Increasingly digital: this is the future of private banking outlined by the 2020 report of thePermanent Observatory on Private Banking conducted by LIUC Business School and Banca Generali, with the support of Goldman Sachs Asset Management and Vontobel.
The results of the Observatory were presented on Thursday evening by prof. Anna Gervasoni, professor at LIUC and General Manager of AIFI. Despite beyond 87% of Italians said they did not know what a robot advisor is (source Consob), the Italian private banking industry is rapidly moving towards consultancy models that envisage a strong digital influence. The reason is mainly attributable to the ongoing generational change that leads operators to invest in these models to meet the demand for innovative services by the new generation of Millennials. Then there is a further component determined by Covid-19 which has accelerated the use of digital technology also in terms of savings.
“Our Observatory's analysis highlights how Italian private banks will have to renew themselves and look to digital solutions for some of the answers to the changes taking place in this historical phase. All in a panorama in which the competition has become increasingly tough, with the advent of fintech start-ups and in a reference context that sees the customer at the center of banking business initiatives” comments Anna Gervasoni.
The Private Banking Observatory has therefore analyzed i various models of digital financial advice currently present in Italy and in the world, clearly highlighting the one with the best level of effectiveness. This is the so-called Robot 4 Advisory, i.e. the model whereby digital acts as an accelerator of the relationship between consultant and client.
“The growing weight of digital in everyday life is changing private customers' approach to savings. This is why we will increasingly see consultancy models in which digital technology will act as a process accelerator, so as to leave more and more time for the relationship between client and consultant in the dialogue on asset choices. In fact, what has not changed is the centrality of the relationship, which will always remain the pivot around which private banking develops" he commented Andrea Ragaini, Deputy General Manager of Banca Generali.
Created in 2016, the Private Banking Observatory is aimed at constant monitoring of the sector and its main characteristics, as well as in-depth analysis of some issues of particular relevance and significance, with the aim of declining the main trends of a sector characterized by high complexity strategic and relational.
