We provide a app to manage private wealth for individuals (liquidity, investments, property, holdings, ...) where they have an overview of all their assets. In addition, they can easily chat/videochat with their private banking advisor.
We also built the backend that allows the private banking advisor to keep track of all client relationships, sell products, and monitor her client's finances.
Type of the product
A mobile web for the private banking customer as well as a web application for the private banking advisor was developed. The web application backend makes extensive use of automation technologies.
The mobile app shows all current balances from checking accounts, investments, properties, holdings, loans, insurances as well as succession plans. It enables the banking customer to use a communication channel (chat/videochat) to communicate with the private banking advisor. The web application targeted at the private banking advisor shows these statements as well and also includes further information. With the integration of IBM Watson machine learning technology, the web application assists the banking advisor with information based on the current communication context.
We target at high net work individuals as well as investors.
The banking clients wants to have an overview over his current account status as well as review and accept suggestions by his or her private banking advisor. All necessary information are available in the application, further information can be obtained by using the provided chat function.
Challenges & Solutions
To create context sensitive information for the bank advisor in the chat interface, a natural language processing framework was required. IBM's Watson technology was used to extract the meaning of messages and display information on the go. For example, if the user wants to invest into certain stocks or funds, the engine displays options to buy these stocks directly to the advisor. Portfolio rebalancing and property reevaluation are also easily possible.
The product is a niche app for private banking customers, but it provides the private banking experience to lower profile customers since it increases the scalability of private banking.
We developed a native iOS App for the banking customer with Obj-C. The app interfaced a web view, developed with bootstrap and mainly jQuery. We used the UniCredit API for account data (we will use it for securities data as well once securities are available via the UniCredit API). Finance Quotes come from Yahoo Finance. We used IBM Watson Keyword Extraction and Named Entity Recognition as well as Concept Discovery to extract Company Names from Messages of the users.
The backend is hosted on IBM bluemix.
Korbinian Breu, Frederic Lapatschek, Thomas Pischke, Alexander Uhlig