Retail News CRM

Tag: clients

  • UBS Wins U.S. National Charter: Broadening Services for Wealth Management Clients

    UBS Wins U.S. National Charter: Broadening Services for Wealth Management Clients

    UBS is set to transform its U.S. entity, UBS Bank USA, into a nationally chartered bank following approval from U.S. regulatory bodies. The announcement was made via LinkedIn by Rob Karofsky, President of UBS Americas.

    A Significant Milestone for UBS

    Karofsky hailed this development as a significant achievement, reinforcing the bank’s enduring dedication to the U.S. market and its ongoing efforts to bolster the bank’s position as a global leader in wealth management.

    Expansion of Banking Services on The Horizon

    The new charter will empower UBS to broaden its banking services for its U.S. wealth management clientele. The bank plans to introduce payment services along with checking and savings accounts, among other offerings. The LinkedIn post emphasized that the new charter would reinforce the U.S. banking platform, improve client and financial advisor services, and put the bank in a favourable position for further expansion, all while upholding UBS’s high standards.

    The U.S. as a Crucial Market for Growth

    This move is part of a multi-year strategy by UBS to launch new products, systems, and technologies. The ambition is to create a state-of-the-art core banking platform with a focus on digitalization and artificial intelligence capabilities.

    UBS acknowledges the immense potential of the U.S. market. Despite U.S. clients having significant deposits, they often turn to other financial institutions for regular banking services. By enriching its service portfolio, UBS aims to deepen client relationships and fortify the position of its financial advisors.

    Questions & Answers

    What changes can UBS’s U.S. clients expect following this development?
    Clients can anticipate a wider array of banking services from UBS, including payment services and checking and saving accounts.

    What is UBS’s long-term goal with this transformation?
    UBS aims to fortify its position as a global wealth management leader, deepen client relationships, strengthen the role of its financial advisors, and establish a modern, digital, and AI-driven core banking platform.

    How does UBS view the U.S. market?
    UBS sees the U.S. market as crucial for its growth and plans to capitalize on its potential by expanding its service offerings to U.S. clients.

  • Revolut Business Aims to Double Swiss Client Base, Says Chief Executive

    Revolut Business Aims to Double Swiss Client Base, Says Chief Executive

    Currently boasting around 10,000 corporate customers in Switzerland, Revolut Business is making a significant impact across the landscape of local enterprises. They cater to a diverse clientele ranging from solo entrepreneurs to established international corporations. The sweet spot for their core clients typically falls within small to medium-sized businesses, housing between five to fifty employees and experiencing an annual turnover of one to ten million. These Swiss companies often have cross-border operations, whether importing from Europe or exporting to the UK, leveraging Revolut’s services to manage foreign currency transactions and global payments. About half of global users consider Revolut their primary business banking account, a figure that holds strong, albeit slightly lower, in Switzerland.

    Understanding Swiss Business Dynamics

    While approximately 40 percent of Swiss businesses utilize Revolut as their primary account, it is evident that the platform is more than just a tool for occasional international payments. With plans for accelerated growth, Revolut’s expansive offerings are set to become even more attractive, especially with an already impressive traction in the region.

    What Fuels Growth?

    The rise in popularity can be credited to several distinct factors. First and foremost, Revolut presents an all-in-one solution, encapsulating everything businesses need in a single, user-friendly web and mobile interface. The onboarding process is surprisingly quick and straightforward, allowing companies to manage their finances with ease. Spending controls add an extra layer of security, enabling businesses to set limits and define approval protocols for corporate expenditures, key for advertising and day-to-day expenses. Of course, the ability to execute transactions in over 30 currencies at interbank rates serves as a significant lure, especially attractive to Swiss SMEs engaged in European trade.

    A Currency-Forward Thinking Strategy

    Revolut maintains its competitive edge not just in its functionalities but also in its continuous adaptation to customer needs. Recently, it launched access to foreign currency money market funds—ideal for businesses looking to optimize cash management rather than leaving funds idle. While holding investments in foreign currencies may not appeal to everyone, adoption has been swift—especially among startups with USD funding and companies operating in foreign markets. They are keenly aware that a forthcoming launch of local savings options in Swiss francs will broaden appeal even further.

