SIX YEARS AGO it would have been almost heretical to suggest to private banks that they should offer their competitors’ products to clients. Now it seems incredible not to do so.
Although private banks are no longer expected to manufacture the best of all products, they are expected to distribute them. As a result, banks are being pushed into third-party product provision, or open architecture. But with differentiation a key objective, private banks are tackling the move towards open architecture in their own individual ways.
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