Asia’s HNWIs are using smartphone apps to communicate with relationship managers, and bankers areresponding. This is causing problems for private banks, which must revisit their digital client communication channels, especially as regulators clamp down on investment suitability processes.
Internet giants battle to lure banks into cloud
As commercial banking and trading move towards a more high-touch and personalised service while also staying in line with regulations – so financial firms will need greater insights from data. Artificial intelligence can help detect fraud in petabytes of data, while the internet of things – a network of physical devices – helps them track customer behaviour.