    Upcoming Innovations for Swiss Market

    Looking ahead, Revolut is poised to introduce three exciting offerings in Switzerland. A Euro-denominated savings account, traditional cash savings options, and merchant solutions that enable businesses to accept card payments—complete with physical terminals. Most notably, the FX Forwards product will allow Swiss companies to lock in future exchange rates, catering to a market rife with cross-border trading.

    Seizing Market Share

    With a keen eye on the competitive landscape dominated by established giants like Worldline, Revolut’s strategy focuses on delivering superior technology and pricing. The integration of multiple services on one platform eliminates the need for separate accounts and enables businesses to manage finances seamlessly. Their recent push into active marketing, backed by a growing sales team, highlights their commitment to gaining traction in the Swiss market where approximately 10 percent of the population already uses the Revolut app.

    A Bold Target Ahead

    As the company sets its sights on ambitious growth for 2023 and beyond, General Manager James Gibson is aiming for a 100 percent year-on-year expansion. Doubling their base of business customers in Switzerland within the next year is the goal—an aspiration that promises to reinvigorate the local financial services landscape.

    Questions & Answers

    What is the current focus for Revolut Business in Switzerland? The immediate focus is on expanding our product offerings, including launching a Euro-denominated savings account and merchant payment solutions.

    How does Revolut plan to differentiate itself from competitors in the Swiss market? By providing a fully integrated platform that is user-friendly and competitively priced, we aim to streamline financial management for our customers.

    What does Revolut foresee for its expansion in Switzerland? We anticipate significant growth, aiming to double our Swiss client base within the next 12 months as we invest more resources into the local market.

  • HSBC Names Desk Head for International Clients

    HSBC Names Desk Head for International Clients

    HSBC Global Private Banking (GPB) has recently announced the appointment of Kapil Khanna as the new desk head for Australia, Japan, and International, effective July 14. Working from the financial hub of Singapore, Khanna will report to Abhishek Mehrotra, who currently serves as the Market Head for Southeast Asia International.

    Impressive Career Record

    Khanna brings with him a wealth of experience in managing relationships with ultra-high net worth clients. His journey began in the Australian wealth management market, where he honed his skills before expanding his horizons to include institutional client coverage across Asia-Pacific and Europe, Middle East, and Africa (EMEA).

    Over the years, Khanna has held a variety of leadership roles at a renowned British private bank. His most recent position was Head of International Investment Counseling, where he had the opportunity to influence the bank’s strategic direction and growth.

    Expert Leadership

    Tommy Leung, Head of GPB South Asia, expressed his enthusiasm for the new appointment. He spoke highly of Khanna’s vast experience in both institutional and private banking, emphasizing his in-depth understanding of the Australian market.

    Leung is confident that Khanna is the perfect candidate to lead the company’s efforts to deepen client relationships and strengthen their presence in these developed economies.

    Driving Growth and Success

    Leung further added that Khanna’s strong leadership is expected to bolster HSBC GPB’s position as a leading global private bank. This strategic appointment aims to support the wealth needs of clients, especially founders and family businesses, who are creating and preserving wealth across generations.

    Questions & Answers

    What is Kapil Khanna’s new role at HSBC GPB?
    Kapil Khanna has been appointed as the Desk Head for Australia, Japan & International.

    What experience does Khanna bring to his new role?
    Khanna brings substantial experience in managing relationships with ultra-high net worth clients from both institutional and private banking sectors. He also has extensive knowledge of the Australian market.

    Who will Khanna be reporting to in his new role?
    Khanna will be reporting to Abhishek Mehrotra, the Market Head for Southeast Asia International.

