Private Banking and Wealth Management: new challenges

Wealth management market is becoming more and more mature with new products and services offered to customers. Meanwhile, private banking is one of the most important branches of wealth management. As a result, of diversified demand of customers, economic development, severe competition both internal and external and new geographical distribution, private banking of institutes and organizations (UBS, etc.) have to recognize the situation where they live. Practitioners of private banks are changing strategies from traditional single patterns to innovative and flexible forms. Those are laid more emphasis on staying close relation with high-level wealth customers, offering more complicated and diversified products and services, clearing markets distribution of convention and emerging in geography and economic background and making adequate cooperation and consolidation both internally and inter-industry.