During a time of disruption from new technology, regulation and the changing ‘next-generation’ mindset, there is much internal discussion going on within private banks about how much they need to change to keep up with client needs and what the private bank of the future will look like. Many, even the biggest, are worried that if they do not make the transformation quickly enough, they will be replaced by rising institutions who are innovating faster and may even leave a gap for new-style, digitised entrants to the market.
These appear to be the main themes of pre-occupation in the private banking community, as PWM and The Banker magazines present their ninth annual Global Private Banking Awards. While UBS is still reaping the rewards of many years of investment in scale and technology, this year winning awards for philanthropy, client-facing technology and servicing the increasingly important ultra-high-net-worth (UHNW) segment, as well as maintaining the crown for the best global private bank, it is clear that other banks are catching up.
