Rivkin
Following significant client growth after the global financial crisis, Australian broker Rivkin enlisted Saxo to develop a corporate app so it could upscale its advisory services.
Banking
2,800 employees
and financial advisers
Milan
Consumers are experiencing digitisation in most aspects of their life and are beginning to expect the same levels of digitisation in financial services.
The partnership with Saxo enables Banca Generali to offer best of breed online trading and digital services to Italian clients looking to trade and invest autonomously, as well as to their existing private clients through financial advisors.
Thanks to Banca Generali’s strong brand, they believe the partnership helps them compete more effectively against new digital entrants introducing digital investment services to the Italian market.
Challenge: find a leading provider with an open architecture in terms of technology, innovation and service
Banca Generali knows that the future of financial services will be driven by open architecture and the organisation recognised that Saxo Bank was a leading provider in this area in terms of technology, innovation and service.
To determine how to digitise their services, Banca Generali weighed up three options which were: build their own system, buy in external services or form a partnership with a leading fintech specialist. It was decided that the JV partnership with Saxo Bank was the most effective and efficient route for Banca Generali to achieve its digitisation ambitions.
The partnership has been particularly successful between the two organisations as the strategy and JV negotiations were conducted at the C-suite level by the CEO of Banca Generali, Gian Maria Mossa and the CEO of Saxo Bank, Kim Fournais who share the same views around digitisation and technology innovation.
Gian Maria Mossa
Chief Executive Officer
Solution: providing clients with direct market access to 40,000 instruments in a compliant and transparent manner
Through the Banca Generali and Saxo Joint Venture (JV), clients will be able to trade more than All - Number of Products financial instruments across asset classes, as well as benefit from complete automation and transparency from the trade execution process all the way though to post trade processing.
As part of the service, clients will be able to fulfil all the requirements of MiFID II such as trade reporting and compliance with best execution requirements.
The launch started with digital stocks and bonds with the universe expanding to include all derivatives for Banca Generali’s clients.
What will a successful collaboration look like?
The target for the JV BGSaxo is to have 30,000 clients in its first year of going live who will have full access to Saxo's trading platform. Banca Generali believes this is a realistic goal given their network of 2,000+ financial advisors and 250,000+ clients in Italy alone.
About Banca Generali
Banca Generali is a leading player in Italy in financial planning and wealth management for clients, leveraging on its top-of-the-industry network of financial advisors and versatile and innovative asset management services. The bank manages € 61.1 billion (results at 31.03.2019) for 250,000+ customers through networks of 2,000+ professionals across Italy. The company’s mission is having “trusted professionals always by the customer’s side, developing and looking after their life plans”. Banca Generali’s customizable offer is made up of banking services, investment solutions, advisory and wealth management.
Founded in 2000, Banca Generali has been listed on the Milan stock exchange since November 2006 and is a subsidiary of Assicurazioni Generali, synonymous with reliability and security for over 180 years.
Banca Generali adapted Saxo’s proprietary trading and investment front-ends to the BGSaxo brand with bespoke development
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