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Euromoney: Promising prospects for the coming years

The front office remains at the center of the technological improvements of private banks. The next few years will be marked by a cybersecurity oriented investment trend.

There were more than 2,000 wealth managers representing 737 financial institutions participating this year in the Euromoney Global Private Banking Survey. This survey published every February by the English magazine “Euromoney” provides a panorama of this financial segment. This publication draws data from performance figures and nominations by bankers. A ranking results from this survey to identify the main providers of competitive and non-competitive services. Significant changes were noted for this 16th edition. Many institutions have improved their position in the Top 10 of this ranking.

While UBS Global Wealth Management has maintained its place at the top of the podium, this year Credit Suisse earned a place in second place. It has thus preceded the American bank JP Morgan who arrives third. Santander has returned to the top 10 of the world’s private banking rankings and has risen to the top in Latin America. In addition, the expectations identified by this survey first highlight an increase in revenues. According to Euromoney’s findings, incomes are expected to increase but at a slower pace. “About 66% of respondents said they expected higher incomes in their companies,” can be noted in this direction.

Recruitment would also accelerate. 59% of bankers surveyed in all regions covered by this survey expect a sustained recruitment drive over the next year. Operators in the Middle East and Western Europe are optimistic about hiring new financial advisors beyond 2019. This shows the continued interest in this financial segment, despite the apprehensions in the future of the profession of private banker, especially with all the technological changes taking place at the global level. Similarly, Euromoney survey respondents reiterate their commitments to adapt their services to customer expectations and market changes, including the growing wealth of women. Nearly three-quarters of those surveyed said their company had plans for increasing women’s wealth.

“Targeted client marketing and female counselors have been the most popular responses to this trend,” says the survey. Technological improvement is also among the points discussed. As a result, the front office remains at the center of the technological improvements of private banks. The next few years will be marked by a cybersecurity oriented investment trend. The Euromoney magazine survey covers 12 different categories of products and customers on a global and regional basis. The ranking delivered is based on a sample of financial institutions from 56 countries.

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