21 Jun '11, 3pm

Status quo in private banking and wealth management changing, says PwC survey

Status quo in private banking and wealth management changing, says PwC survey

SINGAPORE: The status quo in the private banking and wealth management industry is changing as the focus shifts to client service and value delivery. That is according to a new report published by PricewaterhouseCoopers on Tuesday. It found that wealth management continues to be a lucrative business with untapped potential for significant growth if institutions can be agile in adapting to changing demands. PwC's survey found that the industry faces multiple pressures in five key areas, such as risk management, where systems and processes are being upgraded to provide integrated approaches to better align risk and value. The report said private banks by and large are facing challenges to achieve the desired performance, and there is wide divergence across the industry. Cost and regulations are the new drivers of change, but securing sustainable revenue growth, especially fr...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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