Swiss private bank Mirabaud has forged an alliance with cloud banking platform Temenos to digitally transform its wealth management services.

The partnership will see the Swiss lender replacing its existing traditional on-premise system with a digital wealth management platform on Temenos Banking Cloud.

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The move is expected to enable Mirabaud to adapt to the evolving investment opportunities and client expectations amid new regulations and growth in asset classes such as private equity and digital assets.

Mirabaud CEO Camille Vial said: “This key investment for the Mirabaud Group is a clear demonstration of our dedication to our clients, positioning ourselves as a leading partner for them today and the generations to come.

“We are working to carry on adapting quickly to their needs and market trends while never losing sight of our core vision and values to combine our entrepreneurial and passionate human approach with cutting edge technology.”

Mirabaud will leverage a range of Temenos wealth banking capabilities to deliver personalised services and automated processes for its customers.

The capabilities provided by Temenos include self-service channels, portfolio management, and back-office processing, including payments, financial crime mitigation, and data lake.

Mirabaud said it will fully encrypt and tokenise all personal data and ensure no customer identifying information is ever held on Temenos systems.

Temenos CEO Max Chuard said: “Mirabaud is one of the oldest and most established banks in Switzerland. Their success has always been based on a passionate, human approach to clients but they recognize that wealth management is changing rapidly.

“There’s increasing competition and a new generation of customers that expect a human touch combined with the power of technology. Adopting the latest SaaS technology for their end-to-end platform will accelerate their digital transformation and this will allow them to continue delivering exceptional customer experience. Both today and in the future.”

Mirabaud launched its digital transformation project in partnership with Temenos and Wealth Dynamix.