McKinsey: private bank profitability declines again
Private banks in Europe saw their profits decline in 2019, for the second year in a row, according to a study by McKinsey. Profitability is under pressure due to a combination of rising costs and lack of client growth.
According to the management consultancy, the study shows that private banks in Europe are confronted with structurally weak profit dynamics, growing dissatisfaction among clients and significant operational problems due to working from home.
The future of wealth advice? A Netflix-like platform
A Netflix-like environment that provides access to advice that is data-driven, personalized, continuous and preferrably subscription-based, is the future of wealth advice according to McKinsey.