Success Story – Merck Finck’s Digital Leap with cleversoft

About Merck Finck – A Quintet Private Bank

• Founded: 1870 in Munich 

• Workforce: 250 employees in Germany, part of the Quintet Group with 1,650 employees across Europe 

• Global Presence: 11 offices in Germany, over 30 locations under the Quintet Private Bank umbrella 

• Core Offering: Discretionary Portfolio Management (DPM) 

• Market Position: Top-tier private bank serving high-net-worth individuals (HNWI) 

The Challenge

Merck Finck’s legacy systems and related manual processes were not only costly but also prone to errors and inefficiencies, hindering their ability to meet stringent compliance requirements and deliver top-notch client service. The bank needed a partner that could offer a robust, cost-efficient solution that would enhance compliance and optimize internal workflows. The ability to easily create and access documents was particularly important. 

The Solution

After a thorough evaluation of various providers, Merck Finck selected cleversoft to implement cleversoft’s standard PIB Service and docRepository as part of its advisory and portfolio management processes. cleversoft succeeded for its: 

• Industry-leading functionality tailored to regulatory requirements 

• Strong references and a proven use case 

• Commitment to seamless onboarding and after-sales support 

• Competitive price-performance ratio 

Merck Finck partnered with cleversoft in 2024 to integrate the PIB Service and docRepository into its advisory and portfolio management processes for discretionary wealth management. Seamlessly embedded into existing banking workflows, the solution now ensures fully automated and regulatory-compliant creation of all Product Information Documents (PIBs). At the same time, internal processes have been optimized, manual errors reduced, and time-consuming tasks eliminated for the future.

Seamless Implementation

• Onboarding Support
  cleversoft provided expert consultation during the conceptual phase, process definition, and implementation. 

• Smooth Transition
  The solution was integrated seamlessly into existing workflows and ongoing support ensured a smooth transition in operations. 

• Post-Implementation Support
  cleversoft continues to provide high-quality after-sales support, ensuring long-term success. 

Results

• Efficiency Gains
  Automated processes significantly reduced manual tasks, accelerating internal workflows. No more incorrect information or missing documents, eliminating errors and friction, thus enhancing operational efficiency and ensuring smoother workflows. 

• Customer Experience
  The advisory process, especially during direct client conversations, became much faster due to the automated provision of regulatory documents, reducing valuable time spent on administrative tasks. 

• Regulatory Compliance
  cleversoft’s solutions streamlined the entire product information creation process and enabled Merck Finck to meet all regulatory requirements effortlessly. 

• Scalability
  The partnership opens doors for future collaborations to further digitalize and optimize processes. 

Success Factors for Private Banking

Merck Finck’s transformation showcases how private banks can leverage cleversoft’s industry-proven RegTech solutions to enhance compliance, efficiency, and client satisfaction:

• Comprehensive Compliance
  cleversoft’s PIB Service and docRepository simplify adherence to PIB requirements. 
• Operational Excellence
  Automated processes reduce manual effort and enhance employee productivity in private banks. 
• Future-Proof Solutions
  The flexibility and scalability of cleversoft’s offerings position private banks like Merck Finck to stay ahead in a dynamic regulatory landscape.

We appreciate the positive feedback and would like to thank the Merck Finck team for their trust.

Partnering with cleversoft is a strategic step toward sustainable excellence in private banking. If your company is also facing challenges in digital advisory and portfolio management processes, we would be happy to advise you personally. Get in touch today to learn how cleversoft can transform your regulatory processes.

You can also find more information about the PIB Service and docRepository on our website.