Julius Baer has announced the launch of its guided digital onboarding solution for clients in response to increased need for digital client connectivity.

Including a complete video identification service, the solution facilitates interaction between the relationship manager during the onboarding process.

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Tailored to the needs of private banking clients, the solution does not involve industrialisation or a shift to a self-service process unlike other existing banking applications.

Matthias Plattner, head of channels and innovation at Julius Baer commented: “We are delighted to introduce a convenient, guided, digital onboarding solution for our clients, which is perfectly aligned with our personalised wealth management business.”

Developed in collaboration with external providers, the solution consists of two components – video identification technology and an e-signature tool.

The video identification enables prospects and clients to verify their identity via a video call – providing an alternative to face-to-face meetings. Conversely, e-signatures enable prospects to sign account opening agreements electronically, through the Julius Baer Assistant app in a secure and convenient way.

The COVID-19 pandemic severely limited interaction between clients and advisors, which has had a devastating impact on the sector which thrives on relationships.

Additionally, according to GlobalData, 51% of millennials now prefer using online or mobile channels when arranging their investments. They are not the only ones; 49% of Gen X, 43% of Gen Z, and 38% of baby boomers feel the same way.

The way investors and private banking clients interact is changing, and many believe the Covid-induced digital shift is a permanent change across the industry.

Plattner continued: “While personal relationships remain at the centre of excellent wealth management, we use digital technology wherever we see potential to improve the banking experience for our clients.”

One of the first wealth managers to provide such a service, Julius Baer has released the digital onboarding process to clients in Switzerland whilst the video identification element will be available to those based in Luxembourg.