Private Banking for most people represents a privileged world. Unless you meet the minimum bank account threshold or can afford the high banking fees you better jog on to one of high street banks. Chairman Ali Sadr of Pilatus Bank explains why, and with what means, they are looking to extend their world-class banking services to the mass affluent.

We all like to experience exclusivity and customer service at the highest level, so the demand is not so exclusive. However, the supply is certainly very limited. Unfortunately, not everyone is eligible for high-end private banking, which usually involves a dedicated private banker providing personalized service at a very high quality.  People earning a minimum of $100k usually qualify for some bespoke services in premier banking, but the service is nowhere near to that of the ultra-rich. The Chairman of Pilatus Bank, Ali Sadr, believes that due to retail banks closing their bank branches and forcing people into online banking, the demand for private banking is on the rise.

Chairman Ali Sadr of Pilatus Bank states, "Millions of customers are becoming increasingly frustrated with the inconvenient services they experience every day with automated phone calls, robo-advisory and confusing online banking menus." Consequently, the Chairman of Pilatus Bank says it is time to make private banking accessible to the mass affluent, who he believes deserve a service where the personal touch remains an integral part of the service offering. Sadr explains, "Banks need to realize that this segment of the market is not only wealthy but highly influential as early adopters. They are the trend setters, the money makers that can accelerate the market's movement toward product adaptation.  They demand quality service from their banks and they want quality products with lasting benefits."

One of the issues we are facing is that private banking, in its traditional sense, is not a scalable model, and the traditional banks have not yet found a solution that is convenient and affordable. Although some banks have spent a considerable amount of resources on digital innovation and expanding their branch networks, we are yet to see a solution that satisfies the demands of their customers.

Chairman Ali Sadr believes that Pilatus Bank is in a position to change this through their disruptive technology platform. He is proud that Pilatus Bank has been able to offer this personalized digital service to the affluent segment of the society; one that previously only would have been available to the high-net-worth.

The Chairman of Pilatus Bank recently stated in an interview with Finance Monthly that the ultimate goal for the bank is to bring private banking to the retail mass. Sadr believes that the first step for Pilatus Bank is to introduce private banking to the mass affluent, and if successful the natural progression is to take it to the next tier, which would be to offer private banking to the retail mass. Pilatus Bank was recently awarded the prestigious award for the 'Most Innovative Bank in Europe 2017' and they are already leading the way in using innovation as a means to make banking beneficial and relevant again for the customer. Pilatus Bank believes that technology and innovation can truly change how we bank forever.