Anika Sidhika: What were the defining themes in private banking over the past year?

Alexandre Pieyre: One defining theme has certainly been the shift toward hyper-personalisation. Though the bespoke nature of private banking has long been a feature, we’ve seen it take on a new level, shifting from a traditional inquiry-based model to clients now expecting a service that is proactive, contextual and insight-driven. With AI entering the mix, you can now tap into much richer datasets, remove a lot of the friction that normally comes with KYC and onboarding, and transform an experience that used to be quite linear into something far more predictive. Instead of the client coming to you with a question, the system can already anticipate the context.

There’s also a very strong intergenerational shift, particularly in the Middle East. The next-gen – more tech-native heirs – are leaning toward digital assets, tokenisation and private-market opportunities where the velocity of investment is much higher. When you look at the family office landscape space, you see extremely large pools of capital now being managed through far more digital, insight-driven frameworks. What used to take months in a traditional private market deal can, with tokenisation, take hours.

AS: What key lessons from this year will be most important for the industry going forward?

AP: One of the clearest lessons this year is that, as AI expands so rapidly across the industry, we’ll need a much stronger focus on cybersecurity. We’re entering a phase where AI is deeply embedded across processes, data flows and client interactions, which naturally increases vulnerability pathways and exposure to new types of risks.

Investors are increasingly conscious of the risks. They expect advanced intelligence, yes, but also clear assurances that their data, digital identities and assets are fully protected. That confidence is becoming a core part of the value proposition.

AS: How are client demands evolving, particularly around sustainability, alternatives, and digital solutions?

AP: If we look especially at the Middle East and the family office environment, there’s a very strong intergenerational element shaping demand and private banking must cater to it. Client expectations are evolving rapidly, not only toward emerging asset classes and digital solutions, but also toward more flexible and innovative ways to access traditional asset classes.

Next-gen heirs are much more dynamic in how they invest, and are increasingly interested in AI, digital assets and other alternative exposures alongside the more traditional real estate and bonds their parents focused on. They certainly still care deeply about preservation and legacy, and remain connected to many of the same underlying asset classes, but the way they access them is changing completely. Rather than relying on traditional, slower channels, they want instant, data-rich visibility and the ability to act quickly, such as through app-based platforms at the touch of a button.  As a result, we expect this next gen to still hold assets like real estate or gold, but through ETFs, tokenised ownership or fractional investment platforms instead of physical holdings.

AS: What emerging trends are likely to impact the financial services industry?

AP: One of the strongest trends for the Middle East is the rise of tokenisation in private markets. Family offices and UHNWIs here are heavily involved in direct investments, real estate and infrastructure, and that matters because these are exactly the asset classes that are traditionally slow and operationally heavy. Tokenisation removes a large part of that friction, the contracts, the back and forth, the long settlement cycles. When you add digital identities and AI driven risk checks on top, Gulf investors can act faster and with greater transparency. It has the potential to redefine how the region accesses global opportunities.

AS: What macroeconomic or market scenarios are top-of-mind for 2026?

AP: For 2026, what matters most is how global conditions interact with the region’s increasing digital infrastructure and its growing appetite for private markets. Whether oil prices are stable or macro volatility rises, the ability for Gulf investors to reposition quickly in private and alternative assets, thanks to more digital infrastructure, faster execution and better data, will change how those cycles play out.

Data centres are a good example of how this is evolving. As AI and cloud adoption accelerate, data centres have shifted from being seen purely as energy-intensive real estate to critical digital infrastructure and a growing ESG play, with demand already outpacing supply and a clear focus on measurable sustainability performance. They’re also moving up the agenda for asset owners and family offices, who increasingly view them as backbone assets of the digital economy and are signalling plans to increase exposure over the coming years.

AS: Which investment themes, sectors, or strategies do you expect to gain traction next year?

AP: In the Gulf, I expect to see continued interest in technology-driven sectors such as AI, cybersecurity, fintech, digital asset infrastructure because these align closely with national transformation agendas and is exactly where the next gen want to position themselves. They’re looking for opportunities with greater velocity and global reach, rather than the traditional, slower investment routes.

Real estate in Dubai, Abu Dhabi and Riyadh will also remain a core allocation, but the way it’s being managed is changing quite significantly. With more UHNWIs relocating to the region while still holding substantial assets like real estate in Europe, Asia or North America, it’s increasingly part of a broader cross-jurisdictional portfolio rather than a purely domestic play. Investors want structures that allow them to view, manage and rebalance property holdings seamlessly across borders, with better data, faster execution and stronger governance frameworks.

AS: How do you see private banking evolving over the next 3–5 years to meet changing client expectations and industry dynamics?

AP: Private banking in the Middle East will increasingly mirror the pace and expectations of the region’s family offices and UHNWIs it serves, which means becoming far more anticipatory, far more digital and far more capable of handling sophisticated cross border structures. AI will help deliver the contextual insight clients expect, while platforms that integrate private equity, real estate and digital assets will support the complexity these families manage. The evolution here is towards a model that matches the region’s ambition: fast, informed and global, while keeping the personalised, proactive relationship at the centre.