ICYMI: Growing its lower bracket and deploying more tech to serve moderately wealthy clients could help UBS reduce the cost of servicing affluent customers:
. Beginning in early 2020, clients in Switzerland with between $500,000 and $5 million in assets will be covered under a new service model that uses more tech and less human interaction, Christine Novakovic, head of wealth management in Europe, the Middle East and Africa, told employees in a memo.
UBS is not the only high finance bank shifting its services for clients outside the wealthiest brackets. UBS' decision comes after Philipp Wehle, Credit Suisse's new head of international wealth management, started asking relationship managers to consider moving clients with assets of around 20 million francs to a new private banking division that will use more digital money management tools, people with knowledge of the matter said, per Bloomberg.
In a similar vein, Goldman Sachs has been moving slowly into retail banking through initiatives like its Marcus offering and its hand in the Growing its lower bracket and deploying more tech to serve those clients could help UBS reduce the cost of servicing affluent customers.
And importantly, supplanting human services with more tech is unlikely to be a turn-off for clients in the bank's lowest bracket: Two internal studies in the last few months indicated that clients with assets between $2 million and $5 million behave more like clients in the lower bracket than high net worth clients — they use more online services than client advisors and don't use as many sophisticated products and service offerings as those in the higher asset bracket.
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