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Italy's private banks prepare for generational, digital, regulatory change | World Finance - YouTube
Channel: World Finance Videos
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Stefano Colasanti: The Italian private banking
market, served by private institutions, has
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been growing steadily in the last three years
up to an overall value of €800bn at the
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end of 2018 – with an overall growth of
eight percent with respect to 2015.
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The Italian Association of Private Banking
estimates project growth to continue also
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in 2020, when the market is estimated to reach
€900bn.
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At the end of 2018, BNL Private Banking managed
around €34bn, positioning itself as the
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fifth competitor in the Italian private banking
market.
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Three main forces will shape the Italian private
banking market in the following years:
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generational change, digitalisation, and regulation.
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In the coming years, we'll have a huge amount
of wealth that flows from the current owners
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– the current private banking clients – to
their heirs: millennials, generation X.
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It's very important for the major wealth managers
to create, to build in time, a good relationship
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manager with their client heirs, because private
banks that first prepare this generational
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shift will get a very important competitive
advantage, and tap into the client base of
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the competitors that are not able to prepare
this generational change.
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The second force in Italian private banking
market is digitalisation.
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Clients want to have the same customer experience
by the financial institutions and non-financial
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companies – for example, Amazon.
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Private banks – Italian private banks – are
not lagging, and they need to put digitalisation
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at the centre of their agenda, to offer clients
this type of very high value customer experience
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during the relationship with the clients.
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The last force in Italian private banking
is regulation.
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The introduction of MIFID II in Italy will
have a very important and significant impact
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on the Italian private banking market: for
the first time, clients will be displayed
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the costs associated with their investment
products and services.
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Private banks have to review their product
offering by simplifying, making it compelling
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for their clients.
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It's very important to offer to the clients
the right services or products with the right
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costs, to respond to the right needs of the
clients.
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BNL Private Banking embarked on a transformation
journey of its service and business model,
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which resulted in three key actions.
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The first action is a new approach to wealth
advisory, by reaching the offering services
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of non-financial products and services: corporate
advisory, issuance advisory, real estate advisory;
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to manage the global wealth of clients, to
be the partner of the client in managing their wealth.
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The second key action is the digitalisation
of the relationship model, by introducing
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a new, innovative, very important tool platform
for the clients' discovery – for example,
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humanist – or for managing their relationship
with the bank such as the app, My Private Banking.
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In this way we want to create a very important
relationship with the new generation of clients.
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We created a specific contact centre dedicated
to our private bank clients, that is active
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24/7: it's a fast-lane, dedicated lane, to
address the clients' needs in terms of banking,
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financial, and non-financial needs.
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Third is the role that BNL Private Banking
can play in sustainability.
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BNL Private Banking can address the client
to financial investments to sustain the environment,
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to sustain the economic growth, to sustain
the growth of our country, to help the people.
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I strongly believe these new strategic actions
will give BNL Private Banking a competitive
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edge over its competitors, and innovative
services, solutions, products and tool platforms
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that we are introducing will help us to be
more attractive to the new generation of
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private banking clients.
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Thanks for watching.
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Learn more at bnl.it.
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