Is it cool to work in private banking? This was a big question at Private Banking & Wealth Management Conference 2023.
Rosa Sangiorgio, head of responsible banking at Pictet Group, asked the crowd the question: is it cool to work in private banking?
There were many hands up until the same audience was asked: do your children think private banking is cool? Every hand went down.
How to keep private banking cool? Innovation and competition were said to be key, according to Sangiorgio, as it keeps the banks improving.
She said: “The future of private banking is dependent on transforming by utilising the tools we have.”
Continuing, she stated that banking clients are now also clients of firms such as Spotify and Amazon. Customers now expect the experiences of banks to be similar to that and banks are behind in providing that.
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She added: “As human beings, we are very limited. AI can process a lot of data for us, process the past and provide ideas for the future.”
Is today’s world as challenging as, or more challenging than, the past? Sangiorgio believed that it was about the same, but we have more information now.
“Banking is the bridge between people with ideas and people with money,” she explained. “Finance has a role as a catalyst towards solutions.”
In addition, there is a new generation coming through, one with more knowledge of finance; 80% of Gen Z investors began investing before the age of 21.
Furthermore, 48% of Gen Z investors use social media as their main source for learning about investments.
Stefan Kirsch, head of international private banking and managing director at Bergos Bank, presenting on the future of private banking in Switzerland, also touched on this topic.
He asked: “Is private banking still a dream job? There is a question mark there.”