Operational efficiency has been an impending concern for private banks, yet it fails to get the attention it requires. Timetric, in association with SmartStream, hosted two executive briefings with private banking executives in Hong Kong and Singapore on enabling efficient middle and back-office operations. Sruti Rao highlights the key takeaways
The 24th Private Banker International Wealth Summit 2014, held in Singapore, brought together global industry leaders to discuss pivotal issues such as the integral use of technology, tackling impending regulatory pressures and strategies to differentiate services among unique customer segments. Sruti Rao reports key insights from the day
Private banks experienced a 14% rise in expenses in 2013, bringing the average global cost-to-income ratio to 83%, up 3% from 2012, which wealth managers are getting acclimatised to as the new normal, according to the Global Private Banking Benchmark 2014 from Scorpio Partnership.
As calm as he is eloquent, Michael Blake, general manager of Coutts Asia, is a thorough reflection of the Coutts ideology of prioritising the long-term needs of their clients with personal concern. In conversation with PBI’s Sruti Rao, the man at the forefront of the Coutts Asia operations, highlights the intricate balance of preserving the Coutts heritage while keeping up with the ever-changing demands of the Asian clientele.
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The private bank has announced a strategic realignment to bring its two separate booking centres in North and South Asia into one regional focus. The moves will bring Bernard Rennell, current CEO of the global private bank North Asia, to become regional head of global private banking Asia Pacific with immediate effect.
The Organisation for Economic Cooperation and Development (OECD) plans to unveil enhancements to its standard for an automated exchange of information among signatories, a key effort in tackling offshore tax evasion. The new format will officially be introduced at the upcoming G20 meeting in Sydney in the latter half of February 2014.
Technology and banking evidently go hand-in-hand in the current banking landscape, across the process chain to front-end capabilities. PBI’s Sruti Rao talks to established and emerging technology players to identify the key technology trends in Asia’s wealth management space and the optimum solutions required for the future.