Looking at how some of the luxury brands have evolved over time, you will find that many of them found a way to make their products more affordable and accessible such as BMW, and even Porsche in the automobile industry
September 29, 2017
Ali Sadr, Chairman of Pilatus Bank believes that private banking is evolving and will soon become an everyday lifestyle service, in the same way that BMW in the automobile industry has evolved from an exclusive and luxury item into an everyday item in the last 40 years.
In 1977, BMW had a reputation of producing luxury and custom-made cars. As part of their exclusive services, they were the only brand offering training on such cars. During that time, their offering was exclusive and their cars were not designed for the everyday use. Fast forward 40 years and exclusivity is still part of their DNA; however, their products are now designed for everyday use and available to millions of people. Chairman Sadr of Pilatus Bank says, “The same analogy applies to Private Banking today.” Currently, private banking, with its luxury service, is designed for the very wealthy who make up less than 1% of our population today. Ali Sadr of Pilatus Bank predicts that soon we will witness such luxury of service being extended to the mass-affluent who make up a much wider customer-base.
Chairman Sadr states, “Looking at how some of the luxury brands have evolved over time, you will find that many of them found a way to make their products more affordable and accessible such as BMW, and even Porsche in the automobile industry. I believe that innovation and technology have a lot to do with this transformation.”
Ali Sadr of Pilatus Bank expands, “I believe we are at an…