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Banking

IN THE AGE OF DIGITALIZATION, WHAT WILL BECOME OF THE TRADITIONAL PRIVATE BANKING MODEL?

IN THE AGE OF DIGITALIZATION, WHAT WILL BECOME OF THE TRADITIONAL PRIVATE BANKING MODEL?

Luis Rivera, COO of Pilatus Bank, believes that private banking is progressively transitioning to the modern banking by adapting to new digital technologies. He examines how the sector is evolving despite a certain hesitancy, and whether the fundamental attributes of private banking will diminish now that even the most inherently conservative industry is digitizing.

Private Banking is deeply rooted in tradition where customer service is based on highly personalized relationships between the banker and the client. This red-carpet service is traditionally only available to high net worth individuals with substantial investable assets. Rivera from Pilatus Bank expands, “Private banking clients have become accustomed to a certain level of specialized and concierge-like service, and they are willing to pay the fees that accompany that level of service.” But as other industries are evolving and becoming more technology driven, clients are also demanding for their banks to get on board and ride the wave of digital transformation.  He states, “Innovative start-ups on the market are introducing new products that satisfies the customers’ demands for seamless banking solutions. It would be a mistake for banks not to leverage technology in a way that allows them to interact more efficiently with clients.”

Rivera believes that building an effective communication channel between the banker and the client should be top priority for financial institutions as they expand their technology offerings. He explains, “Private Banking is built on trusted relationships and although many clients today prefer to communicate via user-friendly online platforms in lieu of face-to-face meetings, there are still considerable efforts needed in order to maintain healthy a healthy, trusted relationship with the client. It requires a high level of service regardless of the technical limiting factors that sometimes come with even the most modern fintech solutions.” Therefore, Rivera believes that private banking must thrive to go beyond merely meeting the customers digital experience requirements. “When developing a banking communication tool, it is crucial to invest in a flexible product that emphasizes security and regulation.”

Taking into consideration the true attributes of private banking, Pilatus Bank has developed a banking app that builds on and enhances the client-banker human interaction and relationship. Rivera explains that whilst it is of great importance to focus on the integrity of the user experience, human interaction will continue to play an integral part in private banking. Furthermore, by keeping a strong focus on regulatory requirements for customer protection and risk management he is confident Pilatus Bank can offer its clients long-term value and security in a continuously evolving and progressive digital age.

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