Deutsche Bank partners with Belgian fintech Abbove - Finance

Deutsche Bank partners with Belgian fintech Abbove – Finance

The bank is strengthening its private banking offer through a partnership with the asset management platform.

First other bank to partner with the Belgian fintech, Deutsche Bank has just entered into a partnership with the wealth management platform Above (formerly PaxFamilia, whose exclusivity with BNP Paribas Fortis has come to an end). From now on, customers will benefit from the tools of the start-up which will be fully integrated into those already offered by the bank with the blue logo. A first on the market and for Deutsche Bank in Belgium (168,000 customers and 30 branches) whose CEO Olivier Delfosse welcomes insofar as “it is not usual for a global group like Deutsche Bank to associate with a fintech local, moreover in a small country like Belgium.”

Private customers

More concretely, the service will be made available free of charge to private management customers (who have a minimum of one million to invest) initially, with the intention of expanding the target afterwards. “The idea, says Olivier Delfosse, is to strengthen our wealth management offer for private banking and wealth management clients by facilitating the advice we can give them.” Thanks to the collaboration with Abbove, it will be possible, for example, to centralize important documents in a digital safe and easily access them wherever you want, to establish a structured inventory of your assets, to define a precise and explicit family organization chart, to make an inventory of donations already made and, if necessary, to index them. But also to simulate the evolution over time of the client’s assets or the impact on this same assets of certain major life events (marriage, purchase of a second home, retirement, payment of insurance band,…).

In expansion

The initiative illustrates the desire shown for several years by Deutsche Bank to grow in the buoyant and profitable business of private banking in Belgium. Building on the successes already achieved at destination for its wealthy clients (who have a minimum of one million to invest), the brand intends to continue its momentum. “We are continuing to invest and are looking for well-trained private bankers”, indicates Olivier Delfosse who adds: “Today, 75% of securities transactions are executed digitally. But 79% of the bank’s income is for origin a human contact: at the origin of the advice, to validate it, to help the customer, a meeting in branch… Digital is important. It is a source of efficiency. A customer who carries out his transactions on his telephone or on his PC costs less than someone who has to take the order. But digital is not the source of our income. It’s the people that make us different. Our advice-led model works through agencies. and of our advisers. Reason why the bank plans to open a new one in Knokke and recruit 10 to 15 new private bankers. “Thanks to our partnership with Abbove, we are making sure to provide them with probably the best wealth management platform in the country”, underlines Olivier Delfosse, still counting on a growth of around 5% of the bank’s activities on the niche.

The first other bank to partner with the Belgian fintech, Deutsche Bank has just concluded a partnership with the wealth management platform Abbove (formerly PaxFamilia, whose exclusivity with BNP Paribas Fortis has come to an end). From now on, customers will benefit from the tools of the start-up which will be fully integrated into those already offered by the bank with the blue logo. A first on the market and for Deutsche Bank in Belgium (168,000 customers and 30 branches) whose CEO Olivier Delfosse welcomes insofar as “it is not usual for a global group like Deutsche Bank to associate with a fintech local, moreover in a small country like Belgium.”Private clientsMore concretely, the service will be made available free of charge to private management clients (who have a minimum of one million to invest) initially, with the intention of widen the target afterwards. “The idea, says Olivier Delfosse, is to strengthen our wealth management offer for private banking and wealth management clients by facilitating the advice we can give them.” Thanks to the collaboration with Abbove, it will be possible, for example, to centralize important documents in a digital safe and easily access them wherever you want, to establish a structured inventory of your assets, to define a precise and explicit family organization chart, to make an inventory of the donations already made and, if necessary, to index them. But also to simulate the evolution over time of the client’s assets or the impact on this same assets of certain major life events (marriage, purchase of a second home, retirement, payment of insurance group, etc. ExpandingThe initiative illustrates Deutsche Bank’s desire for several years to grow in the buoyant and remunerative business of private banking in Belgium. Building on the successes already garnered for its wealthy customers (who have a minimum of one million to invest), the brand intends to continue its momentum. “We are continuing to invest and are looking for well-trained private bankers”, indicates Olivier Delfosse who adds: “Today, 75% of securities transactions are executed digitally. But 79% of the bank’s income is for origin a human contact: at the origin of the advice, to validate it, to help the customer, a meeting in branch… Digital is important. It is a source of efficiency. A customer who carries out his transactions on his telephone or on his PC costs less than someone who has to take the order. But digital is not the source of our income. It’s the people that make us different. Our advice-led model works through agencies. and of our advisers. This is why the bank plans to open a new one in Knokke and to recruit 10 to 15 new private bankers. “Thanks to our partnership with Abbove, we are making sure to provide them with probably the best wealth management platform in the country”, underlines Olivier Delfosse, still counting on a growth of around 5% of the bank’s activities on the niche.

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