Italy’s private banking market has been experiencing consistent growth over the past few years, with an overall value of €800bn at the end of 2018. The Italian Association of Private Banking predicts that this upward trajectory will continue, reaching €900bn by 2020. In this thriving market, BNL Private Banking has emerged as a frontrunner, managing approximately €34bn and establishing itself as the fifth-largest competitor in Italy’s private banking landscape.
Forces Shaping the Future of Italian Private Banking
Several key factors are set to shape the Italian private banking market in the coming years: generational change, digitalization, and regulation.
As the torch passes from one generation to another, private banks must establish strong relationships with the heirs of their current clients. This generational shift presents a unique opportunity for wealth managers. By proactively preparing for this transition, banks can gain a significant competitive advantage and tap into the client base of competitors who have failed to adapt. Recognizing the significance of this trend, BNL Private Banking is focused on fostering relationships with millennial and generation X clients, ensuring a seamless transfer of wealth.
In an era where customers increasingly demand a streamlined and personalized experience, digitalization has become a top priority for private banks. Clients expect the same level of customer service from financial institutions as they receive from non-financial companies like Amazon. To meet these expectations, Italian private banks must prioritize digitalization, placing it at the center of their agenda. By offering high-value, digitally-enabled customer experiences, banks can enhance their relationships with clients and stay ahead of the game. BNL Private Banking recognizes the importance of this shift and is committed to providing cutting-edge digital platforms and tools for its clients.
The introduction of MIFID II in Italy will have a profound impact on the private banking market. For the first time, clients will have visibility into the costs associated with their investment products and services. In light of this regulation, private banks must revise their product offerings, simplifying them and ensuring they align with clients’ needs. BNL Private Banking is taking proactive steps to adapt to this regulatory change, ensuring that its services and products are tailored to meet the specific requirements of its clients.
BNL Private Banking: Pioneering the Future
BNL Private Banking has embarked on a transformative journey, redefining its service and business model to stay ahead of the curve. Through three key actions, BNL is revolutionizing the private banking experience in Italy.
The first action focuses on wealth advisory, expanding beyond traditional financial products to offer services such as corporate advisory, issuance advisory, and real estate advisory. By managing the overall wealth of their clients, BNL strives to be the trusted partner in every aspect of their financial journey.
The second key action centers on digitalization, introducing innovative tools and platforms to enhance the client-bank relationship. These include the Humanist discovery platform and the My Private Banking app, empowering clients to stay connected and engaged with their finances. BNL Private Banking has also established a dedicated 24/7 contact center specifically tailored to the needs of their private banking clients, providing efficient and personalized assistance for banking and non-financial needs alike.
Lastly, BNL Private Banking recognizes the critical role it can play in promoting sustainability. By directing clients toward socially and environmentally responsible investments, BNL aims to contribute to the growth of the country and the well-being of its people.
Unlocking BNL’s Competitive Edge
With its strategic actions and forward-thinking initiatives, BNL Private Banking is poised to gain a significant competitive advantage in the market. The introduction of innovative services, solutions, products, and tool platforms will position BNL as an attractive choice for the new generation of private banking clients.
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