Wealth and private banking services

Establishing a bold strategic vision for the future will enable wealth managers and private banks to digitally transform their businesses, deliver personalized customer experiences and compete with new rivals on a level playing field.

What EY can do for you

The financial services industry is in the midst of a transformation journey, whereby the next generation of advice will need to check all of the boxes for clients: customized, accessible, timely and affordable while mindful of environmental, social and government (ESG) scores. EY teams can help by providing the framework to deliver cost effective advice. This will enable Wealth and Private Banks (WPBs) to enter new market segments, and effectively compete against dynamic new rivals able to combine high touch with high tech.

As the industry faces challenges such as growing competition from non-traditional providers, more expectant client demands, new regulations and technological innovations as well as cost constraints and growth ambitions, it’s become more important than ever to create future-proof organizational strategies. We support WPBs through transformation and growth by staying ahead of the market and collaborating with clients to design and execute their business objectives.

EY teams guide WPBs through strategic, operational, technological and client-experience-related decisions that set the stage for optimal growth, positioning them to take the next steps to delivery and implementation. These steps include:

  • Navigating through this period of change by crafting a bold strategic vision for the future that can be implemented, future-proof oriented and compliant in all jurisdictions.
  • Translating strategic visions — through the design and execution of new processes, technologies and data design — into operationally efficient initiatives relevant to each region and market.
  • Identifying and augmenting the right tools and capabilities to deliver holistic and consistent client experiences across product, service, channel and geographic dimensions.
  • Driving the development of more effective specialist firms’ ecosystems, including alliances with strategic vendors that can help accelerate our clients’ speed to market and reduce execution risk.
  • Capitalizing on broader market opportunities which offer the greatest future growth potential.

Anticipating what clients want from WPBs and delivering against those expectations — in a repeatable and cost-effective manner — can be the difference between owning new target markets and playing catch-up to competitors. The success of this growth trajectory hangs in the proverbial balance, with the determining factor based on the type and delivery of advice.

Now is the time for WPBs to determine a vision for the future, based on client preferences and operational economics, and to decide where and how they need to invest to make that vision a reality.

Reframe your future art gallery touchscreen

Reframing the future of advice

Now is the time for wealth and private banks to move toward new paradigms for advice that strengthen firms’ relevance to clients.

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