Transactions & Finance

The limits of digitalization discussed at PrivateBanker

On April 4th, more than 200 finance and banking professionals gathered at the Royal Hotel for the latest edition of PrivateBanker. Experts discussed the digitalization of the private banking industry, but also its limits, and shared their knowledge and best practices with the audience.

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On April 4th, more than 200 finance and banking professionals gathered at the Royal Hotel for the latest edition of PrivateBanker. Experts discussed the digitalization of the private banking industry, but also its limits, and shared their knowledge and best practices with the audience.

The conference was moderated by Pierre Etienne Lorenceau, CEO, Founder & Owner, Leaders League, who highlighted the fact that "the private banking system was complex and was offering a complex world of solutions and services".


Nasir Zubairi, CEO of the recently created LHoFT – Luxembourg House of Financial Technology – then took the stage. "Analogy is more powerful than computers. How well do you leverage the technology we all have in our pockets?" asked Nasir Zubairi. He added: "You can't ignore it, and you all are already involved in it. You now also have to understand the needs of customers".


Jean-Charles Schiltz, Director, CIO, Banque Privée Edmond de Rothschild Europe then addressed the audience and shared his key convictions on market outlook. After dealing with the recent geopolitical changes, and notably the new US environment and the Brexit, he focused on Big Data: "Data generation is growing exponentially as well as its diffusion. We are also seeing a growing use of virtual intelligence, such as robots". Jean-Charles Schiltz also highlighted the fact that we are currently seeing a massive increase in connected objects and that exponential data flows are transforming our world and multiplying opportunities to create value.


A Q&A Session moderated by Jean-Pierre Gomez (Head of Regulatory & Public Affairs, Société Générale Securities Services) brought together Quentin Vercauteren-Drubbel (Head of Wealth Management, KBL European Private Bankers) and Marc Stevens(CEO, OneLife). In transparency, Jean-Pierre Gomez stated: "Information provided to clients is not enough: you have still to test it like water". According to Quentin Vercauteren-Drubbel, the idea is not to replace Humans, placing emphasis on human relations. Yet, bringing new tools will definitely help the customers. "The digitalization is about communication and interaction: how do you share the information through digital tools?" then asked Marc Stevens, who then insisted on the importance of RegTech solutions, and the huge opportunities to improve the way to deal with regulation.


Then, Rob Thummel, Managing Director and Portfolio Manager, Tortoise, gave a speech entitled "Uncovering North American Energy Infrastructure". "The energy sector is the only sector where, year after year, where consumption increases" he started. The Tortoise North American Energy Infrastructure Fund (UCITS) therefore focuses on US energy infrastructures. These, along with renewable infrastructures and new drilling technologies, are exciting opportunities.


Emmanuel Bégat, Partner & COO, ME Business Solutions, focused on finance (which he sees as the management of revenues), governance (the establishment of policies) and ethics (differentiating the good and the bad, and having duties and obligations). "Finance needs to go back to an instrument. It must be used in an ethical way" he concluded.


According to Geoffroy De Schrevel (CEO, Gambit & Birdee), private bankers need to "forget products, ignore clients and digitize your bank". He then shared the examples of Kodak, Netflix, and Amazon Go. "People love technology and they actually trust technology" he added, highlighting the importance of customer experience, aiming at making live easier, lighter and more satisfactory.


"Why and how to invest in European equities in in a crucial election year" was the name of the presentation given by François-Xavier Chauchat, Economist at Dorval Asset Management (affiliate of Natixis Global Asset Management) and which ended this edition of PrivateBanker. He notably talked about the premium European political risk, which is back at its level of 2011. He then presented the options proposed by Dorval, to help customers protect and secure their investments.


FinTech, InsurTech and RegTech experts will meet in Luxembourg for a new edition of ICT Spring which will take place on May 9th and 10th. Discover the program and register now:


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Read the full Special Report: Luxembourg: Small but Mighty

With a population of only half a million, Luxembourg is one of the world’s most developed economies and a key seat of the European Union. Thanks to its strategic location at the heart of Western Europe, social and political stability, innovative and international orientation, as well as modern legal and regulatory framework, the Grand Duchy is the Eurozone’s premier private banking center and the world’s second largest fund center, attracting banks, insurance companies, investment fund promoters and specialized service providers worldwide. Both international firms and local firms need to adapt themselves to the changing landscape of legal market.
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