The world’s best private banks for digital

Clients come first, wherever they are

Personalisation lies at the heart of private banking, and digital tools are enabling highly client-centric solutions at scale. Private banks are using technology to tailor every aspect of service – from planning advice to portfolio management – to individual client needs and preferences. The trend is a shift from product-centric offerings to truly personalised, goals-based wealth management. What are the best-in-class doing to stay ahead?

Goals-based financial planning

Many institutions are reframing their advisory approach around the client’s personal goals rather than generic investment products. JPMorgan Private Bank has implemented Goals-based planning to ensure conversations start with a client’s long-term objectives (such as funding education, philanthropy, business succession, etc.) before discussing investment solutions.

Advisers are equipped with advanced planning tools that allow them to model complex scenarios unique to private banking clients – such as concentrated stock positions, real estate holdings, or ownership of a family business. This approach has the client at its heart: it recognises that each client’s situation is unique, and that advice should fit their life plan. By using technology to model “what-if” scenarios (tax implications, liquidity events, retirement projections, etc.), advisers can co-create a holistic financial strategy with the client.

Integrated advisory platforms

To deliver personalisation efficiently, leading banks have built integrated digital platforms for advisers that bring together all relevant client information and analytics in one place. Santander Private Banking distinguishes itself through a globally integrated private banking platform that combines portfolio analytics, investment proposal generation, client profiling, market insights, and CRM capabilities in a single environment.

This platform is designed globally but deployed locally across 14 jurisdictions, meaning it provides a consistent experience to Santander’s wealthy clients worldwide while allowing local customisation for regulatory requirements and client preferences.

With such a tool, a relationship manager can immediately see a client’s entire profile – their portfolios, risk appetite, previous advice given, product interests, etc. – and is supported by analytics and content suggestions tailored to that client. This integration makes the advice more relevant and timelier. Santander notes that by equipping bankers with these intuitive, data-rich tools, they can serve clients with greater speed and insight, which translates into high client satisfaction.

Precise scenario analysis

Advanced advisory engines help generate personalised investment solutions at scale. Santander provides a great example with its pair of digital advisory tools: the Performance Engine and the Proposal Engine. The Performance Engine enhances portfolio analysis by pulling in real-time data, doing sophisticated FX attribution, and running simulations of various market scenarios on a client’s portfolio. This allows both the banker and the client to see how changes in the market or in the portfolio would impact performance and risk in real time. Complementing that, the Proposal Engine uses AI and analytics to automatically generate asset allocation proposals for clients.

Goldman Sachs, similarly, has invested in portfolio management tools that allow advisers to create highly tailored performance reports and recommendations. Their platform uses proprietary risk models to let advisers optimise a client’s risk/return and run scenario analyses, then produce a customised report. This report can focus on the metrics the client cares about (e.g. income, volatility, or ESG impact) and is often reviewed in client meetings to show progress toward their goals.

Unique personalised offerings

In addition to tailoring standard portfolios, some private banks are creating bespoke investment offerings that clients can co-design. Private banks can create a flexible, discretionary portfolio management offering that allows clients to define their investment strategy in close collaboration with their adviser.

In practice, this means the client isn’t just handed a one-size-fits-all portfolio. Instead, through an interactive digital interface, the client can express specific preferences (such as a desire to tilt towards the tech sector, or avoid certain asset classes, or include impact investments), and the adviser can adjust the strategy in real time.

Holistic wealth views

High-net-worth individuals often have complex holdings spread across multiple banks and asset classes. Digital solutions now enable a holistic view of wealth, which is crucial for truly personalised advice. Goldman Sachs has partnered with technology firms like Addepar to let clients (and their advisers) aggregate all their assets – across different custodians and even illiquid holdings – into one consolidated dashboard.

Through this extensive data integration, a client can see their entire financial landscape in one place, including assets held away from Goldman Sachs. The adviser, in turn, gains insight into the client’s total net worth, not just the slice managed at the bank.

