The 2020 Private Banking COO Survey provides a snapshot of how regional private banking operations have coped with — and adjusted to — the unprecedented disruption and the digital transformation caused by the global pandemic.
The private banking COOs and their teams that Asian Private Banker surveyed this year represent a combined Asia AUM of US$1.28 trillion — about 65% of total AUM among the top 20 private banks in Asia (excluding onshore China).
A few takeaways:
- The impact of COVID-19 has been diverse, ranging from little impact for some to severe disruptions for others.
- The pandemic has accelerated the digital transformation in private banks.
- Phone calls have remained the most popular method of client-banker communication, with the time spent via the bank’s app and instant messaging tools increasing only moderately.
- Remote/ﬂexi-working is one of the top three changes likely to become permanent after the pandemic.