Tag: private banking

South Africa’s tough economic conditions have left many consumers struggling to build emergency cash savings. According to our data, more than half (52%) of entry level private banking clients have less than one month of their salary saved in immediately accessible cash savings available, to use in the event of unforeseen circumstances such as retrenchments or urgent medical procedures.

For too long, private banking has been stuck in an outdated transactional mindset, focused solely on expediting daily banking needs for wealthy clients. True private banking needs go far beyond mere transactional prioritisation and convenience; it requires an understanding of the powerful emotions tied to an individual's finances and life goals and a fundamental shift towards a model that provides comprehensive value-adding advisory solutions.