Swiss private banking 2021
To retain their pole position, Swiss private banking must embrace change
Despite the current challenges, Switzerland remains the global market leader in cross-border wealth management. With a market share of approximately 25%, the country easily beats its two closest rivals, Hong Kong and Singapore. Confidence in the competence and experience built up over many decades remains unbroken, and Swiss wealth managers have successfully established a presence in the fast-growing Asian markets. But to retain this pole position, Swiss institutions need to embrace change, boldly entering into new territory while continuing to optimize areas where they are already active.
The risk of markets turning bearish has increased. Private banks must respond by ensuring efficiency on the cost side, in particular by optimizing workflows with front-to-back automation and digitization. At the same time, with inheritance volumes skyrocketing it is vital that they improve their relationships with future heirs. While continuing to make improvements in these areas, private banks must also step boldly into hitherto unfamiliar territory and aim to become thought leaders in sustainability. At the same time, they must ensure they have a comprehensive digital asset strategy and product offering in place.
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