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By Arnd Heßeler, Alesia Prytulchyk, Daniel Härter and Elias Winter, zeb consulting*
When people think of private banking today, they envision impressive entrance halls in beautiful, centrally located buildings and confidential conversations with discreet personal advisors behind closed doors. This is because the business is still extremely advisor-centric and anchored in the physical world. Meanwhile, however, the other segments of the financial services industry are undergoing a transformation, with providers increasingly embracing digitalization. Additionally, new non-banking players are entering the market and competing with incumbents in the lower retail segment.
For private banking providers, this raises the question of what they can...
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