The wealth management industry is turning to more technologically-driven ways of bringing a client on board, as compliance costs – such as know-your-client checks and anti-money laundering tests – become more onerous.

Appway has appointed Thibaut Jacquet Lagreze to head Appway’s Geneva business and Reto Merazzi to drive Appway’s activities in the APAC region. Lagreze previously worked at Temenos, and Merazzi worked at UBS.

“Appway has its finger on the pulse of the rapidly changing landscape of the wealth management industry and its specific client on-boarding product and expertise are in high demand,” it said in a statement. It says four out of the world’s top five private banks already use its services.  

“New regulations and increased competition in the international wealth management space are forcing financial institutions to adapt their service models and expand internationally,” said Hanspeter Wolf, Appway chief executive.

“Most of our global customers want to centralise and standardise their business processes. Now, with a local presence in our key markets, the usual obstacles such as distance and language are removed and the path is cleared for a direct and intimate service to our customers,” Wolf said.

Appway’s physical presence in Geneva and Hong Kong is “essential”, the firm said, to understand local needs and customise products to suit regional regulatory requirements.