Digitalising in the new era
Technology is changing the way people consume financial services, and private banks have to reinvent themselves to capture this unique and lucrative opportunity.
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THE global shift in economic growth towards developing countries has caused a comparatively rapid increase in ultra-high net worth individuals in the Asia-Pacific and Latin America, including record assets managed in these regions.
The Asia-Pacific region is expected to grow twice as fast as the global average in terms of millionaire wealth, and to achieve the highest level of ultra-high net worth wealth by the end of the decade.
Although this wealth accumulation attracts private banks from across the world, many are challenged to scale their traditionally run operations and meet the growing demand in a profitable way. According to recent estimates, up to 80 per cent of millionaire wealth in the Asia-Pacific remains unbanked.
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