The Evolving Landscape Of The Private Wealth Sector

The Evolving Landscape Of The Private Wealth Sector

“Don’t find customers for your product. Find products for your customer.” – Seth Godin

The current landscape for traditional private banks and the private wealth sector is changing. Clients are becoming younger, more accustomed to using tech and are doing business all around the world.

This new type of high-net-worth individual requires traditional aspects of a private banking service, such as trust, discretion and expertise, coupled with some elements more commonly provided by modern, digital banks. These include being able to open an account in minutes, seamless transfers and the ability to conduct business immediately no matter where in the world a client is.

More traditional private banking clients also stand to benefit from digitisation: no unnecessary travelling to meet with bankers, no delay in transferring funds and, most importantly, more time to themselves.

Although technology clearly provides the solution to many of the issues in the private wealth space, digital and private banking have historically operated in a very disparate fashion.

Privat 3 Money’s founder, Reda Bedjaoui, saw that the status quo was causing friction and frustration for clients in an increasingly digital society. Feeling that the current level of service wasn’t working for the modern global citizen, he built a platform exclusively tailored towards private banking clients that accommodates, evolves and adapts around their modern needs.