As the wealthy increase their demands for sophisticated digital channels and easily accessible information about their portfolios, private banks must evaluate their technology priorities to successfully keep up with client expectations. John Schaffer speaks to leading UK private banks to understand their digital journeys
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The private banking industry has been slower than its consumer banking counterpart when it comes to getting ahead in the digital adoption race. It has been significantly behind other industries such as travel and tourism and retail, where
the likes of Apple and Amazon have accustomed clients to technology innovation and personalised services.
The wealth management sector is associated with traditional face to face contact where the role of a relationship manager (RM) is central to managing large-value assets and advising clients on their portfolios. Clients also engage in personal contact due to the complex nature of certain regulatory prerequisites, where the expertise of an RM holds weight.
However, technology is increasingly being hailed as a crucial revenue generator, and innovation a key customer loyalty driver for private banks.
In contrast to the functional retail banking digital channels, private banking offerings must demonstrate greater depth and breadth in order to add real value for a high net worth (HNW) or ultra-HNW client. Private banking clients want detailed insights, access to granular data, alongside refined engagement capabilities such as financial advice, as opposed to merely checking balances and performing bank transfers.
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By GlobalDataPrivate banks are also facing competition from nifty, automated, online-only wealth managers such as Nutmeg and Wealthfront that are luring wealthy clients with agile, easy and efficient alternatives.
The majority of private banks in the UK are not being complacent and continuing to invest in, and fine tune, their digital capabilities. PBI talks to select private banks about their digital game-plans.
