In an era where global private banking is intensifying its focus on personalised, high-efficiency services, demand for wealth management has surged.
The global asset management industry experienced an impressive rebound in 2023, with total assets under management (AUM) rising to nearly $120tn. This represents an increase of 12% compared with 2022, a year that saw AUM plummet by 9%, according to the US’ Boston Consulting Group.
In response, leading institutions are adopting innovative solutions to capture a growing and increasingly diverse client base, as well as improve operational efficiency and bolster customer satisfaction. Brazil’s Bradesco Global Private Bank (BGPB) exemplifies this shift, leveraging strategic acquisitions, technological investments and a clientcentred approach to meet the evolving demands of private banking.
ACHIEVEMENTS
In 2023, BGPB reported R$450bn ($79.3bn) in AUM, with a 21.3% market share within the Brazilian
private banking industry. This growth, representing a 150% increase since 2017, underscores the bank’s effective strategies, strong client trust and operational strength. Alongside asset growth, BGPB also achieved a cost/ income ratio of 44.7%, illustrating high operational efficiency.
Moreover, BGPB has actively invested in technology and innovative solutions, centralising these efforts
through Inovabra, its innovation hub.
Forging partnerships with cutting-edge technology providers and deploying a customer relationship management (CRM) system powered by the US’ Salesforce, the bank has been able to develop a 360º client view, enabling personalised offerings and enhancing customer services.
These advancements reflect BGPB’s proactive approach to integrating technology in private banking,
contributing significantly to its growth and customer satisfaction.
IMPACT AND RESULTS
BGPB’s efficient operations have been directly reflected in client satisfaction levels, which rose by 132% between 2021 and 2023. Currently, the bank serves 9,300 family groups across 21,000 clients,
with dedicated teams of specialists focusing on personalised wealth, tax and succession planning.
The bank’s client-centred approach is reinforced by its retention strategy. Boasting an annual staff retention rate of 13.3%, BGBP ensures consistent and high-quality service for its clients. This
strategy emphasises both organic growth and strategic acquisitions.
BGBP has further strengthened its market position by acquiring the Brazilian private banking operations of France’s BNP Paribas and the US’ JP Morgan. These acquisitions are part of the bank’s
ambitious goal to grow its private banking market share from 22% to 30% in the coming years.
These acquisitions have not only broadened BGPB’s client base but have also enhanced its service range, allowing for customised offerings tailored to the needs of customers in various regions.
CONCLUSION
BGPB’s achievements over the past year reflect a well-rounded approach to growth and service excellence. Its investment in technology, commitment to client satisfaction, and strategic acquisitions underscore a model of private banking that blends tradition with innovation.
The bank’s sustained focus on talent retention and its dedication to offering customised solutions have strengthened its position as a trusted private banking leader. By aligning its goals with global
market demands, BGPB sets a strong foundation for continued growth and influence within the sector.