A challenging economic outlook is pushing many private financial institutions to triple their investments in technology. Uncertain times are fuelling an acceleration of change in the private finance space, with this week’s McKinsey & Company report into the European market showing that both big and small players are rapidly evolving their business models to ride the wave
The global ultra-high-net-worth population has fallen for the first time in four years during 2022, but that hasn’t stopped the number of those living in London rising. According to a report released by Wealth-X last week, the number of people with a net worth of US$30 million or more — fell 6% to 392,410 in the
Privat 3 Money has launched a bespoke mobile trading platform, accessible via its mobile app, becoming only the second digital financial institution in the UK offering this in-app service. The trading platform has been brought to market via a partnership between FINRA regulated DriveWealth and FCA regulated P3 Wealth, a Privat 3 Money sister entity.
FinTech. Although Merriam-Webster just added the phrase to its dictionary in 2018, the concept of FinTech actually dates back decades. ATMs, for example, were once on the cutting edge of FinTech innovation, as were signature-verifying technologies first used by banks in the 1860s. But today, FinTech companies (like Privat 3 Money Ltd) are taking a sector
Traditional wealth management firms are turning to tech in a bid to save themselves, but is it already too late? The wealth management industry is on the verge of the most significant intergenerational wealth transfer in history, and new wealth holders are looking to shake things up. In 2021, EY found that 28% of wealth
“Don’t find customers for your product. Find products for your customer.” – Seth Godin The current landscape for traditional private banks and the private wealth sector is changing. Clients are becoming younger, more accustomed to using tech and are doing business all around the world. This new type of high-net-worth individual requires traditional aspects of