WHY PRIVATE BANKS WILL LIVE OR DIE ON INNOVATION
In a recent interview with Hubbis magazine, Mignonne Cheng, Chairman and CEO of Wealth management Asia Pacific shared her views on the future of wealth management industry in Asia.
Mignonne Cheng
Chairman & CEO, Asia Pacific BNP Paribas Wealth Management
Despite the many challenges facing private banks in Asia, recent signs suggest this is an industry that continues to thrive.
To ensure success amid today’s challenging environment, Cheng believed innovation would be key in order to maintain relevance and better serve clients’ ever-changing needs.
She also highlighted the importance of “rigorously-selected and trained private banker”, especially when dealing with ultra-wealthy, which is an increasingly important target for BNP Paribas Wealth management.
“The billionaire segment is our strategic growth lever. BNP Paribas Wealth Management is gearing up its value proposition to this segment, in order to remain as the preferred partner to this increasingly important population of clients” Cheng explained.
This follows on from the success that BNP Paribas Wealth Management has found over the last few years in on-boarding billionaire clients. Indeed it has reached a penetration rate of 17% in Asia and close to 50% in Hong Kong.