Rethinking Private Banking in Asia-Pacific: An EY Discussion Paper for Bank Executives
Poised at the center of the world’s fastest growing and soon-to be largest wealth markets, the potential upside for Asia-Pacific’s private banks and wealth managers is clear. Yet, realizing the exciting potential of the region’s wealth hubs is challenging. Making necessary investments in technology and talent to meet the regulatory demands for compliance and changing client needs, requires scale and long-term investor appetite that many private banks don’t have today. The sector’s traditional, resource-intensive relationship management models and currently, depressed revenue margins are making the cost-to-serve prohibitively high. As this discussion paper reveals, to survive and thrive in this extraordinary time of challenge and opportunity, the region’s private banks need to rethink their:
- Customer service models — to build more targeted client engagement models, focusing on specific markets and customer segments to grow share of wallet
- Technology strategies — to facilitate control and compliance, enable analytics and respond to increasingly sophisticated client demands
- Operating models — to improve productivity and leverage scale. Those banks that can reshape their strategies and operating models to capitalize on the region’s macro trends, leverage their investment in technology and respond to the increased sophistication of clients will be in a prime position to reap the opportunities in Asia Pacific’s burgeoning wealth markets
For a more detailed view, check out EY’s paper Rethinking Private Banking in Asia-Pacific: An EY Discussion Paper for Bank Executives.
The post is published by Liew Nam Soon who is the Managing Partner for EY, ASEAN Financial Services.
About EY
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