MYS 2018: VP Bank on Integrating Digital into Banking Services

By Paul Joseph

The bank of choice for vast numbers of high net worth individuals across the world, VP Bank are currently facing a common challenge being seen across industries: how to integrate digital into their services.

Speaking to us at the 2018 Monaco Yacht Show, VP Bank CEO Alfred Moeckli gave us some insight into how the bank are going about facing that challenge head on.

however, he started by telling us about VP Bank’s broader trajectory, saying: “We’ve been able to continue our growth path. We’ve added many new clients and existing clients have added more assets to us, so we enjoy a good business continuation, solid results.

Turning to the specific subject of the digital revolution that is impacting banks as much as anyone, he said: “I think for us this, doesn’t mean we’re going to be a fully electronic bank.

“We’re also going to have dual channels to our clients. We operate in the ultra-high net worth sphere, and they want a personal contact. They do expect channels of communication open in the digital fashion, but they’ll always want a personal contact.”

“So digitisation is all about our own processes and set up and that’s where we’re working hard.”

So how would he say that VP Bank endeavour to create peace of mind when it comes to the customer experience?

“I think first of all they want a bank that is typically not in the news, in the media, only in a positive way and I think we’ve been able to do that for many years and decades. We are a midsize bank, we are a boutique bank, and that has an appeal for clients. They get to see even the decision cycles and the senior management and they appreciate that.”

We also talked to Moeckli about organic growth, which he has often publically commented on before, and specifically how VP bank aspire to roll this out.

“We are adding every month new client advisors who are typically well educated, they have an existing portfolio of customers which they bring from other banks. We do have the capital base and these client advisors bring us growth in an organic fashion.

“But you can only have as many at a time. We’re extremely successful in Switzerland doing this, and we’ll add a little more in Luxemburg and Singapore, so there’s always a rotation. But you can only do so many at one single time, because they need to be culturally integrated.”

By Paul Joseph