«While others are still debating Open Banking, we already have the solution»
An interview with Patrick Müller, CEO of ZWEI Wealth, about the launch of My ZWEI System.
ZWEI Wealth is known for its services in finding the best wealth managers and monitoring them. What made you decide to launch a new offering called My ZWEI System?
Well, our vision at ZWEI Wealth is: The Liberation of Investing. We want to create a trustworthy environment for investors to have their wealth managed successfully. We have been working on this for more than five years. What was missing thus far was to combine everything in one offer. It should be easy for everyone, even without having a lot of financial knowledge and spending a lot of time. With My ZWEI System we now achieve this.
How did you go about developing My ZWEI System?
We simply asked ourselves whether today's standard in wealth management cannot be completely rethought. Why can't I have only one consultant for all banks? Why do bank reports and portfolio statements always have to be so complicated? Why shouldn't everyone be able to have a professional structure for their wealth management set-up – for example an investment committee? Once you start thinking this way, new ideas and solutions arise.
The network idea or keywords such as Open Banking seem to be a reality you are living. Was that decisive in the development?
Clearly, during the process we made sure not to think in rigid structures, but as an open network. This thinking is based on the conviction that the requirements of the future can only be solved with the network concept - also in wealth management. The problem with many providers, however, is that although they like to debate about topics like open banking, in reality they are miles away from this way of thinking. A solution like My ZWEI System can only be realized as an open system and as a network. No single company can do that alone.
Ideas are one thing. But how did you manage to implement the ideas and visions?
We were lucky that we already had the partners, the know-how as well as the necessary technical skills, tools and data to turn the ideas into reality. So it was all about putting the puzzle pieces back together correctly and creating a consistent service design for the customer. The development of My ZWEI System took more than a year. We proceeded less in a strict project organization but in iterative steps. The cooperation and feedback from all partners were crucial, above all because the feedback was constructive but also very honest.
After the start has been made, what can we expect from My ZWEI System?
It is important to note that the development process is far from complete. You have to think of it like the iPhone. There is an ongoing development. New functionalities and improvements are added. My ZWEI System will continue to develop on today's basis in the coming years. Because only if we manage not to stand still we will be able to change the world of wealth management in the long term.