David Shick, head Private Banking Greater China and branch manager Hong Kong, Bank Julius Baer shares his views with Asian Private Banker in ‘The Final Word’, a year in review by the region’s private banking leaders as they share their thoughts and opinions on key issues around industry trends, investments, regulations, and technology in 2021, as well as providing their predictions for 2022.

Given the majority of Asian wealth is located onshore, how should international private banks best target and differentiate themselves in these markets? For domestic regional private banks, what is the most effective strategy for competing with international players?

Although the landscape is changing and can often present different challenges, the client and personalised advice remain at the core of everything we do. We see a vast amount of potential in technology to create a more efficient value chain for the banking industry, and our strategy at Julius Baer has always been to invest in all aspects of growth. Two years ago, we introduced a strategy to shift, sharpen and accelerate, and have advanced further than we previously thought possible. Our priority is to embrace positive transformation and stay relevant to our clients, with prompt signals through their desired channels.

The core of an effective strategy to compete will be in seamless connectivity between clients and relationship managers, ensuring all needs are met in any way they need, be it physically or virtually. Additionally, we remain steadfast in the face of the increased risk posed by cyber fraud, and rigorously maintain the safeguards that provide a secure banking environment for clients.

Investing heavily in technology will enhance the client experience, and while much of the client base is transitioning to a younger generation who may prefer to be engaged on digital platforms, the importance of ensuring our systems remain accessible and easy to understand is essential to us, and we ensure all clients are comfortable using the modern tools at their disposal that allow for a more integrated ecosystem.

Another key to staying competitive in the market is speed of communication, and even though technology has transformed how quickly we can notify and engage with clients, we function on the dedication and talent of our team, which is evolving alongside these accelerated channels of communications.

Meet 2021’s industry leaders in the full round up of of Asian Private Banker‘s The Final Word 2021.