For all of his digital prowess, the new job will test skills Hamers hasn’t often used at ING -- dealing with the needs and whims of the super-rich. High-net-worth clients need more than whizbang apps, focusing on the white-glove treatment of private bankers who can ensure their money is invested wisely in an increasingly volatile world. Hamers’s ability to rein in costs while balancing technology and the human touch will determine his success at UBS, Barclays wrote in a report Thursday.
UBS has spent $2.5 billion annually on tech in recent years, and insiders at the bank say modernizing its digital systems is its biggest challenge. One senior member of the wealth management team says that only a handful of countries have a common, modern platform for client data, while other places use localized technology that can’t easily share information across teams.
Weber said he’s confident that Hamers’s experience leading ING’s digital transformation will help him shepherd UBS as it follows a similar path.
“Banking is changing dramatically,” Weber said. “The first signs where you see technology taking over is in retail banking, but we are the largest and only global wealth manager. Wealth management is becoming more and more a platform business.”
--With assistance from Marion Halftermeyer.
This article was provided by Bloomerg News.