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Wealth Briefing Asia: Cognizant’s Senior Vice President of Banking and Financial Services Says Private Banking can up its Game with Mobility

“The nature of the private banking business makes mobility a particularly challenging proposition. An all-inclusive, cross-platform application for private banking can be a game-changer for both customers and wealth managers,” writes Jaideep Poondir. “The increasing use of mobile devices, such as smartphones and tablets, has prompted banks and other financial institutions to offer platforms and applications that enable their private banking customers to use mobile applications to increase their interaction with banks as well as help them to manage their wealth digitally.” Excerpts:

“With the evolving private banking needs of customers, the scope of private banking is no longer restricted to managing the investments of these custom­ers. Today, it can encompass activities such as estate planning and managing customers’ philanthropic endeavors, which, by their very nature, are highly customized. Developing a mobile app that captures the entire range of pri­vate banking services and persuading customers to use it becomes a real challenge for the banks.

As smartphones and tablets become more integrated into the lives of private banking customers, banks must maximize mobility and consider offering multichannel, round-the-clock wealth-management experiences.

By giving the mobile and tablet banking channels their due, and providing apps with comprehensive functions and features for these channels, private banks and wealth managers can poten­tially reduce expenses through lower transaction costs, retain more clients, and increase penetra­tion in previously untapped areas.

An all-inclusive, cross-platform app for private banking can be a game-changer for both customers and wealth managers.”

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