BNP Paribas Wealth Management (WM) is a global business that is particularly strong in its European heartland, where it won a regional award at this year’s virtual PBI: Global Wealth Summit & Awards, held online on 9 October 2020. It also won recognition in the Outstanding WM Technology Initiative – Front-end category for its myWealth digital platform and the myImpact tool that allows users to assess their environmental and social impact – winning the bank a further philanthropy award.
The myWealth platform is a comprehensive suite of digital services that offers secure access and features across desktops, tablets and via a dedicated mobile app. The suite varies depending on local regulations and the investment tools it hosts are in full compliance with the EU’s Markets in Financial Instruments Directive (MiFID) regulations.
The platform resulted from a key initiative launched in 2017 aiming at bringing multichannel ‘Client Experience’ (CX) at the heart of everything BNP Paribas Wealth Management does. Several hundred clients, private bankers and WM experts came together in three incubator factories in Europe and Asia to combine their knowledge and innovate in order to design a comprehensive digital wealth management suite underpinned by a seamless CX strategy. Partnerships with fintech startups have been nurtured to enrich the application ecosystem with data-driven functionalities aiming at helping clients access relevant information and make decisions.
The myWealth platform has received strong reviews from clients, including regular top ratings in Net Promoter Score (NPS), and praises for its security and user friendliness. It offers elements spanning:
- Security: data access and transfers are protected with biometrics.
- Connectivity: the suite is available at any time from any device. Users can receive alerts and deeper analysis and statements on performance and risks.
- Control and oversight: Provision of a clear overview of all financial positions and investment portfolios, with breakdowns by asset class, currency distribution and so on – backed by performance analytics. Monthly statements, or more frequent reports, can be seen. Instrument details within portfolios, and related notes, can be viewed; transaction histories can be explored; and so on.
Outstanding Philanthropy Offering
The free myImpact tool from BNP-Paribas Wealth Management was co-created with several hundred clients, private bankers and fintechs specialists to streamline users’ assessment of their environmental and social impact and their appetite to leverage their wealth to achieve impact. It also helps Relationship Managers (RMs) to better customize investment strategies in-line with client’s personal convictions. The tool is available in several key countries in Europe and will be progressively rolled out in every country. BNP Paribas Wealth Management leverages the UN Sustainable Development Goals (SDGs), which are used as guidelines for the sustainable investment opportunities fostered by myImpact.
The digital tool is just one part of BNP Paribas Wealth Management’s comprehensive offering. Regular initiatives include the Philanthropic interviews; #WealthSideStories and a sustainability leadership programme in partnership with Cambridge University.
Established in 2008, the philanthropy advisory team has seven full-time members in Europe, Asia and the US. They help clients with a whole range of services including defining a strategy; analysis of chosen causes; benchmarking; the legal and fiscal environment; analysis of different philanthropic vehicles and structuring; beneficiary selection and partnerships; and impact evaluations.
BNP Paribas Wealth Management also won Outstanding Global Private Banking: Europe for their entry into this category at the PBI: Global Wealth Summit& Awards. Its North American and Southeast Asia units also received a Highly Commended status. The private bank was recognized for its global services offering targeting clients as diverse as Family Offices, HNWI, UHNWI or expatriates with a complete offering including Private Equity and Real Estate opportunities or sustainable investment options.
The bank has EUR380 billion worth of assets under management (AuM) and holds leading positions in its historical markets, as well as fast growing positions in key European markets.
Finally, BNP Paribas Wealth Management also achieved Highly Commended (HC) status in the • Outstanding RM Training & Development Programme & • Outstanding NRI Global Indians categories at the 30th annual Private Banker International (PBI): Global Wealth Summit & Awards 2020, in recognition of its constant investments in its staff and employees, and its range of services targeting the NRIs.