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10-min read • 2 Mar 2026
PBWM
Wealth Management
Synpulse Talks - PBWM Hotseat | What Role Would Private Banks Play in the Future?
Private banking is changing across its entire value chain. Client ownership models are evolving, core services are increasingly commoditised, and new alternatives are emerging across lending, distribution, and technology.
In the latest episode of Synpulse Talks – PBWM Hotseat, Prasanna Venkatesan, Senior Partner at Synpulse, speaks with Thomas Schaffner, Senior Partner and Head of Global Banking Practice, about what these shifts mean for private banks and why the question is no longer whether private banks have a future, but what role each bank will choose to play.
Structural change is reshaping private banking
Traditional strengths such as settlement, custody, and operations are becoming more standardised. At the same time, balance‑sheet dominance is being challenged by the growth of private credit markets and alternative financing models. New approaches to cash management and distribution are also changing how value moves through the system.
Taken together, these developments raise a fundamental strategic question: if ownership diversifies and services commoditise, where does a private bank create sustainable value?
Differentiation still exists where it is real
The discussion makes clear that private banks remain highly relevant where client needs are genuinely demanding. Advisory depth, balance‑sheet capability, and the ability to manage cross‑border and regulatory situations continue to differentiate banks in ways that are difficult to replicate.
This is not about internal complexity, but about real client complexity situations that require judgment, governance, and regulated delivery. In these areas, private banks retain strong and defensible capabilities.
Private banking is not one business
A central theme of the conversation is that private banking is not a single, uniform model. Different parts of the value chain face different competitors and economics — from wealth technology platforms and independent advisors to family offices and infrastructure providers.
Each position requires a clear service promise, operating model, and cost structure. Trying to cover too many of these simultaneously often leads to rising costs, lower efficiency, and unclear differentiation.
Focus is a strategic necessity
The strongest message of the episode is the importance of focus. Many banks struggle because they attempt to do everything at once. Without clear choices about who to serve and how to serve them, positioning becomes blurred and parts of the business become increasingly difficult to sustain.
The future of private banking belongs to institutions that are explicit about their role and equally explicit about what they choose not to do.
A future defined by clear roles
Private banks do have a role in the future, but that role will differ by institution. Success will depend on clear positioning, differentiated advisory capabilities, and operating models aligned with a well‑defined service promise.
In an environment shaped by choice and commoditisation, clarity becomes a competitive advantage.
Watch the full episode
🎥 Synpulse Talks - PBWM Hotseat: What Role Would Private Banks Play in the Future?
Our Experts In This Topic
OUR EXPERT
Prasanna Venkatesan
Senior Partner and Global Head of Private Banking and Wealth Management
Prasanna is Global Head of Private Banking & Wealth Management (PBWM) and leads Synpulse’s Regulatory, Risk & Compliance (RCR) practice group-wide. He specialises in large-scale transformation, post-merger integration, non-financial risk, and financial crime compliance, with a focus on data, AI/ML, and target operating model design and delivery. He holds a Master’s in Finance and Strategy from NTU.
OUR EXPERT
Thomas Schaffner
Managing Partner, Global Head of Banking
Thomas helps clients achieve their strategic goals by driving large-scale IT transformation and implementation projects that boost agility. His work focuses on shaping future-proof organisations through innovative business models and their impact on products, processes, technologies, and structures.
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10-min read • 2 Mar 2026
PBWM
Wealth Management
Synpulse Talks - PBWM Hotseat | What Role Would Private Banks Play in the Future?
Private banking is changing across its entire value chain. Client ownership models are evolving, core services are increasingly commoditised, and new alternatives are emerging across lending, distribution, and technology.
In the latest episode of Synpulse Talks – PBWM Hotseat, Prasanna Venkatesan, Senior Partner at Synpulse, speaks with Thomas Schaffner, Senior Partner and Head of Global Banking Practice, about what these shifts mean for private banks and why the question is no longer whether private banks have a future, but what role each bank will choose to play.
Structural change is reshaping private banking
Traditional strengths such as settlement, custody, and operations are becoming more standardised. At the same time, balance‑sheet dominance is being challenged by the growth of private credit markets and alternative financing models. New approaches to cash management and distribution are also changing how value moves through the system.
Taken together, these developments raise a fundamental strategic question: if ownership diversifies and services commoditise, where does a private bank create sustainable value?
Differentiation still exists where it is real
The discussion makes clear that private banks remain highly relevant where client needs are genuinely demanding. Advisory depth, balance‑sheet capability, and the ability to manage cross‑border and regulatory situations continue to differentiate banks in ways that are difficult to replicate.
This is not about internal complexity, but about real client complexity situations that require judgment, governance, and regulated delivery. In these areas, private banks retain strong and defensible capabilities.
Private banking is not one business
A central theme of the conversation is that private banking is not a single, uniform model. Different parts of the value chain face different competitors and economics — from wealth technology platforms and independent advisors to family offices and infrastructure providers.
Each position requires a clear service promise, operating model, and cost structure. Trying to cover too many of these simultaneously often leads to rising costs, lower efficiency, and unclear differentiation.
Focus is a strategic necessity
The strongest message of the episode is the importance of focus. Many banks struggle because they attempt to do everything at once. Without clear choices about who to serve and how to serve them, positioning becomes blurred and parts of the business become increasingly difficult to sustain.
The future of private banking belongs to institutions that are explicit about their role and equally explicit about what they choose not to do.
A future defined by clear roles
Private banks do have a role in the future, but that role will differ by institution. Success will depend on clear positioning, differentiated advisory capabilities, and operating models aligned with a well‑defined service promise.
In an environment shaped by choice and commoditisation, clarity becomes a competitive advantage.
Watch the full episode
🎥 Synpulse Talks - PBWM Hotseat: What Role Would Private Banks Play in the Future?
Our Experts In This Topic
OUR EXPERTPrasanna Venkatesan
Senior Partner and Global Head of Private Banking and Wealth Management
Prasanna is Global Head of Private Banking & Wealth Management (PBWM) and leads Synpulse’s Regulatory, Risk & Compliance (RCR) practice group-wide. He specialises in large-scale transformation, post-merger integration, non-financial risk, and financial crime compliance, with a focus on data, AI/ML, and target operating model design and delivery. He holds a Master’s in Finance and Strategy from NTU.
OUR EXPERTThomas Schaffner
Managing Partner, Global Head of Banking
Thomas helps clients achieve their strategic goals by driving large-scale IT transformation and implementation projects that boost agility. His work focuses on shaping future-proof organisations through innovative business models and their impact on products, processes, technologies, and structures.