Chairman of Pilatus Bank says Private Banking is staging a comeback with a disruptive force, which will transform the way we bank forever
Pilatus Bank now has its eyes set on a rather unusual and under-served, yet one with great potential, segment of the market. The Bank aims to bring Private Banking to the mass-affluent, and it has a truly innovative way of achieving this. The mass-affluent make up less than 15% of the European population, yet hold almost 50% of total wealth. If Pilatus Bank succeeds with this unique and ground-breaking undertaking, market domination within the banking sector would be of natural consequence. Chairman Ali Sadr says it’s time to make private banking accessible to millions of people, who certainly deserve to be treated like elitists with exclusivity for their financial needs. He adds, “In my opinion, we can offer its exclusive brand, and its first-class service to millions of customers who are tired and frustrated with the inconvenient services they experience every day, such as automated phone calls and confusing online banking menus.”
Historically, Private Banking only catered for wealthy people who could afford high fees for a personalized service. These clients had the luxury of having their private banker on speed dial and instructing their financial needs over the phone. Such wealthy people wouldn’t want to waste their time by visiting a branch, getting stuck on automated answering machines, nor navigating through confusing online menus. For centuries, these wealthy people felt a sense of superiority. Chairman Ali Sadr of Pilatus Bank expands further by saying, “I believe that a sense of arrogance and exclusivity is justified, and in fact, we should all be entitled to feel that way. After all, it’s our money that we place with the banks, not the other way around.” He elaborates, “Finally, we have the technology to introduce this amazing customer experience to millions of affluent people; one that previously only would have been available to the wealthy elite. This is our mission at Pilatus Bank.”
Pilatus Bank has a truly distinctive brand among other institutions. As a result, it services some of the world’s wealthiest people. This exclusivity has, on occasion, even caused unsolicited attention to the Bank along with fake claims of holding accounts for some of the most influential and high profile people in the world. Being one of the most innovative banks in Europe, with its exclusive brand and unique business model, Pilatus Bank is set to disrupt the banking industry in a consequential way.