The global assets of the banking industry have recovered since the global financial crisis of 2008. They are now hitting new highs. The banking industry is now experiencing rapid change as new, disruptive startups are competing with traditional banks. The younger generations also have different needs and methods of doing business that banks are now adapting to.
Mobile and online banking are becoming necessary services for banks that want to attract and retain customers. Banks now need to configure their services to offer smooth mobile and online banking experiences. They also need to develop systems to keep users’ data secure and to share data securely only when necessary for a smooth transaction.
The changes to banking have also ushered in new regulations to help protect customers against financial abuse, monitor threats to US financial stability, and empower the Federal Reserve with more powers to oversee banking activity. Because of the strict regulations in the banking industry, BaaS, or Banking as a Service, has emerged to provide additional services on top of traditional banking services. Investment banking has now also undergone many changes. Artificial Intelligence and robo-advisors help identify profitable strategies. However, the need for a human advisor with deep experience is still necessary for an advisor-client relationship to go smoothly.
Eduardo Sonoda works in Geneva, Switzerland. Eduardo Sonoda is the General Manager and Chief Executive Officer of Quintet Capital, positions which he has held since April 2018. Previously, Eduardo Sonoda worked at several other banks and was a sub-Director for Brazilian clients. His expertise is in wealth management, industry fund management, and financial advice.