Global Custodian Fall 2018 | Page 93

[ S U R V E Y | A G E N T B A N K S I N M A J O R M A R K E T S ] Norway SEB Three out of four average scores, created by a demanding clientele, speak of strong and consistent service by SEB. The details behind the averages suggest the human side of client relationships is in robust health, even in the more testing field of being open to new ideas. Core services, including settlement, asset safety and account management, are equally healthy. More encouragingly still, the results indicate rising expectations. The scoring of the technology platform, for example, is highly respectable, but one client is still looking for more from its re- porting capabilities. “SEB’s website is stable but has not changed much in the years we have been using it,” he writes. “We would appreciate being able to run scheduled reports, which are emailed out from the system – right now the data on the site must be accessed by the customer logging on.” At SEB Oslo, as elsewhere, there is always room for improvement in asset-ser- vicing, and SEB clients share the appetite – it is something of a theme in this survey – for greater transparency in cash manage- ment and FX execution. No bank is winning prizes for helping clients economise on capital, liquidity and collateral, or pricing of the core services, and SEB is no exception. Nordea The averages mask the strength of this performance. Assess- ments of the quality of Nordea as a counterparty vary by the question, but the average client believes their cash and securities are as safe as they can be in this market. Leading questions are also liable to dent the confidence of respondents in the open- ness and competitiveness of the price of risk-taking services in particular. The score for technology is vitiated by similar considerations. It is, in any event, likely to prove backward-look- ing, now that the bank has embarked on a programme to digitise the whole of its business. The scoring of client service, if not relationship management, suggests the bank is hitting its target of striking a balance between centralised operational processing and the maintenance of local expertise. Handelsbanken Securities Services There is not enough data yet to measure accurately the strength of the Handelsbanken comeback in this market, but the respons- es that were received are rich in anticipation of the improve- ments to come from the investments in people and technology. In Oslo, the bank has benefited from the withdrawal of one of the last stand-alone custodians, which will equip it with a base of Norway-only clients to add to the larger number that require a regional offering. DNB DNB has elected to withdraw from Norwegian krone custody business for foreign clients, though it will continue to provide both domestic and global custody services to its institutional clients in Norway. The DNB swansong, delivered by a small number of clients, is a fitting one: excellent RMs, great local knowledge, and impeccable core services, plus a noticeable sense of absence from the future. WEIGHTED AVERAGE SCORES SEB Nordea Bank Handelsbanken DNB Market share (% of responses) 50% 25% 14% 11% Relationship management 5.61 5.20 4.09 n/a Market Average Global Average 5.29 5.20 Client service 6.02 5.60 4.09 n/a 5.43 5.40 Account management 5.86 5.87 5.40 n/a 5.84 5.44 Asset safety 5.57 6.06 4.56 n/a 5.68 5.68 Risk management 5.67 4.99 2.88 n/a 5.31 5.46 n/a 4.57 4.89 4.63 n/a 5.56 5.64 Liquidity management 4.28 5.59 Regulation and compliance 5.42 5.87 Innovation 5.52 5.07 4.45 n/a 5.13 5.18 Asset servicing 4.94 5.16 3.73 n/a 5.01 5.09 n/a 4.74 4.82 4.80 n/a 5.29 5.28 Pricing 4.50 4.90 Technology 5.54 4.98 Cash management and FX 4.27 4.28 4.44 n/a 4.35 4.25 Total 5.36 5.34 4.23 n/a 5.28 5.24 Fall 2018 globalcustodian.com 93