Banks must change or risk being 'dinosaurs'

Dinosaur at Natural History Museum Oxford

Change or die ?

Private banks that fail to embrace information technology and mobile services are at risk of becoming 'dinosaurs,' says an executive at ABN Amro.

Bloomberg News reports that startup wealth managers like Nutmeg Saving and Investment Ltd., based in London, and Wealthfront Inc., based in Palo Alto, California, pose a threat to banks that don’t keep pace with innovation, Hein van der Loo, head of strategy at Amsterdam-based ABN Amro’s private bank, told a Euroforum conference in Zurich Tuesday.

'These are the real competitors,' he said. 'They’re actively there and they’re stealing clients from us.'

Digital financial companies are increasingly poaching clients who no longer need to consult a person for basic investment decisions, Deloitte LLP said in a report last year after studying 50 wealth management startups.

Hit the link below to access the complete Bloomberg News article:

‘Dinosaur’ Private Banks Face Tech Threat, ABN Amro Says

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