    Lees ook:

    Lees ook:

    Lees ook:

  • Sun Life names new president of Sun Life Asia

    Sun Life names new president of Sun Life Asia

    Ingrid Johnson has been named the new president of Sun Life Asia, responsible for one of Sun Life’s strategic pillars encompassing life, health and wealth management businesses in eight Asian markets, including Vietnam.

    Johnson became the new President of Sun Life Asia on Oct. 26. She succeeds Léo Grépin, who left Sun Life on Oct. 15 to pursue other opportunities.

    “Johnson will continue to foster growth and build scale in our Asia businesses where we are focused on providing protection, health and wealth management solutions to clients in the fast-growing middle class and high net worth markets,” Kevin Strain, President and Chief Executive Officer of Sun Life, said.

    Johnson has more than 25 years of international commercial experience in the insurance and financial services industries. Most recently, she was the Group Finance Director of dual London- and South Africa-listed Old Mutual Plc and a member of its various subsidiary boards.

    Prior to this, Johnson spent 21 years with South African-listed Nedbank Group, a 53 percent subsidiary of Old Mutual Plc, where she held several progressively senior roles encompassing both the technical aspects of governance, finance, treasury, risk and capital management with large-scale international, corporate, business and retail clients.

    As an executive, she led 20,000 colleagues in delivering best-in-class client, culture and risk metrics, in addition to achieving sustainable financial performance and advancing leadership diversity.

    While at Nedbank Group, Johnson led business transformation of Business Banking Cluster (servicing commercial clients) with results of such note as to merit a 2009 Harvard Business School case study that is still taught in business and leadership courses today.

    Originally from Johannesburg, South Africa, Johnson is a chartered accountant, holds Bachelor of Commerce and Bachelor of Accounting degrees from the University of the Witwatersrand in South Africa and completed the Advanced Management Program at the Harvard Business School.

    Sun Life is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate clients.

    Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30, 2021, Sun Life had total assets under management of $1.36 trillion. For more information please visit www.sunlife.com.

    Sun Life Vietnam (Sun Life) is a life insurance company with 100 percent capital from Sun Life Financial, a leading international financial service organization with 156 years of experience from Canada. Sun Life is an established industry pioneer and market leader in pensions for both individual and corporate clients in Vietnam.

    Lees ook:

    Lees ook:

  • Shopify data stolen by its own employees

    Shopify data stolen by its own employees

    Shopify has seen customer data stolen by “rogue” employees, the e-commerce provider announced.

    Two members of Shopify’s support team were engaged in a scheme to obtain customer transactional records of certain merchants – less than 200, according to Shopify.

    Once the business became aware of the scheme the team members’ access was immediately terminated, and an international investigation began with the assistance of the FBI and other agencies that will seek to find if, when, and where the data was used – if at all.

    “This incident was not the result of a technical vulnerability in our platform, and the vast majority of merchants using Shopify are not affected. However, those whose stores were illegitimately accessed may have had customer data exposed,” Shopify said in a statement.

    “This data includes basic contact information, such as email, name, and address, as well as order details, like products and services purchased. Complete payment card numbers or other sensitive personal or financial information were not part of this incident.”

    Shopfiy added that it has zero tolerance for platform abuse, and will take the necessary action.

    “To put it simply, we are committed to protecting our platform, our merchants, and their customers and will continue to work hard to earn your trust every day,” Shopify said.

    Lees ook:

  • HSBC Taps Zoom to Maintain Client Interaction

    HSBC Taps Zoom to Maintain Client Interaction

    The bank is rolling out video conferencing for its Jade customers and says it will extend the service to HSBC Premier customers in the next few weeks.

    Amid the Covid-19 outbreak, HSBC is hoping remote conferencing services will help the bank enhance communication between customers and its relationship managers and investment specialists.

    In a statement on Wednesday, the bank said it has rolled out video conferencing using the Zoom service to interact and conduct wealth management related activities with Jade customers.

    A virtual face-to-face interaction will facilitate more in-depth discussion between customers and relationship managers, especially on more detailed wealth planning topics, said Greg Hingston, head of retail banking and wealth management, Hong Kong.

