Many bankers are still sceptical about online private banking. Daniel Hallac, VP, Global Head of eBusiness at HSBC Private Bank, shared his views with us in a podcast, about how online private banking can be complementary to existing client relationships.

Daniel points out that many private banks started slowly regarding the Internet, but are now catching up. He highlights the difference between the initial phase of private banks’ Internet strategies and the current phase.

While they used to replicate retail banks’ online strategies (get clients out branches to boost efficiency), they today base their strategies on the particularities of their private banking business models (complement and balance with face-to-face client relationships). For example, HSBC Private Bank is reflecting on how to use new Internet trends (e.g. Web2.0 and online social networking) to seduce the children of their clients (future successors) and to attract a new young clientèle.

Enjoy the podcast:

Popularity: 36% [?]