UBS is planning to offer scaled-down services to serve the moderately wealthy - Business Insider

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 63 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 28%
  • Publisher: 51%

United States News News

United States United States Latest News,United States United States Headlines

ICYMI: Growing its lower bracket and deploying more tech to serve moderately wealthy clients could help UBS reduce the cost of servicing affluent customers:

. Beginning in early 2020, clients in Switzerland with between $500,000 and $5 million in assets will be covered under a new service model that uses more tech and less human interaction, Christine Novakovic, head of wealth management in Europe, the Middle East and Africa, told employees in a memo.

UBS is not the only high finance bank shifting its services for clients outside the wealthiest brackets. UBS' decision comes after Philipp Wehle, Credit Suisse's new head of international wealth management, started asking relationship managers to consider moving clients with assets of around 20 million francs to a new private banking division that will use more digital money management tools, people with knowledge of the matter said, per Bloomberg.

In a similar vein, Goldman Sachs has been moving slowly into retail banking through initiatives like its Marcus offering and its hand in the Growing its lower bracket and deploying more tech to serve those clients could help UBS reduce the cost of servicing affluent customers.

And importantly, supplanting human services with more tech is unlikely to be a turn-off for clients in the bank's lowest bracket: Two internal studies in the last few months indicated that clients with assets between $2 million and $5 million behave more like clients in the lower bracket than high net worth clients — they use more online services than client advisors and don't use as many sophisticated products and service offerings as those in the higher asset bracket.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Dispensed Business Insider weekly healthcare newsletter December 6 - Business InsiderDispensed: Hospital CIOs dish on the cloud, digital chiefs talk tech in healthcare, and how our editor picked his health plan
Source: BusinessInsider - 🏆 729. / 51 Read more »

Vodafone UK turns key operations over to digital - Business Insider - Business InsiderVodafone UK has reduced headcount in network operations centers thanks to the introduction of digital tools, like chatbots and automated networks.
Source: BusinessInsider - 🏆 729. / 51 Read more »

The Digital Health Ecosystem Report from Business Insider Intelligence - Business Insider[NEW REPORT] The second annual Digital Health Ecosystem from BIIntelligence is an in-depth examination of the players and tech trends reshaping the future of healthcare:
Source: BusinessInsider - 🏆 729. / 51 Read more »

UK regulators take a hard line on outages - Business Insider - Business InsiderMajor UK financial regulatory bodies have put out a shared policy summary aimed at preventing prolonged tech problems in the banking sector
Source: BusinessInsider - 🏆 729. / 51 Read more »

Elon Musk pedo guy defamation trial: British diver offers no apologies - Business InsiderVernon Unsworth said in 2018 Elon Musk pulled 'a PR stunt' by showing up near the Thailand cave where a major rescue operation was underway. No The original intentions of both of they are good. In order to love and save people, they do what God accepts. Things have passed. What they are doing now should not happen. Hope all of they will exercise restraint & forgive each other.Romans—12:9~21, 13:8~14, 14, 15:1~15.
Source: BusinessInsider - 🏆 729. / 51 Read more »