Danske Bank has introduced a new advisory platform, called Butterfly, for affluent private clients, a move described as its largest wealth investment to date.
The service will first be made available to the bank’s private banking customers before being expanded to more customers in the premium segment.
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A wider rollout to clients in Finland and Sweden is planned for later this year.
Danske Bank said it is the first lender in the Nordic region to provide investment advice supported by Aladdin Wealth, a portfolio and risk management system developed by BlackRock.
The announcement to adopt Aladdin Wealth was made in January last year.
Aladdin Wealth serves as the underlying technology and analytics framework for Butterfly.
Butterfly is designed to support data-based oversight of client portfolios, alongside broader use of stress testing and scenario analysis.
The information generated through the system will be used to produce tailored recommendations for clients.
By using Aladdin Wealth in conversations with clients, the bank aims to extend to affluent private customers a level of portfolio insight that has largely been limited to major institutional investors.
BlackRock Nordics head Elisabeth Sterner said: “The expectations of wealth management clients are evolving rapidly. They want advice that is more proactive, personalised and based on real-time insights. We are proud to collaborate with Danske Bank on Butterfly, which combines human expertise with advanced technology to help advisers deliver better outcomes and stronger portfolio oversight for their clients”.
Butterfly is part of the bank’s Forward ’28 strategy, introduced three years ago.
That plan focuses on digital change and innovation, including efforts to improve client service and increase spending on digital platforms and specialist advice through partnerships.
Danske Bank Private Banking and Investments head Anne Buchardt 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”.
