Anton Soudovtsev is Head of Business Services at Azqore, based in Lausanne, Switzerland. Hubbis spoke with him recently to hear first-hand of his excitement over the Swiss FinTech’s forthcoming plans to incorporate next-stage AI into the core banking systems Azqore provides to private bank customers. He believes it will help banks and leading wealth management institutions take the next leap into the era of hyper-personalised client offerings, helping them deliver a genuinely superior product and advisory proposition. He maintains that there is a significant window of opportunity open right now, contending that in the next several years, before AI becomes essentially commoditised, it will offer banks a significant and ‘smart’ advantage over their peers and competitors. Anton says that Azqore’s premise for promoting this innovation is simple and based on long experience of the wealth management markets – namely that private banks face numerous challenges in trying to personalise financial products and advice. These challenges include navigating ever more complex regulatory environments, catering to diverse and fast-evolving client needs, addressing the expectations of a client base that is becoming younger, and filtering large volumes of data and other information more efficiently for private clients who are bombarded with news and views from a plethora of sources. He reports that Azqore is confident that their solution to these challenges lies in a new approach, the Enhanced Product Shelf, which, when it is available from 2025 onwards, will leverage conversational AI technology to streamline the creation and management of personalised wealth management products and advisory for the benefit of and use by both the banks and their advisors and the end clients themselves.
World’s Leading High-rise Marketplace
Anton begins the conversation by reporting that the company plans to adopt cutting-edge technologies, including AI, to update the core banking systems it provides to private banks in Europe and Asia. Acknowledging that their systems, like those of Avaloq and Temenos, were originally developed 20-30 years ago and may seem outdated, he emphasises that Azqore is focused on integrating new technologies into these systems that genuinely enhance operational efficiencies and improve client interactions.
Generating genuine interest
“We are not doing this for some kind of promotional appeal,” he says. “This strategic update aims to simplify discussions and improve the product and advisory sales process and offering between the banks and their private clients.”
He reports that the Enhanced Product Shelf is a solution aimed at facilitating the creation and development of financial products by using conversational AI technologies to provide compliant, relevant, and hyper-personalized investment proposals. He notes that it differs from
usual product shelves in that it integrates AI technologies to provide personalised and compliant investment proposals, it drives towards hyper-personalisation in its ability to provide highly specific investment recommendations based on customer data and preferences, and it improves efficiencies through automation and advanced data analysis.
However, he notes that the Enhanced Product Shelf will not be available until 2025. “The key here is the interest we are already generating amongst actual and potential private bank and other customers,” he explains. For example, when I make presentations on integrating AI into our core banking system, this has spurred a lot of good dialogue with the private bank industry.”
Azqore’s position and mission
Anton steps back from articulating his very evident enthusiasm for this new development to position Azqore in the marketplace. He notes that as a well-established and very well-known Swiss FinTech company, they offer their core banking system applications and business process outsourcing for private banks. The firm serves both the informational and operational needs of these banks, focusing on reducing their operational costs, which are largely influenced by IT and typical back and mid-office processing.
Stability, resource and perspective
Competing in a marketplace against firms like Temenos, Avaloq, and FNZ, particularly in Asia, Anton notes that Azqore partially distinguishes itself by being backed by a bank—the giant French bank Credit Agricole through its private banking arm, Indosuez Wealth Management. “This backing is crucial as it helps us to think like a banker first, prioritising banking utility over the ostensible charms of technological innovation and resulting in far more pragmatic and optimal outcomes for our customers,” he reports.
Following on directly from those clarifications, Anton says their motivations are highly realistic, namely, to improve the flow and quality of advice in private banking. He outlines three primary investment strategies offered to private bank clients: discretionary, where the bank manages all investments; advisory, where the bank suggests investments and the client approves; and execution-only, where knowledgeable clients make their own investment decisions.
Towards hyper-personalised wealth advisory
“Our focus here with this innovation and AI embellishment is on enhancing the private bank advisory process to tailor it more closely to individual client needs, such as investing in specific themes and sectors, markets, or geographies, as well as across all types of asset segments, public and private,” he elucidates.
Anton elaborates on this, noting that Azqore’s implementation of artificial intelligence also aims to help customers transition from static, monthly formulated investment recommendations to a more dynamic system that personalises investment options based on real-time client feedback. “The AI-driven approach is designed to enhance the granularity and the quality of our private bank customers’ investment advice, tailoring it more closely to individual client preferences and needs,” he explains.
Anton explains that the role of AI in Azqore’s services is crucial in two primary areas: for the banks and the clients themselves. On the bank side, AI automates the sorting and categorisation of a vast investment universe of stocks, bonds, funds, structured products and others—based on various criteria that might, for example, include ESG ratings and impact. This automation replaces what would traditionally be a manual or semi-manual process involving expensive temporary or specialised staff.
