The Private Banking Model
The evolution of the private banking model highly depends on its starting point. Over the past decades, the industry has experienced significant development, which lead to three basic structures (Ernst&Young, 2014), namely integrated banks (for example, HSBC, CitiBank and Standard Chartered), standalone private operators, often with reminiscences from the Swiss legacy (inter alia, Julius Baer, Credit Suisse and UBS), and broker/dealer organisations (for instance, Morgan Stanley and Goldman Sachs).
To ensure their survival, banks must abandon current business models and focus on several key factors that would allow them to meet customers innovative demands, achieve compliance, leverage digital transformation, increase scale and efficiency and
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Under the empire of change, and especially of changing attitudes and preferences, the management of such relationships becomes more demanding. Investments in understanding the clientele base and networking help private banks reap the benefits of opportunities driven by modified customer behaviour. Efforts to meet the requirements of the new generation of HNWI are critical when it comes to creating a future proof private banking strategy. The establishment of a brand that mixes values of the traditional customers with the profile of the new investor is of utmost importance in private …show more content…
Rising global competiveness affects operating margins, generating a decline in revenues as business expenses continue to increase driven by tightened regulatory requirements. In addition, market performance over recent years has not reached historical benchmarks, while customers manifest sophisticated demands, making it harsh for wealth managers to sustain profitability.
Banks have to build and communicate a well-established set of values that will influence the customer base, the investment purpose and the array of products and services offered.
A fundamental change refers to the reshape of the operation model itself. Added to the specialisation of offerings to create a niche market position, the layers of the model would become independent, leaving no space for potential conflict of interests.
Pricing shows a positive trend in terms of improved transparency in fee schedules, but there is still room for further development. Although fees are now made public to the banks customers, operators still need to work to link each element of the fee to specific services (A.T. Kearney,
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