Private banking CEO roundtable: To what extent is technology playing a role in how you attract high-net-worth individuals?
Pierre de Weck, Deutsche
PdW, Deutsche We are investing heavily in technology. Access for clients to bespoke internet interfaces and mobile apps is becoming necessary to remain successful in the private banking business.
TK, Barclays Technology is critical. To be an Apple in the wealth-management arena with regards to technology would be the holy grail. There’s a long way for the industry to go towards that level of client/consumer experience, however. As an example, we’ve invested around $1 billion over five years in our Gamma programme. That includes technology, infrastructure, people and brand. The bulk of that investment is in technology.
JF, Citi $5 trillion in wealth is being transferred in the next 10 years across generations; those clients want the convenience of technology. The way we interact with clients will be dramatically different – a move away from wood-panelled offices. The principles of private banking will remain and trust will be at the core but the experience will change. Ideas and innovation will be key; banks will have to look to talent outside of their firms for those.