Private Banking future
Private banking in the Czech Republic has more than 25 years and continues to improve its services. At the beginning, it focused only on the service of a private banker in combination with basic banking services. Other services such as portfolio management, investment advisory, margin trading, Lombard financing, etc. were added gradually.
What Czech Private Banking did not deliver in the spectrum of services offered, was catching up with a personal and human approach. The personality of a private banker is very important in the Czech environment, finding a suitable institution with a private banker according to your ideas is not a simple process.
The new regulation of financial markets after 2009 seeks market transparency and investor protection. Banks find themselves in a situation where they need to restrict the offer of services and products if they do not want to be in difficulty with regulation and to avoid potential client actions. However, the Wealth Management and Private Banking client expects to receive tailor-made services, not just a standard service or product for everyone.
Some institutions are not sufficiently aware that Private Banking is the bank’s showcase and its quality has a major impact on the bank’s overall performance. They only look at the necessary investment in development through numbers and short-term returns. The low investment of some banks in the further development of Private Banking will lead to large differences in the range of services offered and the quality of these services in the future.