Bank of Singapore’s Global COO on Building a Client-Centric Private Bank that is Fit for the Future
Sonjoy Phukan of Bank of Singapore
Jun 2, 2022
Sonjoy Phukan, Global Chief Operating Officer of Bank of Singapore, sat on our panel of experts at the Hubbis Digital Dialogue event on February 17. The focus of the discussion was on how COOs in Asia are future proofing their platforms and operations. Sonjoy was a key contributor to the conversation, and we had captured some of his invaluable experience and thoughts in this report. What impressed the delegates was Sonjoy’s optimism about the future plus his deliberate thinking about how Bank of Singapore’s operational resilience will help achieve the bank’s strategic business vision and objectives.
Sonjoy opened his comments by acknowledging the changing expectations of clients and employees that come with the new normal. The bank and the industry are seeing increasing demands on what they expect from a platform. “A number of paradigms have shifted, and we are still navigating through those, as well as building the capabilities required, as a fellow panellist mentioned, to self-serve, and to obtain more data that's personalised and relevant.”
The big themes and trends
He told the delegates that there are some macro trends in Asia that COOs not only need to understand but also react to proactively. These include the growing onshore wealth in Asia and how banks must think about their onshore-offshore wealth proposition to capture this growth which also requires an understanding of global trade flows and wealth hubs. Secondly, he noted the wealth transfer that is rapidly taking place to the next generation of clients. He highlighted the rise of the family offices, especially in Singapore, and the growth of the independent asset management industry across Asia. He also mentioned the rapidly growing client interest in digital assets and web 3.0.
Macro to micro
“While we deal with the changing industry landscape, we also need to focus on the present – making our processes more scalable, more convenient and embedding CX into everything we do,” he reported. “At Bank of Singapore we rolled out our Group Wealth Platform 2 years ago, which was to build the right foundational technology infrastructure for the business. And since then, we have been building upon this, especially with regards to data, execution platforms as well as personalised content and alerts that can aid employees and clients to make decisions.”
Another challenge he identified is the competition for talent, whether for client facing staff, product owners, technology experts, or operations professionals. “We must rethink how we hire, retain and motivate talent. Strong talent is mobile and in demand.”
The people quest
He mined further down the shaft of talent acquisition and loyalty.
“Technology is really vital to elevating the RM’s capabilities, efficiency and engagement, and to boosting the end-client experience as well,” he said. “People are often too obsessed with client experience and overlook the employee experience. It is important that we elevate both, and not one or the other, as they are intrinsically linked.”
“At Bank of Singapore, we focus on HNW and UHNW clients and we need to maintain that personal interaction and the ability to provide bespoke solutions. The RMs will always remain central to our operating model but will be increasingly empowered with technology and data, allowing them to focus on what really matters - relationship with the clients and the customer experience. That’s how I think we'll be able to retain and attract the best bankers to our platform.”
He expanded on the theme of self-service aligned with a personal touch, remarking that if any client wakes up at night and wants to trade, the bank had quicky developed an online trading capability platform for equities (to be followed by other asset classes), with that capability available in Singapore, Hong Kong and across various exchanges.
Self-serve at any time
“We are still scaling, having launched this late last year,” he reported. We did not opt for 24-hour helpdesks for all clients, but instead to incrementally design a top-flight capability and experience for clients to trade themselves as and when they so wish. And we have seen growth exceeding our expectations from our HNW and UHNW clients.”
He said the same platform will be made available for the bank’s EAM/IAM clients. “We are now building a wider platform for those who need it – with a set of applications and services that will help them scale and engage their clients. By doing so, we are able to bring them on board to our broader ecosystem,” he reported. The innovation mindset and agility we developed during the last two years have to be maintained.”
Key priorities
Looking ahead this year, Sonjoy told delegates that his team have several key priorities:
First we need to focus on elevating the client experience. For the past two years or more, he said the bank has been really focused on this, with teams now dedicated to user research, client journeys, and analysing client satisfaction scores and feedback. We also must think much further forward to how financial institutions and client experience will be represented in the metaverse and how blockchain will impact the way we do business.
“We need to elevate the experience linked directly to the client, so we have been embedding client experience into our DNA, not just within the front office, but across the entire bank,” he stated. “So that remains my number one priority.”
His second key priority is the bank’s Agile transformation.
“Agile has really helped the way we deliver technology, how we bring the business and technology closer together, and ultimately achieve our strategic business objectives and have the key results embedded into the organisation,” he reported. “So, for me, Agile must be expanded at scale across the organisation – faster and more effective decision making.”
His third key priority is improving front office productivity, allowing RMs and advisors more time to focus on clients. “We have been working closely with these teams to understand how they work, what takes up their time, and start leveraging technology, data, automation and digital solutions to boost satisfaction scores and the client experience.”
A critical priority continues to centre on maintaining the ongoing dialogue and positive relationships with the regulators.
“Risk, control and compliance continue to evolve” he said, “so we need to see and understand where things are heading. Regulators are partners in this industry, and a positive dialogue is beneficial to all.”
Building personalisation and enhancing the UX
Addressing the more dynamic elements of the client experience, Sonjoy reiterated the keen drive at Bank of Singapore to achieve more ‘Wow’ factors with more personalised data, analytics and content.
“We want to deliver this to clients on a constant basis,” he reported. “For example, I am a client with commodity assets and when I wake up, I have insights on the Russia/Ukraine situation as soon as I open the app, and other ideas and news relevant for me and my portfolio. And this sort of approach opens the door to rapid engagement through RM and investment advisor conversations. And then, clients can shift gear to seamless execution. In short, this is only the beginning of a personalised, highly relevant, seamless experience.”
Trust at the core
Sonjoy turned his attention to the experience that a private bank such as Bank of Singapore can offer wealthy clients in Asia, the Middle East and Europe. “It boils down ultimately to trust,” he said, “and not only with regards to investments, but also for wealth planning, and a wide range of services. If they feel that they can trust us to offer advice and make decisions in their best interests, then we have a solid foundation and hopefully this becomes a multi-generational relationship”
He added that the RM is pivotal to this proposition and connection, as technology can only achieve so much, and ultimately it is the relationship with the client and their families that counts and endures.
Boosting skills throughout
His final comment centred on education and training. “This is one of our biggest focus areas,” he explained. “We offer training on the themes I mentioned earlier – so this is not only investment strategy, products and wealth planning, but also design thinking, data and future readiness. It is important that we upskill everyone in the bank with these skills and expertise, as well as a deeper understanding of all facets of the industry. In this way, they will appreciate why we are transforming, and can see how their roles will fit for the future and remain relevant in the years ahead.”
Global Chief Operating Officer at Bank of Singapore
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