For the end client, AI enhances the interaction with the bank, enabling faster and more personalised responses to inquiries about investment opportunities, and instead of waiting weeks for a research analyst to respond, clients can receive immediate, data-driven investment suggestions directly related to their specific interests and existing portfolios.
Not designed as a magic wand
Anton notes that this is a significant step in the right direction, but it will not somehow radically transform investment outcomes. “The AI implementation in our offering won’t radically transform financial fortunes, but it will significantly accelerate and sharpen the process and improve the quality of the products offered, aligning with Azqore’s commitment to delivering superior service and efficiency,” he explains.
Supporting open architecture
He also notes that these advances will enhance the independence of their B2B clients. “When our system is implemented within a client bank, it is designed to help enable the bank to offer investment options based on the best available choices in the market rather than promoting any specific products,” he explains. “For example, if a private client expresses interest in investing in fast-moving and innovative fields like healthcare and biotech, the bank will utilise the new AI engine for scanning the market and recommending investments based on their potential rather than the bank’s own product range or affiliations. This strategy ensures that clients can receive unbiased, wide-ranging market options with no bias.”
He also reiterates that Azqore’s Enhanced Product Shelf is both for the private banks (the firm’s B2B customers) and for the end clients (their B2C customers).
“We will articulate simple advances and simple usage protocols that will make the investment advisory and investing lives of the B2B and B2C customers simpler, more accurate, more relevant, more focused, more innovative and altogether superior,” he states.
“As I said, it does not necessarily mean better returns, but less time and more accuracy, and then the markets will take care of the rest. That will never change…”
Major evolution ahead
Anton closes the conversation by addressing the impact of artificial intelligence and machine learning in the wealth management sector. “Will it be a game changer?” he ponders. “I can say that while AI will not revolutionise the wealth industry, it will surely play a critical role similar to an airbag or anti-lock braking systems in cars—not a complete revolution but immensely valuable, and soon to be both essential and universal.”
A window of opportunity
He says Azqore believes that within three to five years, AI will become a standard component in crafting investment proposals and, by then, be effectively commoditised, but there is a real window of opportunity opening up now.
“But before that happens, our B2B customers, such as private banks and leading wealth management institutions that adopt AI and embrace our solutions, will be able to offer superior products and enhance the quality of interactions with their clients,” he states. “While AI may not fundamentally alter the financial landscape, it will very markedly improve the quality and efficiency of advice and the services provided by the banks and giving them a marked competitive advantage by delivering a significantly better proposition and service to their private clients.”
Anton’s Introduction to Azqore’s Enhanced Product Shelf
Anton is a man of technology and also of detail who likes to keep communication as precise and targeted as possible. On his travels around Azqore’s international markets, he has been offering actual and potential customers a glimpse of Azqore’s new Enhanced Product Shelf that will be incorporated into the firm’s core banking system offering from 2025 onwards. He explains that the Enhanced Product Shelf utilises conversational AI to transform how financial advisors and clients interact with financial and wealth services and advisory. It is an AI-driven platform that enables natural, intuitive interactions where users can simply converse with the system to obtain personalised investment advice very quickly or where the banks can rapidly curate a product suite and relevant advice for those clients. This will not only speed up the process but also enhance the accuracy and personalisation of the private bank offering by articulating and adapting advisory recommendations in real time based on relevance, suitability and a host of other inputs.
Addressing Challenges, Upgrading Offerings
Anton observes that the private banking and wealth industry currently grapples with issues such as regulatory constraints and inefficiencies in product management. The traditional methods employed hitherto often lead to limited personalisation and cumbersome product management processes. He states that the Enhanced Product Shelf aims to alleviate these frictions by simplifying regulatory compliance, enhancing personalisation through AI-driven data analysis, and automating routine processes. This allows for a more dynamic and responsive approach to managing investment proposals and curating and delivering an enhanced advisory proposition.
He says the vision for the Enhanced Product Shelf is built on three foundational goals: simplifying processes, enhancing personalisation, and optimising regulatory compliance. By focusing on these areas, the platform seeks to transform the financial product landscape, making it more adaptable to the needs of today’s diverse and evolving client base.
Integrating conversational AI into the product creation process involves a sophisticated interface that allows financial advisors to generate tailored investment proposals highly efficiently. The system uses advanced algorithms to analyse comprehensive client data, ensuring that each proposal is compliant, highly personalised and entirely relevant to their needs and individual profiles.
