Hybrid consulting: Hauck & Aufhäuser addresses Affluent customers digitally

The traditional private bank Hauck & Aufhäuser, Frankfurt, is keeping up with the times by expanding its product range to include digital asset management. During the entire project, the team consistently put themselves in the mind of their customers, seeing things from their perspective. The project was run with an Agile methodology. The project was realized agilely in small sprints.

A major milestone is behind us: a few weeks ago, we entered the digital asset management business via a Bionic Robo Advisor project – a very important step in our far-reaching digitalization strategy. In general, we are pursuing two goals in Private Banking: With the online sales channel, tapping sales potential in a new customer group with fixed assets of EUR 50,000 or more, and at the same time expanding our range of services for wealthy private clients in stationary sales. The Omni-Channel approach helps us to expand our customer base sustainably and to address our customers individually over several generations. Thanks to state-of-the-art technology, we can not only address the changing needs of our customers, but also continuously improve the experience throughout the entire customer journey.

Personal Banking: hybrid consulting for affluent clients

While Hauck & Aufhäuser traditionally looks after people with an income of 0.5 million euros or more in private banking, the newly created digital channel helps us address affluent customers in particular. In comparison to retail banking and the more complex asset issues of our customers in stationary sales, this customer group has its own specific requirements for their investment but has so far been neglected by the market. An intuitively understandable workflow and onboarding with video identification make it easier for them to get started in banking. We laid the foundation for this with the introduction of a new online and mobile banking platform in April 2018. The second release followed in September 2018, and since October of this year our customers have been able to invest their assets via our Zeedin application.

Our Zeedin digital asset management system is characterized by a high degree of individuality. This allows our customers to determine the investment universe themselves via three different product variants and to invest directly in individual securities instead of just funds or ETFs.

They benefit from our expertise in investment management, which is based on more than 220 years of experience in this field. As part of a hybrid advisory approach, our investors also have the opportunity to discuss their digitally calculated investment proposals with one of our client advisors via co-browsing. Of course, they can also contact us via chat or telephone or arrange a personal appointment.

Agile Sprints with CREALOGIX

Already in the first two project phases with our project partner CREALOGIX, an agile approach proved itself that we have retained to this day. We break down the overall projects into sprints, which we define on a Kanban Board. This forces us to make decisions quickly. The high speed enables us to include customer feedback along the customer journey in every project phase. Of course, we also regularly exchange ideas with the management to stay on track – a balancing act that only succeeds with disciplined teams that can organize themselves.

The agile approach is characterised by the fact that the experience gained in the completed phases is immediately incorporated into the next phases as lessons learned. In addition, the company has to be prepared to enter the market with MVPs (Minimum Viable Products), which are always unfinished in certain respects. Results in the form of prototypes can be examined in real time. Another element distinguishes our project culture: In principle, our approach is interdisciplinary. Thus, different working methods meet each other, and you have to come to terms with each other. But we also receive valuable feedback from the field, especially from colleagues who are close to our customers.

Looking back over the year, I am almost amazed at what we have achieved in such a short time. We succeeded in doing this with a project partner who, together with us, identified the central fields of action specifically for our company and was able to provide us with comprehensive technological support. The processes are now so well coordinated that we are ideally positioned for further phases of the digital transformation.

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