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By Thomas STEIGER*, Chief Executive Officer of VP Bank (Luxembourg) S.A.
Modern client advice should be individual - with solutions tailored to the personal needs of the customer. Digital tools such as Robo Advisor or chatbots (chat + (ro)bot) are the latest answers to these demands. Private banking should take this development seriously and exploit the opportunities it presents.
In 1968, the automotive supplier Continental tested a self-propelled car for the first time to scientifically test tyres as accurately as possible - as evenly as a human driver could not. Nowadays, autonomous cars are experiencing a real boom. Modern banking institutions are currently experiencing a similar situation when it comes to customer advice and asset management. Here...
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