Pilatus Bank has stated that it intends to drastically extend the private banking model beyond its current market to the mass affluent.
The European bank – which specialises in providing private and commercial banking services – aims to go beyond self-service solutions for customers by offering a product which is seamless and convenient and also enhances the banker-client relationship.
Luis Rivera, COO of Pilatus Bank, felt that many retail banks had been forced to cut operating costs and instead focus their resources on innovation.
However, Luis believed new players in the market are easily attracting customers by offering better customer service through easy-to-use products.
“Customers demand for banks to transform and evolve with the times, and it is our responsibility as institutions to innovate and embrace agility as part of our governance structure to make sure we stay relevant.”
Luis felt that the digital revolution should inspire banks to improve customer service as opposed to driving customers to online banking, automated phone services and robo-advisory.
“We all want to experience exclusivity and quality customer service, but unfortunately, private banking has until now mainly only been offered to high-net-worth individuals.
“Scalability is the biggest issue for most players in the market today, but through a strategy focused on optimisation of resources and continuous investments in building and maintaining a robust technology platform, we believe we have what it takes to become a major contender in the banking space.”
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