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The landscape of Luxembourg’s financial services industry is changing at a rapid pace. With the introduction of the automatic exchange of information, Private Banks and wealth management firms had to re-invent themselves. They have now to cater for new, wealthier, more demanding and more international customers. At the same time they have to manage massively increasing compliance demands and strive for efficiency gains. As a result, the sector is under great pressure.
Avaloq Benelux’s managing director, Frédéric Kemp, discusses the three main challenges the Private Banking industry is facing and how innovative technology is key to overcoming the hurdles ahead.
Changing client expectations
Clients today are...
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