Digital Private Banking
About This Course
This course focuses on how the use of new technologies, in particular artificial intelligence (AI), is changing the private banking and wealth management industry. We will start by having an overview of how the industry has evolved as more technology is deployed in the areas of financial advisory and client engagement. We will then elaborate on the new areas of competition the industry faces and suggests ways on how the RM be prepared and use the latest technologies to compete effectively.
Next the course will give you an introduction to the latest technologies that are being deployed in the industry including roboadvisory, blockchain, and machine learning technologies. By using tools like robo-advisory, AI-based client profiling for better engagement and risk management, sophisticated KYC back-end systems, RMs will become more efficient in their use of their time and focus on the relationship building process.
Who Should Attend
- Relationship managers and senior relationship managers in private banks
- Covered Person under the Private Banking Code of Conduct (including Assistant RMs, Investment Advisors, Client Advisors, Investment
- Consultants, Investment Specialists, and Client-Facing Product Specialists and all other client facing staff financial advisory and wealth management services to HNW client) are encouraged to follow these standards
Pre-Requisite(s)
- Completed IBF Standards Wealth Management Private Banking Level 1 OR
- Minimum 3 years of relevant working experience in private banking
Learning Outcomes
- Understand competitors in digital banking and wealth management space
- Awareness of how artificial intelligence works (eg. robo-advisory / automated investment strategies / program trading algorithms)
- Understand how to utilise and integrate robo-advisory into investment advisory process
- Understand how digital technology can be leveraged to improve RM efficiency including
- KYC process and determining client suitability
- Client engagement eg. using automatic triggers and/or digital aggregation of news in providing updates to HNW clients
About IBF Certification
This course addresses the following Technical Skills and Competencies (TSCs) and Proficiency Level (PL):
- Customer Experience Management (Level 2)
Participants are encouraged to access the IBF MySkills Portfolio to track their training progress and skills acquisition against the Skills Framework for Financial Services. You can apply for IBF Certification after fulfilling the required number of Technical Skills and Competencies (TSCs) for the selected job role.
Find out more about IBF certification and the application process on https://www.ibf.org.sg/certification/Pages/Why-be-Certified.aspx
Overview of the changing banking and wealth management landscape
- Challenges faced by the industry
- Industry response to the challenges
- How technology help to address challenges
A brief introduction to artificial intelligence and other technologies
- What are artificial intelligence, robo-advisors, machine learning, etc
- Evolution of the technology over the decades
- Areas where AI is already being deployed successfully
- Which areas it will be deployed in the industry
- Other technologies impacting industry: Machine Learning/ Blockchain/ Robotic Process Automation, etc.
Integrating AI technology in the investment advisory process
- Deploying technologies in needs analysis, asset allocation and portfolio management, monitoring / rebalancing in real-time, investment strategies, securities selection, market timing
- The impact on RMs daily routine and enhanced effectiveness
- How RMs can prepare for changes
The Impact of Technology on Banks, RMs, and clients
- Enhancing Client Prospecting
- Challenges of prospecting for clients
- Evolution of client prospecting with technology
- KYC Process
- Challenges of conducting KYC
- How KYC will evolve over time with technology
- Client Engagement
- Challenges of client engagement
- Enhancing client engagement with technology
- How RMs can leverage technology to increase productivity and efficiency
Summary
Key takeaways
Assessment - MCQ
Alvin Yap
CFA
Alvin has over 27 years of investment experience. His experience ranges from investing in listed securities (enquiries, bonds, currencies, options) and unlisted to structured investments including venture capital/private equity. He has invested funds for institutions, private companies and high net worth individuals. He has worked for major institutions including the Government of Singapore Investment Corporation, American Express Asset Management, Emirates NBD Bank, UBS AG, and OCBC Private Bank. In 2000, he set up several VC funds anchored by major government institutions including TIF Ventures (Singapore Economic Development Board) and Khazanah Berhad (investment arm of the Malaysian government). Alvin holds the CFA charter since 1994. He graduated Summa Cum Laude in Business Administration from Boston University in 1989. Over the last 6 years, he lectures on Investment Management at University of London (External Programs), Global Issues for the Financial Professional (MSc in Professional Accountancy – UOL/LSE London) and provides corporate training at SMU University (Singapore) for private bankers.
During his time at GIC, Alvin had explored the deployment of neural networks in finance with the National Science and Technology Board. Alvin currently heads the fund management team at Avallis Investments Pte Ltd, a LFMC based in Singapore. The firm will launch an artificial intelligence-based fund that leverages on deep learning computer technologies. The system trades autonomously and is self-evolving in its trading rules as market conditions change. Alvin also sits on the board of Erudite Engineering Services Ltd, a Bangkok based technology firm that is a university spinoff from the high-performance computing department. Erudite specializes in research in computational finance and deploys artificial intelligence in financial markets for advisory, asset allocation and autonomous trading.
IBF-STS
This programme has been accredited under the IBF Standards, and is eligible for funding under the IBF Standards Training Scheme (IBF-STS), subject to all eligibility criteria being met. Candidates are advised to assess the suitability of the programme and its relevance to participants’ business activities or job roles.
For latest development on the Funding Support for IBF-STS, please visit the IBF Standards Training Scheme site.
About the IBF Standards
The IBF Standards are a set of competency standards for financial skills. These Standards are developed in partnership with industry leaders and provide a professional development and skills roadmap for financial sector practitioners to excel in their respective job roles. They currently cover 12 industry segments in the financial sector.
About the Institute of Banking and Finance Singapore
The Institute of Banking and Finance Singapore (IBF) is the national accreditation and certification agency for financial industry competency in Singapore under the IBF Standards. Find out more on www.ibf.org.sg
Early Bird Discount
Enjoy 10% early bird discount when you register one (1) month before the course commencement date.
