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Report says future UHNWIs value traditional bankers' skills and values

  • May 24, 2019

A recent study from Credit Suisse says digital disruption – as it's being called – is not as large a threat to traditional banking as many believe.

Digital expertise is becoming essential but UHNWI clients of the future say they will continue to expect to be able to reach their banker through a variety of channels, including picking up the phone and having a one-on-one conversation.

The new digital banking model that includes platforms like Revolut, Rakoten and N26 have been built around the promise of giving customers instant and transparent access to all their holdings and transactions on any device they choose. However, the Credit Suisse study shows the most affluent UHNWIs and families have different needs.

A close relationship with their bankers is the top priority of the 200 UHNWIs and families surveyed. Meanwhile, only 4 percent said "digitally savvy" bankers were at the top of their list. Some 25 percent consider a strong track record a banker's most important quality.

Finally, top investors of today and the future also demand non-financial support from their private bankers in the form of bespoke personal services that are tailored to the individual, something digital platforms simply cannot provide.

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