The Financial Times’ Matthew Vincent has found that some banks and wealth management groups are still reliant on a low-tech approach, notably LGT private bank, where customer relationship management in Asia lately involved Princess Marie of Liechtenstein conducting a few wine tastings. “Clients love her,” an LGT spokesperson says.
Moreover, according to a new survey by Swiss consultancy MyPrivateBanking Research, many banks and wealth management groups have multimillion-dollar budgets for digital innovation, but are spending them only on incremental improvements, to apps and websites, rather than on “big, disruptive technologies”, such as automated “robo-advice” and crowdfunding.
Now we know
— Spiros Margaris (@SpirosMargaris) October 21, 2016