Danske Bank has launched a new advice service for its private banking clients.
The new service, called Butterfly, will be powered with technology from Aladdin Wealth, a portfolio and risk management platform developed by asset manager BlackRock.
Butterfly will initially be offered to the bank’s private banking clients and will gradually be rolled out to more clients in the premium segment, as well as to clients in Finland and Sweden later this year, it said.
The launch makes Danske the first bank in the Nordic region to offer investment advice powered by Aladdin Wealth. With the technology, Butterfly will conduct continuous data-driven monitoring of clients’ portfolios, advanced stress tests and scenario analyses.
These insights will then be translated into specific, proactive recommendations for clients. This gives the bank’s affluent private clients access to a new level of ongoing insights that has previously been reserved for large institutional clients.
Anne Buchardt, head of private Banking and investments, said: “In a changing market, our clients increasingly demand continuous, strong data-driven advice and support in identifying relevant opportunities and risks.
“With Butterfly, we combine our advisers’ extensive expertise with a sophisticated technology platform, giving us far better opportunities to turn a large volume of insights into relevant advice for our clients”.