This comprehensive view enables more informed advice – the adviser might tailor recommendations knowing the client already has substantial real estate exposure elsewhere or coordinate strategy across the family’s entities and trusts. Other external asset integrations include ingesting data via statement scanning and third-party account aggregation tools so that a client’s held-away accounts can be considered in the planning process.

Personalised research and alerts

Customising the advice is one side of personalisation; another is customising the information flow to make it relevant. Banks are curating research, market news, and even proactive alerts to align with individual client interests.

Goldman Sachs provides clients with a digital portal featuring curated global research – clients can read market analyses, investment insights, and even watch webinars or podcasts tailored to their preferences. The content is tagged and recommended based on the client’s portfolio holdings and indicated interests, meaning a client interested in sustainable investing might see more ESG articles, while another focused on venture markets sees tech IPO analyses.

The platform will soon allow clients to share content with their adviser, turning content consumption into a two-way conversation. JPMorgan curates content delivery through its JPMorgan Online (JPOI) platform by observing client behaviour – they track which articles a client reads, which videos they watch, what transactions they do – and then use that data to tailor recommendations.

Personalisation in private banking is being turbocharged by digital solutions. Whether it is through goals-based planning, AI-generated investment proposals, or curated content feeds, the common goal is a client-centric experience where each client feels the service is bespoke.

Online and mobile banking up their game

In an era of convenience, private banks have had to elevate their mobile and online banking offerings to meet the expectations of wealthy clients. Unlike retail banking, private banking digital platforms must cater to complex financial needs and high-touch service, but clients still want the ease of 24/7 access, intuitive design, and real-time capabilities.

Leading banks have invested in robust mobile apps and web portals specifically geared for wealth management, incorporating features like always-on virtual assistants, comprehensive trading and portfolio tools, and omnichannel integration.

Mobile-first, client-centric design

Private banks are embracing a mobile-first strategy as clients increasingly prefer to manage aspects of their wealth on the go. Leading private banks told Euromoney they are seeing a significant shift towards mobile usage among their private clients and have correspondingly enhanced their mobile app navigation and functionality.

Banks are focused on making the interface intuitive for different types of users – whether an individual client or a family office administrator – ensuring consistency in features and feel. By localising in multiple languages and tailoring to regional expectations, they have improved adoption worldwide.

The emphasis on mobile is clear: the most frequently used features are surfaced with easy navigation, and actions can be done in just a few taps. These enhancements are paying off – Goldman Sachs reported a significant increase in mobile app logins and usage, indicating that clients are more engaged when the mobile experience is robust.

Comprehensive mobile app features

Best-in-class mobile apps offer a full suite of wealth management functionalities. Goldman Sachs’ Private Wealth Management (PWM) mobile app is a great example of a rich feature set. Clients can view detailed portfolio highlights at any time, including asset allocation and recent performance. They can initiate transfers and payments, and in the US, even request services like a certified check or deposit a physical check by taking a photo – all without visiting a branch.

Crucially, trading capabilities are integrated. The app isn’t just transactional – it is also informational, clients can read market insights, analysis, and even watch videos or listen to podcasts from Goldman’s thought leaders within the app. This turns the app into a one-stop hub for both action and information, reinforcing client engagement.

Launched in 2019 and continually refined for BTG Pactual’s wealth management clients, its private banking app now sees more than 83% of clients actively using it. This is down to its private banking centric features like its Open Finance-driven Investment Aggregator that pulls together holdings from BTG and external institutions into one dashboard, giving investors an instant, 360-degree view of their portfolios and unmatched convenience.

24/7 digital wealth assistants

Given private banking’s round-the-clock nature as clients straddle multiple time zones, banks are exploring digital assistants to provide 24/7 support. While human relationship managers won’t be replaced, an AI-driven chatbot or voice assistant can handle simple queries or urgent needs after hours. JPMorgan is experimenting with “avatar-driven service conversations.” A client could ask the digital assistant AI avatar at midnight “what’s the balance of my private equity fund calls?” or “schedule a meeting with my adviser next week,” and get an immediate response or action. These assistants would leverage the bank’s internal knowledge (and possibly the adviser’s guidance) to serve the client in a personalised way, even when the adviser is offline.