    Jade focuses on clients with a minimum account size of $1 million, a segment the bank describes as emerging wealth, in contrast with HSBC Private Banking, which requires a minimum account size of $5 million.

    The service gives customers access to dedicated relationship managers and specialists, customized and exclusive investment solutions, as well as luxury concierge services and «exclusive experiences.»

    As of end-August 2019, it had more than 150,000 customers globally in eight markets. In 2019, four Jade Centres were opened across Singapore, Hong Kong, and Shanghai. This year, HSBC opened two more Jade Centres in Hong Kong, and plans to open one in Beijing.

    HSBC has been building its wealth teams across Asia, as it announced the launch of a new global business, combining retail banking and wealth management and global private banking on Monday.

    Lees ook:

    Lees ook:

    Lees ook:

  • UBS Reveals Client Overcharging Claims in Asia

    UBS Reveals Client Overcharging Claims in Asia

    Wealth management clients in Hong Kong and Singapore may have been overcharged, UBS said, adding that it is working with authorities and intends to reimburse affected customers.

    UBS claimed that it had identified and reported instances in which its global wealth management clients in Hong Kong and Singapore «may have been charged inappropriate spreads for bond transactions between 2008 and 2015.

    UBS intends to reimburse affected customers on a basis agreed with the relevant authorities,» the bank said in its third quarter report. UBS expects the relevant authorities will subject UBS to reprimands and fines as a result of their investigations.

    Despite the regulatory worries, Asia continues to be a primary growth driver for the bank, as evidenced by the latest figures. UBS’s global wealth management business posted net new asset of $10.9 billion in Asia, boosting the region’s total invested assets to $420 billion.

  • Alibaba’s 618 Mid-year Shopping Festival targets Specific China Regions

    Alibaba’s 618 Mid-year Shopping Festival targets Specific China Regions

    Alibaba Group has launched this year’s 618 Mid-year Shopping Festival from Taobao and Tmall, allowing brands and merchants to tap into China’s less-developed regions with 1.5 million new products and multiple promotions.

    This year’s festival aims to engage customers in emerging cities, counties and villages across China. To do so, Taobao and Tmall are boosting promotional resources to elevate excitement and help brands reach this rapidly growing market. Altogether, more than 200,000 brands and retailers will participate in the shopping event.

    The shopping event officially started on June 1 and will continue though June 18. Within the first hour, from midnight to 1am, gross merchandise volume (GMV) exceeded that of the first 10 hours last year. And at 11.23am, less than 12 hours after the start, total GMV surpassed last year’s full-day figure.

    Branded products are so far proving extremely popular. Top brands like Apple, Xiaomi, Haier, Aux, Midea, L ‘Oreal, Lancome, Nike and Adidas each notched more than RMB100 million in sales in the first hour. Among them, Apple sold over RMB100 million worth of products in two minutes and 45 seconds, while Midea and Nike both hit that mark in four minutes.

    “In addition to rising discretionary spending, consumers in China’s less-developed regions are becoming more-sophisticated shoppers who are looking for lifestyle upgrades,” said president of Taobao and Tmall Jiang Fan. “This increased consumption potential could mean bright prospects for our merchants. People in these areas might have less access to physical shopping facilities than those in big cities, and this year we are working closely with our partners to address their needs and offer them the same good quality products on our platforms with innovative and fun programs.”

    The number of people living in smaller cities and rural areas accounts for nearly 70 per cent of China’s total population, according to Chinese market-research firm Analysys. These consumers are catching up with first- and second-tier markets in valuing quality over price. Tmall’s figures also show that more than half of the sales generated on its Luxury Pavilion comes from customers outside China’s first- and second-tier cities.

