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A CEO's view of what Covid-19 means for private banks

Thanks to the pandemic, wealth managers are now forced to reassess their digital capabilities, especially on the communications front.

Covid-19 is a wake-up call for private banks in Asia, Omar Shokur, Asia CEO of Indosuez Wealth Management believes

One of the hottest sectors in Asian finance that caters to some of the most sophisticated investors, the private banking industry has lagged behind in digital services.

Thanks to the pandemic, wealth managers are now forced to reassess their digital capabilities to improve customer engagement. 

In this in-depth interview, the 20-year industry veteran who is responsible for Indosuez’s business strategy in Asia, shares his thoughts on how Covid-19 is transforming the private banking sector.

‘The last six months was a crash course for most CEOs. If we look at it from a managerial perspective, it has been a very important time to learn,’ he says.

‘The crisis has taught us that we can still run a bank, while almost everyone works from home. Before this, work from home was an uncommon practice in private banking.’

Shokur was on the cover of Citywire Asia’s Private Wealth magazine in November 2019.

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