UBS Investment Bank is ramping up its client services for OTC derivatives operations with the launch of new Web-enabled technology and a reorganization of its operational client-facing teams. The firms launched an electronic confirmations service last month and is developing a Web-enabled valuations tool, said Steve Briscoe, global head of FX and OTC operations client services. "The driver is to provide clients with a single place to manage their business with UBS," Briscoe said. "We are thinking more about how we service clients rather than sell products," he said.

UBS' Post-Trade-Services Portal is a Web-enabled service clients can use for electronic confirmation processing for derivatives products including OTC equities, rates and credit products and event swaps and forwards to improve straight-through processing and efficiency. The tool supersedes an older client tool, OTC Online, which offered similar seamless confirmation processing capabilities.

The firm will also add a new valuations tool to the Portal service offering. Today, clients communicate valuations via fax or email to UBS. The firm is developing a new electronic valuations tool so clients can view status of trades, such as if they have been matched, online. "The benefit to clients is the transparency of deals done with UBS," said Briscoe. With the view of trade status, clients can fix any problems and improve their own risk management processes, he added. UBS is working with key clients in the design of the product now to ensure all new tools are user-friendly. The valuations tool will be available in the second quarter.

In conjunction with the new Web tools, UBS is reorganizing its operational teams to follow a new client alignment strategy. The aim is to rearrange the client-facing operational team so that it is consistent and coordinated with client operational needs, said Briscoe. It will affect all of the firm's derivatives operations and how it is structured, he said. This means UBS will determine the range of functions and depth of expertise clients require from the bank's service teams. The firm is focused on this process in the first quarter and will roll out changes to its operational teams in the second quarter.

A recent survey from by London-based consultancy Zyen found that buy-side clients feel customer service in derivatives processing had declined. One of the main complaints was a lack of single point of contact at banks for customer inquiries.