Private Banking: Raising The Game
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The Covid crisis is hastening banks’ adjustment to digital. But knowing a financial client is not the same as knowing a subscriber’s TV preferences.
March 08, 2021
The digitalization of most things took another leap forward last year. That includes private banking along with other areas of financial services. “We’ve seen an acceleration of the online trend by three to eight years depending on how you look at it,” says Christian Zahn, partner and co-lead of McKinsey & Co.’s European wealth management practice.
The pandemic year catalyzed changes that went beyond shifting boardroom meetings to Zoom. Credit Suisse unfurled an app that can onboard a new private banking client in 15 minutes. Crosstown rival UBS brought in a new CEO, Ralph Hamers, who made his name building the digital brand at Dutch retail bank ING. Across the Atlantic, Morgan Stanley shook up investment management with an artificial intelligence (AI)-driven