Global private banking debate: Trust, scale and security key factors in a digital world

• The shift toward digital communication continues, with virtual reality emerging as a vital tool, but many HNWs still like to talk with advisers face to face

• Private banks that are not using multiple channels to interact with clients will be left behind

• Scale and trust remain vital factors: without both factors in place, a private bank is not going to survive long

• Private banks are becoming adept at catering to the evolving philanthropic ideals and demands of clients

• Young private banking talent is more entrepreneurial than ever, keen to take risks and to make a difference with their employer

• Wealth in a digital world is still attracted to financial hubs with strong governance and transparency

• Private banks and wealth advisers that explain hidden costs to clients and work to reduce them are more likely to benefit than those that do...