UBS’s new hybrid digital wealth management platform called MyWay and launched in May 2020, has attracted USD 3.7 billion in its first year, according to Reuters.
The large global wealth manager is trying to improve its digital services to reach customers outside its super rich core client base, with MyWay open to people with USD 278,000 upwards. UBS's emphasis on a digital approach to customers highlights a major shift in the world of private banking, where human connections and personal contact are usually the key to doing business with the very wealthy.
The project has the potential to pull in USD 30 billion within the next 12 months, a source familiar with the matter said for Reuters. A UBS spokesman confirmed that target and current assets of USD 3.7 billion.
The bank strategy involves targeting private clients, or those with up to USD 5 million with the bank, with personalised recommendations they can click on, like Netflix’s services. Customers currently access MyWay through advisers, but the bank also plans to make it available remotely.
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