Heritage customers are trendy. The Louvre Banque Privée announced in May that it would improve in this area by bringing its services to La Banque Postale customers at physical branches. Societe Generale Private Banking (SGPB) has chosen a different approach, the digitization of the relationship. By offering the first level of service and gradually empowering these clients – 40,000 people whose financial assets are not less than 2 million euros – it aims to provide time for its consultants. .. “Our experts are better able to support the family on topics with a small financial dimension, such as philanthropy, wine, art, project financing …, said Mathieu Védrenne, director of SGPB. Digital can make high -performance value propositions very quickly: settling UCITS is less complicated.
Digitally assisted arbitration
Two solutions support the banker and the wealth engineer. Financial Coach, launched in early 2022, takes the form of a dashboard intended for free management clients that groups their life insurance assets held within four qualifying partner contracts. SGPB Sogecap (TerCap, Eben, Sequoia and Société General privacy management). Guided by time pictograms, the client knows in real time the bank’s position on such an asset class. Each quarter – which prohibits a major market event – arbitrages are proposed by managers and disseminated according to the client profile built into the software. The latter can choose to follow them by accessing the order book and validating the operation immediately. On the bank side, not calling each customer individually represents a considerable saving of time. After the Ukrainian invasion, 60,000 push messages were broadcast detailing the new position of the SGPB.
Financial Coach is actually a lightweight version of Synoé, offering a similar course but a much broader investment universe in an open architecture that combines 15 partnerships with management companies, an expert platform and more frequent advice. In return for an advisory management mandate, and therefore intellectual management commissions.
“Financial Coach is a stepping stone for other services”, argues Emilie Chauvet, director of marketing and customer solutions. By familiarizing its clients with its entry-level solution, SGPB hopes that they will gradually progress from free management to advisory management, then from advisory management to delegation management. With 50% to 70% of private banking clients being in free management, the running board is like a stepladder.
An automatic asset diagnosis
The second tool should be deployed in the coming weeks. Kwiper, named after the start-up born in-house, presents itself as a legacy diagnostic tool. It adds the “My Heritage” solution that is responsible for accumulating assets held within Société Générale but also in other establishments to establish an overall risk profile. Kwiper, from data on personal and family situation, assets, income and expenses, generates elements according to the client’s “goals”: distribution of assets if there is a sequence, impact on the beneficiary clause in a life insurance contract, preparing for retirement. .. The banker will then adjust the diagnosis to issue his recommendations.
If Kwiper becomes a subsidiary and starts to have external customers – including chartered accountants or CGPIs – Société Générale retains all of its capital. With a white label deployment, could the generalization of the solution serve the SGPB? “The arrival of robo-advisors is not disabled the market “replied Mathieu Védrenne.
An unrelated solution for very large properties
This digitization of the relationship is aimed at private and wealth management clients, but Mathieu Védrenne agrees that it does not apply to very large land for whom “Digital solutions don’t make much sense”. “We have chosen a Russian puppet method of digitalization: after the aggregation of legacy, financial assets, we are now adding legacy engineering brick, and we will continue to gradually develop these solutions”, supporting Mathieu Védrenne. Finally, the Financial Coach must also be accountable to management under mandate.