In recent decades, the private banking industry has benefited from Asia’s wealth growth that has fostered the emerging development of the region and has benefited from globalization trends.
The effects of the never before seen new coronavirus-pandemic have nevertheless shown us that even the ultra-rich have not been isolated from the Covid-19 fall. It has brought economic and market turmoil, disrupted entire industries, and forced us to reshape our way of working, of living and playing.
Once weather conditions have come to the Covid 19 Storm, an increasing proportion of the ultra-high net-worth population (UHNW) in the world is likely to continue along the upward journey of asia.
The UHNW priorities in the region have been shaped by this crisis (UHNWI). These priorities seek meaningful connections, strengthened by accelerated digitalisation, the increased need for guidance from private banks on investment and family services solutions and their understanding, readiness and, in some cases, their enthusiasm for being part of the sustainability revolution.
These were the main findings of Lombard Odier’s recent study and five of his strategic alliances within the area. There were over 150 participants from the UHNW study throughout Asia.
Serving solutions also highlighted as an important need among the extremely rich, with many UHNVIs who typically have a multi-country exposure having the possibility of reporting a performance net tax of particular interest.
In the end, advice and services quality is what makes the difference. A modern technology makes delivery easier and easier to stay close to customers. The winners will be banks with strong technological capacity