Each year, Knight Frank publishes its Wealth Report, a deep dive detailing the finances of ultra-high net worth individuals or UHNWIs. For its 2023 report the company surveyed over 500 private bankers, wealth advisors, and family offices representing a combined wealth of more than $2.5 trillion. And while its report estimates the world’s richest people lost
Digital-First Banking Requires A Customer-First Approach
Customer first = Digital first 📲 For decades, smaller financial institutions have eaten up ground on their major competitors by focusing on providing a level of customer service that larger corporations can’t. Today, a customer first approach means providing a digital first solution as ease and efficiency become a clients top priority when engaging with
Wealth Resurgence Offers Opportunities
The UAE is preparing itself for a record influx of HNWI’s during 2023, with over 5,000 set to relocate there before the end of the year. The move is fuelling a booming private wealth market in the gulf as individuals look to take advantage of the good infrastructure and low taxes. It’s a continued sign
European Private Banking: Resilient Models For Uncertain Times
A challenging economic outlook is pushing many private financial institutions to triple their investments in technology. Uncertain times are fuelling an acceleration of change in the private finance space, with this week’s McKinsey & Company report into the European market showing that both big and small players are rapidly evolving their business models to ride the wave
Surge in Current Account Customers Ditching and Switching their Bank
Online banking, better customer service and an easier-to-use mobile app were the reasons behind a record number of current account switches in the UK last year. In the final three-months of 2022, 376,000 people moved banking providers, many to digital banks or e-money institutions that offered more sophisticated digital features. The data is further evidence
Digital Banking’s Wealth Capabilities Appeals To Younger Consumers
Wealth building capabilities are proving the major draw when it comes to onboarding Gen Z customers to digital financial institutions. The young no longer view traditional wealth building tactics as their lone path to retirement, instead turning to a wider range of resources for their first-time investments including mobile trading (as provided by P3), cryptocurrency
London’s on the up as an UNHWI location of choice
The global ultra-high-net-worth population has fallen for the first time in four years during 2022, but that hasn’t stopped the number of those living in London rising. According to a report released by Wealth-X last week, the number of people with a net worth of US$30 million or more — fell 6% to 392,410 in the
What is Fintech?
FinTech. Although Merriam-Webster just added the phrase to its dictionary in 2018, the concept of FinTech actually dates back decades. ATMs, for example, were once on the cutting edge of FinTech innovation, as were signature-verifying technologies first used by banks in the 1860s. But today, FinTech companies (like Privat 3 Money Ltd) are taking a sector
Wealthtech to The Rescue Amid Doom and Gloom For Wealth Managers
Traditional wealth management firms are turning to tech in a bid to save themselves, but is it already too late? The wealth management industry is on the verge of the most significant intergenerational wealth transfer in history, and new wealth holders are looking to shake things up. In 2021, EY found that 28% of wealth
The luxury resorts accepting payment via crypto
Could cash and credit cards soon become a thing of the past when it comes to luxury travel? Back in 2019, Switzerland’s Dolder Grand Hotel in Zurich became the first hotel in the world to accept payment via crypto. Since then, a number of others have followed suit including luxury resort chain Soneva, and most