“Eighteen months ago nobody knew what robo advice was, but during 2015 private banks realised that they needed to address this strategically at a high level. It’s on everyone’s agenda; whether to launch such services in 2016 or 2017.” Quantifeed CEO Alex Ypsilanti
“Private Banks Robotic Evolution”
- By Richard Morrow, 07/04/2016
The words ‘private banking’ can evoke some stereotypical images, like leather-backed chairs in rooms with wood-panelled walls and bookshelves filled with expensive tomes or expensively attired Swiss bankers parcelling out bits of investment wisdom over snifters of brandy and cigars. One item not typically included? A computer screen running a programme that spits out cheap investment ideas.
The rise and rise of new technology is upending many assumptions in finance. Technologically savvy companies are already competing fiercely with banks in areas such as retail banking and small company loans. They now see private banking as their next hunting ground.