01 October 2020

Relationship and technology, the new frontiers of private banking

The diffusion of the Covid-19 and the consequent lockdown has forced almost all the productive sectors - and not only that of the financial advisory- to rethink own model of business placing even more on the technology. At Banca Generali we tackled the new scenario promptly.

As our Chief Operation Officer & Head of Innovation Riccardo Renna told to the Patrimoni magazine: "Since the first case of Covid in Italy we have been active, accelerating the technological upgrade path already underway and rapidly implementing a series of new features which have allowed our bankers to be able to support customers even at a distance. For Banca Generali, digitalization is an opportunity ". Renna explains: "in the world of financial advisory it will generate a strong advantage especially for the figure of the private banker who will be highly valued because he will be more able to bring out his own added value".

Leveraging digital with new tools

During the last months we have strengthened our Digital Collaboration app for order confirmation via smartphone. Before the crisis it was used by less than 50% of our customers, while during the lockdown it reached an average of 80-85%. An important cultural leap that is being confirmed even now that the lockdown is over. Riccardo Renna adds: "We then also focused on simplifying execution for all customers not close to digital and to the world of apps. We have also introduced the possibility of carrying out transactions also via email or by recording a telephone audio through our contact center, two solutions that have been highly appreciated ".

The banker-customer relationship: between protection needs and volatility management

During the pandemic, our private bankers has always been close to each client to guide the shift of the riskiest component of their investments towards more protective solutions that are less linked to the volatility of the period. First of all, protection and advice to make people understand the risks of high volatility. And in this sense, the breadth of the offer and the professionalism of our bankers were fundamental. The customer-banker relationship has certainly changed with the pandemic but it has further strengthened. Renna says: "Before the spread of Covid-19, the relationship developed mainly in physical presence, with constant appointments in the office or at home. Today, however, we are witnessing a consolidation of all those practices developed during the lockdown such as video calls or e-mail exchanges: contact methods that were previously unusual but which have now become normal. "The use of technology, therefore, allows you to bring the relationship even closer and accompany the customer step by step even remotely in planning and protection choices.

The most requested services? Those with a high level of diversification.

During the pandemic, customers increased their level of asset protection by looking for more prudent and useful solutions to overcome the severe shock suffered by the markets. Today, with the situation under control, private customers try to make a concrete contribution to the economic revival of our country. Renna talks about our initiatives in this direction: “We are registering a growing consensus for all solutions that invest in the real economy, such as the world of alternative instruments, private markets or Eltifs. Solutions which, moreover, can also represent a good opportunity to further raise the level of diversification of portfolios.

In addition to these innovative solutions, more traditional products, such as insurance investments, have also received a lot of attention. We have recorded a growth in the contribution from advanced consulting, which thanks to our platform BG Personal Advisory, allows for a complete mapping of the overall families assets.