While JPMorgan’s avatar concept is in development, some basic forms of this exist today. Bank of America’s “Erica” chatbot demonstrates how AI can handle many routine tasks. Bank of America’s “Erica,” a virtual financial assistant, demonstrates how AI grounded in machine learning can support many routine tasks, with 22 new Erica intents, specifically for Private-Bank topics added in 2024.

With our partners at Chase, we work to prioritise initiatives that have the greatest impact on the private banking experience – mobile being a key focus

Andrew Catterall, JPMorgan

Early moves such as controlled ChatGPT-powered tools for internal use (like JPM’s LLM Suite for advisers) could foreshadow client-facing versions. Banks remain cautious – ensuring any AI assistant meets the high bar for accuracy and privacy that wealth clients expect – but the trajectory is towards ever-present digital concierge services.

In the meantime, many banks have enabled 24/7 client service hotlines and chat in their apps, so that even if an AI isn’t responding, a network of global service teams can. The combination of real humans on call and AI in the wings means clients can truly get service anytime.

Online trading and investment tools

A major enhancement in private banking digitisation is the incorporation of self-service trading and investment management tools into client-facing platforms. Historically, private clients would always call their adviser to place trades. Now, banks realise some clients (especially the younger, more tech-savvy ones or those with professional finance backgrounds) want the option to execute trades on their own or at least explore opportunities digitally.

JPMorgan recently launched its online trading platform for private bank clients in the US, which is integrated into the overall account (with no separate brokerage needed). Through this platform, clients can trade a broad range of securities – stocks, ETFs, mutual funds – within their portfolios. The interface is designed to be user friendly for those new to trading, but robust enough for experienced investors.

Goldman Sachs also offers web-based trading for certain markets, and LGT provides different digital trading platforms depending on client sophistication. Crucially, these trading features are typically optional – clients who prefer the traditional model can ignore them – but the availability of choice itself is a key trend.

Beyond trading, digital platforms now offer tools like advanced portfolio analytics (performance tracking, risk metrics, etc.), secure document vaults for all statements and tax documents, and even cash management features (sweep between accounts, currency exchange) online. All these enhancements give clients more control and transparency over their finances.

“With our partners at Chase, we work to prioritise initiatives that have the greatest impact on the private banking experience – mobile being a key focus,” says Andrew Catterall, JPMorgan’s head of digital and data transformation. “Every year, we see a steady increase in clients logging in via mobile compared to desktop. We’ve made significant improvements to the mobile experience, launching online trading was a major milestone. It went live last year and has gained strong traction, especially on mobile.”

Seamless omnichannel experience

Private banking clients interact with their bank through multiple channels – in-person meetings, phone calls, emails, and digital interfaces – and they expect a consistent, unified experience. Banks are using technology to ensure that whether a client is on a website, a mobile app, or talking to an adviser, the transition is smooth, and information carries over.

Santander’s omnichannel approach exemplifies this: they support engagement across web, tablet, and mobile app, so clients and bankers can switch channels without loss of continuity. A client might start reviewing an investment proposal on their iPad, then later discuss it via video call with their banker, both looking at the same up-to-date information. To enable this, data and interfaces are synchronised in real time.

JPMorgan built a strategic notifications platform that unifies all client communications (email, SMS, push notifications) so that no matter how the message is sent, it’s tracked in one system and the client can respond via their preferred channel. This avoids situations where an email might say one thing and an app alert another – all messaging is coordinated.

Another cutting-edge feature enhancing omnichannel service is co-browsing. Goldman Sachs introduced a fully integrated co-browsing capability that allows advisers and clients to jointly navigate the client’s online portal in real time. With the client’s permission, an adviser on a call can literally see what the client sees on their screen and guide them (for example, walk through a performance report or demonstrate how to use a tool).

