PRIVATE BANKING & WEALTH MANAGEMENT MODERN PROBLEMS OF THE INDUSTRY. CUSTOMER REQUIREMENTS: IS THE INDUSTRY READY FOR A RESET.

Abstract

According to the experts' assessment, the modern Private Banking & Wealth Management industry is stagnating. The financial crisis, COVID-19 pandemic, powerful geopolitical changes have influenced the profitability of the industry and revealed the shortcomings that need to get the most serious attention. Challenges include decreasing trust and customer satisfaction with the service and profitability. The world of on-line technologies and digital finance makes demands on both bank employees and customers. Tough requirements from the regulators on the control of financial flows and the introduction of many restrictions, the emergence of new young generations in the market with inherent socio-psychological attitudes and consumer preferences, all this requires assessment by the banking system and adequate proactive response. The research is an analysis of modern challenges and at the same time a search for possible solutions to overcome the stagnation of the Private Banking & Wealth Management industry.