New Access "A one-stop-shop for private banking & wealth management needs"

Since the last decade, European private banking and wealth management sectors have been battling reduced profit margins. The profit of private banks in western Europe dropped 1.5 per cent to €13.3 billion last year and have shrunk by a tenth from the peak of €14.7 billion registered in 2017 as per McKinsey’s analysis. Several factors, including a wave of regulations following the 2007-08 global financial crisis is the reason for the present climate.

Due to enhanced risks, governments across the globe have imposed new regulations forcing banks to document each step of client interaction or face hefty fines along with dent in reputation. This has contributed significantly to deteriorating the customer experience and affecting the investments in general. Another significant aspect that reduced the profit margins is changing customer behaviour due to the rise in technology consumption by the clients. The clients who reviewed their accounts once per year want more transparency and around the clock interaction with their banking service providers. This has added to the operational cost that takes a cut in the profit. Vitus Rotzer, CEO at New Access opines, “Businesses operating in the wealth management and private banking sectors need to revitalize their operational strategy and adopt client-centric view in order to be profitable.”

To that end, banks need to (...)

Article_New Access Digital Banking
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