Private banking is the privilege of the wealthy, so it is usually offered by specialized banks across the globe (needless to say, those located in the best jurisdictions) that come with exclusive services and an extensive range of financial strategies. If you need a customized solution, personal managers well-versed in dealing with affluent customers are there at your service.
Private banking is a mandatory wealth management component, and it is focused on the tactics of considerable capital stewardship. Let’s look at the main options that can be used by UHNWIs (Ultra High Net Worth Individuals):
- Expert delegation. Wealthy people usually know very well how to manage their money. However, they may be busy expanding their business, for instance, and they delegate this task to seasoned banking experts in this case.
- Guided self–management. Banking professionals who specialize in investments can sometimes give invaluable expert advice – even to such experts in money management as wealthy individuals.
- Capital investment. You may wish to use professional assistance before you allocate funds to accrue interest.
Professional offshore private banking is a must-have in times of turbulence sweeping across the world. Keep track of the latest news in the offshore industry at International Wealth Info, the best specialized portal, or other similar sources of information.
International private banking puts the security of its customers first as most wealthy people find it critical. As digital innovations are being implemented at a tremendous speed, they considerably strengthen this sphere by adding another layer of protection, reducing the probability of phishing incidents and fraud, and improving the efficiency of delegation. Banks eagerly implement the latest technologies as the latter strengthen customer trust, being an essential component of long-term fruitful cooperation. In this post, we will take a look at the new technologies that make global private banking considerably safer.
Banking Process Automation
Banking security is taken to a radically new level thanks to the implementation of BPA (Banking Process Automation). The efficiency of processes increases incredibly as the technology ensures perfect time management and optimizes resource allocation. BPA automates all the bank’s routine processes so that its employees can concentrate on more important strategic tasks. All that can be done by a computer should be transferred to the newly developed sophisticated systems like BPA. In addition, the latter takes care of prudent decision-making and minimizes risks by ensuring strict compliance with the accepted standards, protocols, and best practices.
Immersive Technologies
Immersive technologies can be used to improve customer communication, boost sales, and transform marketing strategies (they are often compared to such technologies as virtual or augmented reality). Using these technologies will make it possible to create attractive visual content to present banking products and services. Just to illustrate, the Central Bank of Oman has implemented a gamified augmented reality app that helps clients find ATMs and branches. Other banking institutions use virtual reality to teach their clients about blockchain services. AR and VR have proven to be an excellent tool for training banking sector employees and specialists.
Neobanking
Neobanks are based on the banking operations carried out exclusively through digital channels. If you are interested in reducing capital and operational expenses, a neobank is exactly what you need. This banking service relies on cutting-edge technologies, open APIs, and easily accessible network connections. Customers take advantage of convenient remote banking services that often cost much less than in the case of ordinary banks.
Cybersecurity
Banks traditionally hold a lot of data on customer assets, including transaction records and numerous details. Fraudulent activities are first of all focused on this confidential information stored in electronic databases. Data leaks are prevented in the present-day world with the help of reliable user authentication protocols, meticulous information analysis, vigilant monitoring systems, and encryption technologies. Security software is also of great help if you need to quickly identify and eliminate security threats.
Customized Banking
Banking institutions usually provide customized (or personalized) services as it helps to meet their clients’ needs no matter how distinct and complicated they may be. Each customer has his or her own financial aspirations whose realization requires the creation of personal investment strategies as such goals can hardly be achieved using conventional and traditional methods. Complicated algorithms are used to analyze large data sets to promptly identify and eliminate potential security risks. Seamless multi-channel operation makes it possible to ensure that effective measures are taken to protect customers’ assets and financial interests.
Blockchain Banking
Blockchain banking is based on automated protocols that ensure the integrity of banking transactions. Each transaction initiated by the customer is logged on the blockchain chronologically, enabling verification by all network participants.
Blockchain technology includes systems required to efficiently manage client identification data and relies on advanced cryptography techniques to ensure secure encryption.
As blockchain banking is decentralized, it considerably increases its protection against unauthorized intrusions and substantially improves cyber defense. The customer data is distributed throughout multiple network nodes, which makes it practically impossible to falsify or tamper data as it requires each node to be modified for any changes to become possible.
The security of transactions in private banking is additionally strengthened by smart contracts (self-executed software algorithms triggered by particular conditions) that the system supports. Also, there is no need to involve any intermediaries as direct transactions are allowed.
Open Banking
Open banking is an instrument used to exchange financial data by different banks and non-banking financial companies. How is it done? Third-party developers are given access to banking applications without breaching customer data confidentiality. The client should give consent to transfer and share data. What is more, customer verification is automated, and banking APIs make it easier to integrate financial services within non-banking apps.
Biometric Data Authentication
This is an essential security measure that ensures the safety and security of banking transactions, assets, and access to the account. Banking institutions use a number of biometric techniques, such as fingerprint analysis, facial recognition, retinal scanning, and voice identification. These methods may be used jointly or separately to make it impossible for fraudsters to pass authentication processes as unique physiological and behavioral traits are involved.
Artificial Intelligence
AI helps to protect client interests in a much more efficient way. Machine learning can be used to automate various tasks, such as document scrutiny, credit scoring, report creation, and customer interactions with virtual assistants. It helps to minimize human error and considerably reduce the security threat response time.
Advanced digital techniques mark an important step forward in international banking that brings banking security to a new level. Follow the above link and stay up-to-date.