Integrated third-party apps like DocuSign into this co-browsing session allow an adviser to assist a client in filling out a form live. This level of collaboration makes remote interactions nearly as effective as face-to-face meetings and is particularly valuable when explaining complex information or troubleshooting an issue on the spot.

In summary, the best private banks ensure that channels complement each other – the digital platforms are adviser-enabled, and the advisers are digitally equipped (with insight into what the client has been doing online, what communications they received, etc.), resulting in a truly seamless omnichannel client experience.

Catering to different client segments

 Private banking is not one-size-fits-all – there’s a spectrum from “mass affluent” clients (on the lower end of wealth, often tech-friendly) to ultra-high-net-worth and institutional family offices (who may need bespoke services). Leading banks tailor their digital offerings to these segments.

LGT Bank shared an interesting approach: it has a standard digital platform called “Smart Banking” for its typical private clients and a more advanced platform called “Smart Banking Pro” for its ultra-high-net-worth clients and professional external asset managers. Both segments get the essential online banking features, but Smart Banking Pro includes much more sophisticated trading and portfolio options – for example, it allows dealing in complex instruments like structured products (accumulators, derivatives, etc.) which the regular platform does not offer. The Pro version is effectively a high-end trading and reporting system tailored to the needs of active investors or family office managers, whereas the standard version keeps things simpler.

By doing this, LGT ensures that its ultra-wealthy clients who often demand advanced capabilities are satisfied, without over-complicating the experience for other clients who may not need those features. This tiered approach is a form of personalisation at the platform level. Similarly, JPMorgan indicated that its redesign considered the family office segment, offering specialised interfaces for those managing complex entity structures (such as trusts, foundations, or multiple family members).

Better communication, stronger relationships

At its core, private banking is a relationship business, and technology is being used to enhance communication between clients and their advisers, not replace it. Digital tools are strengthening how relationships are managed by making interactions more efficient, frequent, and secure.

From the moment a client onboards to their ongoing interactions over years, banks are introducing platforms and features that facilitate easier communication, collaboration, and servicing. In this chapter, we explore innovations in CRM systems, digital onboarding processes, communication channels like video and chat, and how AI is supporting advisers in managing relationships.

Discovering and onboarding new clients efficiently

Using advanced data analytics and AI-driven segmentation, private banks can ‘mine’ their broader retail client base to pinpoint individuals whose wealth potential, behavioural signals, and risk profiles indicated an unmet need for bespoke private-banking services.

For example, BBVA utilised dozens of variables – from asset flows and transaction patterns to life-stage indicators – to build built propensity models that surfaced high-value prospects previously outside its Private Banking perimeter. The initiative onboarded 21,500 new clients in 2021 and a further 22,000 in 2022; those clients rated the specialised advisory experience highly. Subsequently, the bank estimated these techniques led to a 5.1x productivity rise.

The new client relationship begins with onboarding, and this historically paperwork-intensive phase has seen major improvements. Private banks are adopting streamlined digital onboarding workflows to make the process of becoming a client as smooth as possible.

The process of establishing online credentials for client portal access has traditionally been complex … We’ve now removed much of that complexity … It’s been a major win for clients and has also driven efficiencies for our adviser teams

Erin Buckley, Goldman Sachs

Goldman Sachs Private Wealth Management implemented a fully optimised digital onboarding system where a new client can open an account through a guided step-by-step process. Goldman’s approach even allows multiple account types to be opened in one workflow (for example, personal and trust accounts together), simplifying complexity.

LGT Bank likewise has digitised key parts of onboarding: it moved away from sending a traditional paper “welcome packet” or confirmation letters and now leverages digital identity verification methods. A new LGT client can perform identity checks via their smartphone by scanning their passport’s embedded NFC chip and doing a biometric liveness check on video. This meets rigorous regulatory requirements for Know Your Customer (KYC) procedures while saving the client from an in-person verification or mailing notarised copies. The key is combining a “digital concierge” approach with human support as needed.

