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«But during this crisis, we have seen bankers and clients becoming more receptive to interaction through new channels like virtual events, not to mention a much faster time to market. I strongly believe we need to capitalize on this learning and continue to use such channels in our future communications and interactions with our clients.»

Expanded Toolbox

Indosuez currently has a handful of ongoing digital initiatives both for internal and client usage. Internally, it is introducing tools to support investment proposals, internal communications and relatively rote functions so bankers can focus more on value-added areas. Externally, the French private bank is looking to increase the number of touchpoints and frequency of engagements with clients. It has a research app which is undergoing an upgrade to offer content tailored to each user.

Though digital engagement is likely to keep rising in the long-term, Shokur echoes industry sentiments that the traditional tenets of private banking will remain.

«This doesn’t mean whatever we did in the last few months will replace face-to-face communications,» he said. «Building trust and relationships with clients continues to be the core of this business. And you need to see clients and meet them many times to be successful.»

More Investment Staff

According to Shokur, Indosuez will continue to recruit private bankers opportunistically «where there is a good fit» while seeking to broadly hire to strengthen its investment capabilities and capital market platforms. Another area of interest is with the external asset manager (EAM) segment which Shokur covered extensively back in Switzerland for many years.

«There is a significant number of EAMs created in the region over the past three years and the number is growing yet, demonstrating how sophisticated and vibrant the wealth management industry is in Asia,» he said, noting a markedly different coverage model required compared to individual clients.

«I was in charge of the EAM and [multi-family office] business in Switzerland for many years and I see the potential of this client segment [in the region].»

Client Appetite

As volatility rose in the first half, trading volumes dropped for Indosuez in Asia but appetite returned soon after especially for short-term (one to three months) opportunities such as structured products or even direct equities. Unsurprisingly, clients were also demonstrating greater openness to holding diversified portfolios.

«Diversification is a much less interesting topic for clients when markets are rallying compared to when markets are turbulent,» Shokur said.

Moving forward as part of its commitment to sustainable finance, the bank will also be actively rolling out other ESG-related (environmental, social and governance) solutions in Asia. It recently launched a green structured product solution that leverages the group’s green bond expertise for structuring.