Many Benefits for B2B and B2C Customers Alike
Anton maintains that the deployment of the Enhanced Product Shelf is set to help markedly improve the financial advisory landscape. Expected outcomes from implementing this innovative solution include enhanced client satisfaction and loyalty, along with improved efficiency and compliance in creating and managing investment proposals. These benefits align directly with the core goals of increasing accessibility and precision within wealth management services.
The Enhanced Product Shelf is uniquely designed to cater to both financial advisors (Azqore’s B2B customers) and the private clients/users themselves (Azqore’s B2C market), ensuring widespread benefits across the board.
For advisors, the solution will enable quicker generation of compliant and personalised investment proposals, significantly enhancing their operational efficiency and the quality of customer service they provide. At the same time, the end customers will enjoy the advantages of hyper-personalised and relevant investment proposals, which not only meet their specific financial needs but also enhance their overall engagement and satisfaction with the financial products offered.
Measuring Success and Future Directions
The success of the Enhanced Product Shelf will be measured through various indicators, including client satisfaction, proposal conversion rates, and enhanced and more efficient regulatory compliance. These metrics will help quantify the impact of the solution on the overall efficiency and client loyalty within the wealth industry.
Anton also reports that the Azqore solution is not only powered by AI and by cutting-edge technologies such as machine learning, natural language processing, and data analytics, but the product is ready for future developments. He notes that it houses great potential for scalability, facilitated by cloud technology and a modular product architecture that can adapt rapidly to evolving needs and market trends.
Overcoming Deployment Challenges
However, Anton reports that there is always some resistance to change. He says that despite its potential, deploying the Enhanced Product Shelf could face obstacles such as B2B or B2C resistance to change and product integration complexities. Strategies to mitigate these challenges include Azqore and its B2C customers embarking on comprehensive training programmes, developing collaborative approaches with B2B client IT teams, and stringent regulatory monitoring to maintain compliance and prove efficacy.
By addressing these challenges and focusing on continuous improvement, the Enhanced Product Shelf stands to help redefine the landscape of financial services, making wealth management more accessible, compliant, and highly tailored to individual needs.
For further reading on Azqore and its capabilities , see this Hubbis report from 2023: How Technology Can Help Private Banks Evolve their Operations and Business in Asia -Asian Wealth Management and Asian Private Banking (hubbis.com)
Getting Personal with Anton
Anton’s life began in the now-dissolved USSR, in what is present-day Russia, a place he left at the tender age of eight for what has become his naturalised home in Switzerland, where he has long been a citizen. “My family relocated to Switzerland as my parents were involved in the United Nations Office in Geneva,” he reports. “I barely recall the transition but can say that my move here has shaped much of my future, not just culturally but also in my educational and professional pursuits.”
Anton’s academic journey led him to earn a Master’s in Computer Science, specialising in Cryptography and Security, followed by an MBA, both from the University of Geneva.
For two decades, Anton then dedicated his expertise to Lombard Odier in Geneva, climbing the ranks from a computer engineer to the chief information security officer, and later, the chief financial officer for the technology department. His tenure at Lombard Odier was marked by significant achievements, notably the creation of a comprehensive and highly regarded identity management system. “It was akin to painting a picture or composing music, and represented a pivotal moment in my career, allowing me to merge my technical skills with my creative vision,” he explains.
As head of Business Services at Azqore, based in Lausanne, Anton continues to leverage this extensive background, steering the company’s technological advances and strategic direction directly towards the clients themselves.
His professional narrative is one of innovation and commitment, yet when asked about his most satisfying accomplishments, his response is profoundly personal. Beyond his obvious corporate success, Anton defines his role as a father to two boys as his greatest achievement. His eldest son is studying theoretical physics at the very prestigious Polytechnic School of Lausanne, while his younger son is still in college.
Outside his professional life, Anton reveals a lighter side filled with passions that deeply connect him to his Swiss home. He is an avid supporter, for example, of the now-retired Swiss legend Roger Federer and of his local ice hockey team, and he also finds solace and joy in skiing.
However, it’s gardening that captures his heart most. About a decade ago, when he bought the current family home, he discovered what he describes as his true calling – in the garden. “What started as a pastime has grown into a profound love for plants and nurturing of trees and flowers,” he reports. “Watching them bloom and bear fruit through the seasons is a source of great comfort and pleasure and allows me to be more in tune with nature’s ebbs and flows.”
He jokingly muses about starting a gardening company one day, a testament to how this hobby provides him not just an escape but a potential future path. “Well, that is a dream perhaps for later,” he says. “Right now, I love what I do and, at 48, believe I have considerably more to offer, so a return to nature will just have to wait. Meantime, I can enjoy both my career and my home life in some degree of harmony.
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