JPMorgan, for example, offers a digital concierge service during onboarding – new clients can use a fully interactive demo site to explore services, and a dedicated team is on standby to assist if the client has questions while filling out forms online. All of this makes the critical first impression of the bank one of efficiency and convenience.

Advanced KYC and compliance via tech

A big part of onboarding (and ongoing relationship management) in private banking is KYC and compliance checks, which can be burdensome if handled manually. Banks are innovating here with automation and AI to ease the load on clients and staff.

LGT shared that it uses machine learning algorithms to automate related person checks as part of onboarding. For instance, if a client is a politically exposed person (PEP) or has associates who are, the bank needs to scour databases and media for any red flags. LGT’s algorithms can comb through internet sources and databases to identify matches and potential issues much faster than a person could. This was described as replacing “super heavy manual work” and has significantly sped up the compliance screening process while maintaining thoroughness. The outcome is that compliance teams get distilled, relevant information to review, rather than starting from scratch.

Banks are also digitising the collection of KYC information from clients. Once KYC data is collected, banks are building systems to reuse it intelligently so that, for example, if the client opens another account or a related entity, they don’t have to re-enter what’s already on file, unless updates are needed.

“As a wealth manager focused on client security and minimising fraud risk, the process of establishing online credentials for client portal access has traditionally been complex – things like phone tag with advisers for verbal temporary password provision were the norm,” says Erin Buckley, managing director, co-head of product management for private wealth management at Goldman Sachs. “We’ve now removed much of that complexity, allowing clients to self-register and gain access without needing to speak to their adviser, all while continuing to prioritise that focus on security and minimising fraud risk. It’s been a major win for clients and has also driven efficiencies for our adviser teams.”

CRM platforms empower advisers

Effective relationship management requires empowering the advisers or relationship managers (RMs) with information and tools. Modern private banks have invested in sophisticated Customer Relationship Management (CRM) systems tailored for wealth management. These platforms combine client data, interaction history, preferences, and analytics to give RMs a 360° view of each relationship.

Santander’s SPiRiT platform is one example, described as a digital CRM and advisory platform that arms bankers with intuitive, data-rich tools. When an RM logs in, they can see their client book with dashboards highlighting things like which clients have pending requests, whose portfolios have significant changes today, or which clients might be due for a proactive reach-out based on life events or market moves. Santander mentioned that features of SPiRiT – like day-to-day utility for bankers – received very high satisfaction internally. By integrating such analytics, the CRM goes beyond contact management to become a strategic tool. CRM platforms also log all interactions – meetings, calls, emails, and now chat messages – in one place, so an RM can quickly recall what was discussed and agreed upon.

Secure messaging and chat

Communication in private banking is becoming more digital and immediate. While phone calls and emails remain common, secure messaging platforms are now being offered as a convenient way for clients to interact with their advisory team. These are essentially chat systems (often within the bank’s app or online portal) that provide encrypted, recorded messaging between clients and the bank.

Goldman Sachs introduced an enhanced secure messaging feature that allows clients to interact with their dedicated coverage team across multiple touchpoints in a secure manner. For example, a client could send a quick question to their RM via the app – “Can we discuss updating my asset allocation based on today’s market drop?” – and the RM can respond in near real time. This is far more efficient than phone tag or long email threads, and clients appreciate the texting-style convenience (especially younger clients who may prefer messaging over calls).

Of course, unlike consumer messaging apps, these bank messaging platforms are secure and compliant. Messages are archived for records, sensitive data is protected.

We don’t want extreme, hands-off automation; what matters is spending meaningful time with each of our clients, advising them and becoming their trusted partner

Walter Giger, LGT Financial Services

Other banks have also rolled out similar capabilities, like UBS offering secure WhatsApp-like solutions for clients in certain regions (where regulation allows). The result is faster decision-making and a more engaging client experience online.

