Why does it take banks so long to change?

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.

169983321_c06293bf6e_b

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.

(Via: Financial Times and Twitter)

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s