A Qualitative Study on the Challenges of Private Banking in Asia

Abstract

The study described in this article examines the factors that have been commonly cited by relevant literature as the key drivers of success in private banking. With finite resources to address a highly attractive but increasingly competitive market, it is imperative that management understands the most critical factors for success as they attempt to build solid and sustainable businesses in Asia. Nine private bankers, representing a cross section of bankers with varying experience and organization platforms, were interviewed. The study highlights the need for management to address strategic issues in Asia, including adopting a clear target-market-based strategy in a highly fragmented market; espousing an attitude that the recruitment, training, motivation, and retention of high-quality human resources is a key competitive tool; and addressing the demands of a rapidly changing environment.

TOPICS: Wealth management, emerging