    In view of this trend, Taobao and Tmall are leveraging Alibaba Group’s ecosystem and technology and an array of marketing channels and tools to build momentum from early June. Key initiatives to offer opportunities in fast-growing markets and enhance customer engagement include:

    Tmall product debuts – About 1.5 million products will debut on Tmall during the festival with customers enjoying heavyweight promotional offers on these items. Many were developed by brands on an accelerated cycle, thanks to consumer insights provided by Tmall. In addition to deals on the 1.5 million new products, brands are offering millions of other products at a discount. All products are available to consumers nationwide, but brands are paying special attention to the needs and desires of customers in lower-tier Chinese cities.

    Flash Sales – Alibaba’s flash sales channel, Juhuasuan, allows brands to offer deep discounts to reach new customers in fast-growing markets. Juhuasuan will organise dozens of 618-themed group-selling campaigns featuring must-buy items recommended by brands. Statistics show that Juhuasuan is a tried-and-true channel for brands to attract first-time buyers. Since last year, 80 per cent of the transactions for branded goods through Juhuasuan were from new customers, and nearly half were from lower-tier cities.

    Taobao Livestreaming – Few marketing tools have proved more effective than livestreaming for brands to introduce and recommend 618 products to potential consumers in less-developed regions. Last year, sales generated by Taobao Livestreaming exceeded RMB100 billion. This year, US brands, including Stadium Goods, the streetwear and sneaker resale store backed by LVMH Luxury Ventures; Korean beauty brands, like Laneige and Innisfree; and Japanese cosmetics brands Shiseido will host livestreams for 618.

    Daily Deals – This channel on the Taobao app provides special offerings directly from manufacturers and is highly popular among consumers from less-developed areas in China. Equipped with insights from consumer preferences and behaviors, manufacturers are able to adjust their production processes on a real time basis to meet consumer demands. These manufacturers will introduce 100,000 promotional items for the 618 celebration.

    With a reach of 654 million annual active consumers in China, strong technical support and in-depth market knowledge, Alibaba’s ecosystem is offering a strong growth potential for brands.

    Alibaba Group’s annual results this year reflect that growth potential, with more than 70 per cent of the more than 100 million new active users added during the year ended March 31, 2019 coming from less-developed cities.

  • Chinese consumers adore pre-owned shopping online

    Chinese consumers adore pre-owned shopping online

    More and more mainlanders are using apps and websites to shop for pre-owned products.

    The popularity of shopping for pre-owned products online is on the rise in China, a trend being driven by a new consumer focus on sustainability and the rise of “recommerce” super apps, which integrate all possible functions related to shopping for secondhand goods.

    China has a nascent but fast-growing secondhand market, according to the China Center for Internet Economy Research, a Beijing-based research think tank, which estimates the size of the market at RMB 500 billion (US$71.1 billion) in 2017. It predicts that number will double by 2020. And monthly active users on recommerce platforms in China grew 46.4 per cent last year, almost double the growth rate of the users in the overall e-commerce sector, according to US research firm Nielsen reported.

    Despite those big numbers, China’s recommerce boom is only beginning. Compared to mature recommerce markets in the west, where secondhand markets (including used cars) sometimes account for as much as 10 per cent of GDP, China’s second-hand market was about 0.6 per cent of GDP in 2017.

    Some factors unique to China are behind its potential to close the gap: Firstly, the purchase of pre-owned items was once a taboo – because it was seen as a sign of financial struggle and was, therefore, a source of social shame. Now, it is considered smart shopping. Secondly, improved standards of living are a recent phenomenon in China. They’re just decades old, following in line with the country’s “reform and opening” since 1979. But as the ability for Chinese consumers to accumulate more climbs with their spending power, the market for secondhand goods grows as well.

    Sustainability is the new black

    Cost-conscious shopping aside, Chinese consumers these days are increasingly focused on sustainability, and that is driving the secondhand goods market as well. A Mintel survey showed that more than half of urban Chinese consumers buy or rent second-hand products because it is good for the environment. Among a trendsetting subset of that group – well-educated, sophisticated shoppers –  the percentage climbs to 63 per cent and trumps affordability as the top reason to participate in recommerce.

