Blog: Incore Expertise
Neue Privat Bank and Incore Bank: exemplary cooperation
What banks want: The business process outsourcing (BPO) offering from Techbank Incore is characterized by maximum efficiency and optimal economies of scale, made possible by a multi-tenant tower with specific client levels based on the reliable Finnova core banking system. Since the launch of this sophisticated software innovation in 2013, the dynamic Neue Privat Bank, based in Zurich, has also been relying entirely on Incore Bank's BPO solutions. Read more about this well-established partnership and the numerous advantages of outsourcing.
In the early 2000s, business process outsourcing increasingly came to the attention of the financial industry: the exponential development of the digital world, including the establishment of the highest security standards, opened up interesting prospects for this efficient form of cooperation in many respects, even in a particularly demanding regulatory environment.
Founded in 2001 and specializing in asset management and investment advice, Neue Privat Bank (NPB), based in Bellevue, Zurich, initially operated on the platform of another private bank and handled most of its banking processes in-house. After more than a decade of successful operation, the company was looking for a partner for professional business process outsourcing solutions that would meet its growing tasks and requirements and allow the private bank to focus on its core competencies.
Finnova «Skyscraper» as the digital heart
The Neue Privat Bank ultimately chose BPO pioneer Incore Bank. «After an intensive evaluation with external consultants, Incore's offering was the best,» says Pierre Antolinez, Head of Risk Management, Logistics, and Administration at NPB.
«After an intensive evaluation with external consultants, Incore's offering was the best.»
Pierre Antolinez, Head of Risk Management, Logistics, and Administration, NPB
The cooperation began in 2013, the debut year of the special BPO solution designed by Incore Bank and Incore Technology. This solution is based on the Swiss core banking system Finnova and is precisely tailored to the process outsourcing of small and medium-sized banks. It offers unique synergies and, in combination with Incore's banking license, represents a unique selling point.
Fabian Bieli, Head of Banking Operations and member of the Executive Board at Incore Bank, explains: «Finnova is effectively the heart of our BPO model. You could describe it as a skyscraper in which each BPO client bank has its own floor. Incore acts as a kind of building manager, centrally managing the processes that are transferred to the respective client instances either automatically or manually.»
«This combination of a high degree of automation, system reliability, and the settlement of individual tasks by Incore Bank employees creates real economies of scale. This also has a positive effect on pricing.»
Fabian Bieli, Head of Banking Operations and Member of the Executive Board, Incore Bank
Many processes can thus be carried out simultaneously for several banks at the touch of a button. For individualized processes, Incore employees log into the relevant floor—i.e., the client bank's system—and work directly for the respective multi-tenant client, which is why BPO is often referred to as a form of body leasing.
«This combination of a high degree of automation, system reliability, and the settlement of individual tasks by our employees creates real economies of scale. This also has a positive effect on pricing,» emphasizes Bieli.
The full program
Neue Privat Bank utilizes the entire spectrum of Incore's modular BPO service offering: payment transactions (domestic and international), middle and back office operations (securities, foreign exchange, digital assets), tax and regulatory reporting, accounting, and more.
In addition, NPB also uses the brokerage and custody banking services, where Incore is the only commercial bank worldwide to act as a pure asset manager and asset management specialist for NPB. «Incore Bank is also indispensable to us in this area,» comments Pierre Antolinez.
NPB is also a good example of how Incore Bank and Incore Technology, united under the Incore Group brand, work together seamlessly to maximize customer benefits. Incore Technology, also physically located under the same roof and just a few meters away from Incore Bank, operates the Finnova system with its IT experts and is responsible for other ICT services such as application service providing, infrastructure providing, and application management for NPB.
Security is a key issue in the BPO model. As a closed software solution, Finnova meets the highest possible requirements of the financial industry. Incore supplements this with additional measures such as regular stress tests, comprehensive security processes, and extensive functional tests of software updates prior to official implementation – ensuring that the operational resilience required by regulations is optimally guaranteed.
Direct support
When asked about the most significant advantages that Neue Privat Bank has gained from its long-standing partnership with Incore, Pierre Antolinez highlights the synergies within Incore's client banks. He adds: «The comprehensive product range in a professional, FINMA-certified environment, state-of-the-art communication and information technologies, high security standards and the partnership-based relationship are fundamental to us. Direct contact allows for practical and rapid solutions.» Neue Privat Bank also discloses its outsourcing partner to its clients, which underscores the quality of the business relationship.
«The comprehensive product range in a professional, FINMA-certified environment, state-of-the-art communication and information technologies, high security standards and the partnership-based relationship are fundamental to us. Direct contact allows for practical and quick solutions.»
Pierre Antolinez, Head of Risk Management, Logistics and Administration, NPB
Like all BPO customers, NPB is supported by the Key Account Management team at Incore Bank. «However, we also have direct contacts in the specialist departments whom client banks can contact directly at any time with questions and concerns, for example regarding transactions. Everything works extremely well and is very efficient,» says Fabian Bieli, who describes the cooperation with Neue Privat Bank as «excellent, proactive, and uncomplicated.»
Welcome to the multi-tenant tower
The BPO model of Incore Bank, as exemplified by Neue Privat Bank, shows how outsourcing can work successfully in banking: scalability, security, and efficiency are combined with customized services and personal support. The client bank benefits from a modern infrastructure and can focus on its strengths.
The Finnova solution with its multi-tenant tower leaves room for expansion with additional layers at any time. «With Finnova, we have an extremely solid, reliable, and future-proof core banking system that was created specifically for banking environments in Switzerland and the Principality of Liechtenstein and can accommodate the ever-increasing importance of business process outsourcing in every respect,» says Fabian Bieli.
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Further information about Neue Privat Bank in Zurich: npb-bank.ch
Find out more about our BPO offer: Business Process Outsourcing
