Home > Resources > Whitepapers > Digital Transformation in European Private Banking

Digital Transformation in European Private Banking

April 25, 2015

European private banks are battling reduced profits and the unraveling of bank-client confidentiality, which has long been the backbone of offshore private banking. Several factors including a wave of regulations following the global financial crisis, customers’ flagging trust in banking institutions and an increased demand for transparency are forcing banks to invest in rewiring their back-end systems to improve data management, analytics and reporting. Changing behaviors among customers are additional game-changers for European private banks, including the rise of tech-savvy, connected millennials, rapid adoption of digital technologies and demand for new kinds of services. A further challenge is posed by the rise of new competitors from outside the traditional banking sector that provide lower cost, transparent and tailored services powered by digital technologies, such as social, mobile, analytics and the cloud.

Spotlight

Stonewood Insurance Services, Inc.

Stonewood Insurance is a Managing General Agency, formed in March 2005, specializing in writing Non-Standard Personal Automobile Insurance through top rated carriers. The senior management of Stonewood brings with them many years of insurance company experience and a strong background in Non-Standard Personal Automobile. The company is developing systems and processes that are state of the art for the industry and that will allow it to provide competitive products and services to its brokers and policyholders.

OTHER WHITEPAPERS

Choosing a digital experience platform (DXP) for insurers

whitePaper | November 21, 2022

This white paper examines the challenges facing insurers in a rapidly changing marketplace. It focuses on the threat from insurtechs and other digital challengers, the emergence of new business models and technologies, and how customer expectations have changed.

Statutory Notes For Financial Statements

whitePaper | October 5, 2022

In Poland, the Accounting Act of September 29, 1994 describes the mandatory notes and appendixes to be attached to the statutory financial statements. Their number varies depending on the structure of the company and its activity, but they always require the collection of information scattered throughout the company.

Climate-Related Financial Risk

whitePaper | February 1, 2023

Climate-related financial risk has become a prominent theme that is high on the agenda of U.S. and European policymakers and regulators. A number of these organizations have publicly declared climate-related risk a potential threat to global financial stability, and many have published formal consultations related to this topic.

test

whitePaper | May 14, 2020

teastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteastteast

Enhancing Data Empowerment in Financial Services with Modern Cloud Analytics

whitePaper | January 31, 2022

Perhaps more than any other industry, financial services firms understand the value of data. The sector is an early adopter of new technologies such as artificial intelligence (AI) and machine learning (ML). Keeping up with the latest digital developments is seen as essential to deliver great customer experiences, drive operational efficiencies and to manage risks and compliance.

8 Actions to Manage Inflation

whitePaper | January 2, 2023

As consumer prices and global energy costs edge ever higher, it’s become clear that this bout of inflation isn’t transitory. Economists and business leaders alike agree that supply-chain-driven hikes will persist through the majority of this year at least, with stickier increases around labor possibly becoming permanent.

Digital Transformation in European Private Banking