Why banks should be more customer-centric in their approach to Family Offices
Financial institutions, once regarded as the cornerstones of business, are now facing unprecedented changes and challenges that could not even have been conceived of a decade ago. We explore how banks can remain relevant within the private wealth space through a customer-centric approach.
fintech, wealthtech, customer strategy

By Francois Botha
Published on Simple October 5, 2020

To say the financial market is changing is an understatement. Financial institutions, once regarded as the cornerstones of business, are now facing unprecedented changes and challenges that could not even have been conceived of a decade ago. The emergence of neo banks, Robo-advisors, and cryptocurrencies have changed the rules of play. A demand for transparency and a desire returns beyond the purely financial have posed a further challenge to the status quo. These developments are particularly evident when it comes to private wealth clientele, many of whom are forming independent family offices.

A ‘Kodak moment’ on the horizon

Whilst Kodak once represented a reputable brand and industry giant, their failure to identify and capitalise upon the beginning of a digital revolution in the 1980’s is now infamous. A ‘Kodak moment’ has come to epitomise that moment when businesses lose market relevance by failing to catch-on to how consumer behaviour is changing. As family offices grow, professionalize and become increasingly sophisticated, many are hiring former bankers and private equity dealmakers to take back control of their considerable wealth and investments. Add to this the far-reaching personal connections of their founding families and rapidly growing networks with other family offices, and they’re fast becoming global financial powerhouses.

 

About the Authors

Francois Botha

Francois Botha

Simple Founder. Strategy Advisor

Francois believes that the next generation of family leaders need new, simple tools and trusted experts with a fresh outlook.

Connect with Francois Botha View Francois Botha Profile

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