Private banking

Overview 

While Assets under Management (AUM) continue to grow in the Asia Pacific region, the private wealth management industry still faces a series of challenges, especially when it comes to achieving excellence in client experience and managing transformation. Key issues include:

  • Financial crime and AML - practical challenges with the depth and breadth of KYC documentation and collaboration e.g. source of wealth and funds;
  • Onboarding - reduction in the number of manual processes and streamlining the complexity and volume of forms;
  • Cyber Security - prevention and monitoring strategies and tools to detect and respond to security breaches rapidly;
  • Cost cutting / organisation and process simplification - streamlining processes and organisational structure;
  • Fintech - use of technology (emerging trends - digital onboarding, robo-advice, etc.);
  • Selling practices and suitability - regulatory attempts to raise the bar on fair and ethical dealings with customers, requiring private banks to have robust controls on customer disclosures; monitoring of product risk ratings to prevent selling of "mismatched" investment products to customers;
  • Regulatory challenges - developments in global regulations that change the way that banks have traditionally managed their sale of wealth management products;
  • Intensified competition

Private banks are continually forced to re-evaluate their business models, products, services, infrastructure and delivery channels in order to adapt to the ever-changing business and regulatory environment. In order to succeed, private banks need to manage transformation properly to overcome challenges around operations and technology and enhance the customers' experience to meet the demands of customers and regulators.

Our commitment

As the largest professional services firm in mainland China and Hong Kong, our strategy is to bring significant business advantage to our clients by leveraging our comprehensive knowledge of key industry issues and best practices. Our PwC professionals operate in global, multi-disciplinary teams, which are integrated across industry sectors, geographies and functional skills to deliver tailored solutions based upon specific territory insight and business knowledge. 

Areas where PwC can help include:

  • Anti-money laundering
  • Onboarding
  • Digitalisation
  • Selling practices and suitability
  • Regulation and compliance
  • Talent management and behavioural change
  • Customer and channel strategies
  • Growth and entry strategies
  • Mergers and acquisitions, maximising deal value
  • Operational enhancements
  • Governance and culture
  • Risk and capital management

Insight

Contact us

Antoinette Hoon
Partner
Tel: +[852] 2289 2742
Email

Cindy Ngan
Partner
Tel: +[852] 2289 2749
Email

Julie Chan
Partner
Tel: +[852] 2289 2432
Email

Follow us