PRIVATE BANKING IN THE BANK OF TOMORROW

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RASSOULOF J.

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Journal Paper

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Journal: Journal of Agricultural Economics and Development Year:2000 | Volume:8 | Issue:2 (30) Page(s): 267-282

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Title

PRIVATE BANKING IN THE BANK OF TOMORROW

Author(s)

RASSOULOF J. | Issue Writer Certificate

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Abstract

In recent years and during the life of new Iranian government, Iran has opened up towards the rest of the world and made considerable progress towards a market economy. The process challenges the institutional capacity of the country. In this context, of course, the reorganization of the banking system is central. A system that despite being a century old, due to the flawed interest rate structure, the considerable repayment problems and the general lack of banking profitability, and its overall poor functioning and deficiencies, now is unable to efficiently intermediate financial resources. For an Iranian banker who sincerely hopes that his nation will take advantage of the country's growth potential, banking on the future potentials should be based on tomorrow's banking ideas. For private banking in future, the problem lingers on the legacy of the old structure, at least in countries like ours. The business of private banking commonly involves looking after high net worth individuals who first and for most seek confidentiality. These individual investors expect very attractive financial and related services and products. They may be both within the mainland of a country or outside, e.g., an offshore, where both bank have established corporations veiled in secrecy laws. In this type of banking, future banking or banking for tomorrow mainly involves ways and means of providing the required secrecy, and the methods of compensating these high net worth clients. In this article, I will provide the framework for future operation of banks as related to private banking, and try to delineate the future trends in this respect. Banks are aware of the importance of customer data to their continued existence. In future, their ability to provide innovative products and services to private clients will concentrate on the issue they are most interested in: privacy.

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APA: Copy

RASSOULOF, J.. (2000). PRIVATE BANKING IN THE BANK OF TOMORROW. EQTESAD-E KESHAVARZI VA TOWSE'E, 8(2 (30)), 267-282. SID. https://sid.ir/paper/24354/en

Vancouver: Copy

RASSOULOF J.. PRIVATE BANKING IN THE BANK OF TOMORROW. EQTESAD-E KESHAVARZI VA TOWSE'E[Internet]. 2000;8(2 (30)):267-282. Available from: https://sid.ir/paper/24354/en

IEEE: Copy

J. RASSOULOF, “PRIVATE BANKING IN THE BANK OF TOMORROW,” EQTESAD-E KESHAVARZI VA TOWSE'E, vol. 8, no. 2 (30), pp. 267–282, 2000, [Online]. Available: https://sid.ir/paper/24354/en

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