    Chinese millennials, in particular, are emphasising rational consumption and sustainability in their shopping habits. According to survey data from Sootoo Institute, which researches the internet sector in China, 50 per cent of recommerce-platform users in China are under the age of 24, while 34 per cent are between 25 and 30. More than 60 per cent of the total 200 million users on Alibaba Group’s recommerce platform, Idle Fish (or Xianyu in Mandarin), the largest such platform in China, were born after 1990.

    Perhaps it is not surprising, then, that recommerce platforms such as Idle Fish have built-in features to encourage and reward sustainability. Idle Fish has partnered with Alibaba affiliate company Ant Financial to offer users access to its sustainability mini-program, “Ant Forest,” which is featured on Ant Financial’s mobile-payments platform Alipay. Users can redeem points awarded by Ant Forest for recycling to have trees planted by Ant Financial in China. The total recycling activity on Idle Fish last year translated into the planting of about 230,000 trees.

    Super apps and ‘Fish Ponds’

    Recommerce in China is unique also for the way in which Chinese consumers shop for pre-owned items. Super apps, such as Taobao and Tmall, are the preferred online destinations for commerce because they offer channels for all kinds of shopping. The same goes for Idle Fish, which allows users to buy, rent, give away or even donate their unwanted things in every conceivable product category. For consumers in the US to do the same, they would need to separately use the Rent the Runway, eBay, ThredUp, Goodwill and Facebook (marketplace) apps.

    Then there’s the community and entertainment aspects of the recommerce shopping experience in China. While secondhand shopping in the west is typically a transaction-driven experience, in China, it is a social one. For example, Idle Fish’s “Fish Ponds” are micro-communities within the app that group users by common hobbies, such as fishing, photography or fitness. Within each “pond,” users exchange information about their hobby and post used items for sale. Besides the pond, there is even a separate channel for celebrities, where they sell their personal items to followers. This is particularly popular for luxury shoppers, who trust the authenticity of items owned by celebrities and aspire to follow their fashion tastes.

    The play for brands

    Brands should not overlook the opportunity to capture loyal customers in this new generation of environmentally conscious consumers in China. Some, such as Swedish fast-fashion brand H&M, are already doing just that. H&M has partnered with Idle Fish to give shoppers credit to spend on its Tmall flagship store for each bag of used clothing or textiles they give back to the brand for recycling or repurposing.

    In the future, the “recycling-and-reward” steps will also be additional consumer-engagement points that brands can leverage to increase boost loyalty. Also, we will likely see more brands open official stores on recommerce platforms, making recycling part of the usual shopping journey. The chance to shop vintage styles could increase brand loyalty. For example, brands could offer pre-owned jeans on recommerce platforms while accepting trade-ins from customers, offering another way to maintain connection beyond the initial sale of new items.

    Lees ook:

    Lees ook:

    Lees ook:

  • Jio raising $3.89b for tower unit spinoff:

    Jio raising $3.89b for tower unit spinoff:

    The fiber network unit Reliance Jio Infocomm is reportedly planning to raise around 270 billion rupees ($3.89 billion) in syndicated loans to help expand the newly created infrastructure business.

    Jio Digital Fiber plans to use the proceeds to expand its business and allow it to serve external customers from the telecom, ISP, power and other sectors.

    Reliance Jio is spinning off its fiber business as well as its tower business into standalone subsidiaries in an attempt to monetize the assets. The tower business is being spun out into Reliance Jio Infratel.

    Reliance Jio received approval for the demerger plan from the National Company Law Tribunal last month.

    Meanwhile Reliance Jio has reportedly also crossed the 300 million subscriber mark after just two and a half years in operation, putting it close to second-placed rival Bharti Airtel, which has around 340.3 million customers.

    According to Indian media, it took Airtel 19 years to pass the 300 million subscriber mark. If Reliance Jio continues its trajectory, it will knock former market leader Airtel into third place. The 2018 merger between Vodafone India and Idea Cellular created the current market leader Vodafone Idea, which has over 400 million customers.

    Lees ook:

    Lees ook:

    Lees ook: