This year’s private banking study by KPMG and the University of St. Gallen (HSG) shows that Swiss private banks can remain successful in the future by innovating. Besides effective implementation of new regulatory requirements, key success factors will include innovative strategies and adaptations to business models, starting with more effective segmentation techniques, an open product architecture, transparent price structures and modern distribution and communication channels.
Hardly any other industry has experienced as many changes in recent years as private banking. Times have been marked by uncertainty, volatility, dwindling margins and the increasing complexity of the core business. Now more than ever, private banks are being required to rethink their business model. The latest private banking study by KPMG and the Institute of Management at the University of St. Gallen, entitled «Success through innovation – achieving sustainability and client-centricity in Swiss Private Banking», analyzes the major, sometimes existential challenges facing Swiss private banks and ventures a glimpse forward to how the private banking industry will look in 2022.