Thursday said that it would partner fintech company Mesitis Pte Ltd to roll out an aggregation and reporting platform for its private banking clients.
This pilot service will allow Credit Suisse clients in Singapore to aggregate and analyse asset performances across different geographies, asset classes and different banks' portfolios.
The Swiss private bank is also pushing out in the region a fully front-to-back automated digital client onboarding application.
Francesco de Ferrari, Credit Suisse's head of private banking Asia-Pacific, and CEO of South-east Asia and frontier markets, said: "Credit Suisse is committed to being at the forefront of digitisation in the private banking sector.
"Over the past 24 months, we have been constantly refining our digital offering through our digital private banking client feedback programme. Many of our high-net-worth and ultra-high-net worth clients have indicated they would like to have a single portfolio view available in one place, and to be able to plan, analyse and track their wealth across multiple institutions and asset classes."
Tanmai Sharma, founder of Mesitis, said that the service solves the classic "too much data, not enough information" problem.
"This problem is particularly acute for private banking clients due to multiple custodians, complex products and a general lack of electronic data feeds, making such analysis an error-prone manual task. By largely automating the aggregation process and adding deep analytics, we help the bank's clients get an overall picture of their wealth, the risks they are running and do 'what if' analyses," he said.
In 2016, the number of Credit Suisse clients using its digital platform increased by more than six times, compared with a year ago. The volume of equity transactions placed by clients via the digital platform have also increased more than eight times. In some instances, more than half of the total equity trades were placed by clients through the app, as compared with via e-mail or phone.