A practical example of this is BNP Paribas Wealth Management’s chat-based order-capture solution that has become a critical digital revenue driver and client-engagement tool. Launched in 2020 – making the bank the first in Asia to accept trades via WhatsApp Business and the secure myWealth Chat – the capability unifies multiple messaging channels in a single relationship-manager console, enabling encrypted conversations, document exchange, and straight-through order entry without leaving the client’s preferred ecosystem.

Its traction has accelerated: transaction count has risen 165% year-on-year, while US-dollar order volume has surged 311%, reflecting both heavier usage and larger ticket sizes. Collectively, the platform strengthens user experience, boosts operational efficiency, and deepens personalised wealth management.

Video conferencing and AI meetings

High-net-worth clients often have busy schedules or are geographically dispersed, so the option of a video meeting with their banker has become increasingly important. Private banks have taken it a step further by integrating AI into video meetings – as hinted by one bank that now automatically transcribes video calls and uses AI to generate meeting.

For example, if an RM meets a client over video to review their portfolio and plan for the next quarter, the AI could capture the key discussion points and action items (like “Client wants to increase tech exposure by 5%” or “Consider loans for new real estate purchase”) and enter them into the CRM. This removes the task of notetaking from the adviser and ensures thorough documentation.

LGT is taking it to the next level by not only transcribing and structuring information from client calls, but also aiming to even detect sentiment eventually. This is equally applicable to video conferences. The benefits are twofold: operational efficiency (no detail is lost or misremembered) and data for future AI use (these transcripts can later feed into AI that helps advisers prepare for meetings by reminding them of past conversations).

AI-augmented relationship management

AI is becoming a silent partner in relationship management by making advisers more responsive and informed. First came the rise of internal adviser-facing AI tools (JPMorgan’s Connect Coach, LGT’s Lumen). Now, we see how those tools concretely improve client communication.

JPMorgan’s Coach tool acts like an on-demand analyst for the adviser – if during a client conversation, a client asks a detailed question about, say, “What’s our outlook on European high-yield credit?” the adviser can quickly query the AI and retrieve the latest approved viewpoint or data. This means the adviser can answer in real-time or shortly after, rather than deferring the question. It makes conversations more information-rich and timely.

LGT’s Lumen provides similar help by allowing RMs to instantly search across internal documents and knowledge bases. So, if a client emails a question about a specific product, the RM can use Lumen to find the product fact sheet or policy detail in seconds, then respond knowledgeably.

These AI tools enhance the speed and quality of adviser responses, making the client feel well attended. They also ensure consistency, as advisers get answers from approved sources, reducing the chance of miscommunication.

Another innovative use of AI in relationship management is training and simulation. Looking ahead, banks are launching AI-powered adviser training that simulates client interactions and provides instant feedback to level up advisers’ skills, meaning RMs can practice handling difficult client questions or complex explanations in a virtual environment and improve their communication techniques.

“From the very beginning, our emphasis has been on relationship management,” says Walter Giger, CEO of LGT Financial Services. “We don’t want extreme, hands-off automation; what matters is spending meaningful time with each of our clients, advising them and becoming their trusted partner. We’re starting to deploy digital agents that assist relationship managers, helping to boost their productivity. Ultimately, everything we do across our front and back offices is aimed at enabling them to serve our clients better and more effectively.”

At KBC, private bankers increasingly adopted Kate, its AI-powered digital assistant, to enrich client interactions. The share of investment proposals delivered to clients through Kate rose from 52% in January 2024 to 70% in October that year. Kate’s advice is not merely informational: in 40% of cases, bankers fully or partially adopt her recommendations before forwarding them to clients, underscoring the assistant’s growing influence on portfolio decisions. Beyond proposal support, Kate now resolves more than 67% of client queries autonomously, drawing on a library of 1,000-plus use-cases that now covers specialised private banking topics such as lasting powers of attorney and inter vivos gifts.

In conclusion, technology in private banking is amplifying the relationship manager’s ability to serve clients effectively and is giving clients more channels to stay connected with their bank. The personal relationship is still paramount, but it is now woven into a fabric of digital communication – from the first onboarding form filled out to the latest message from their adviser.

The best private banks use these tools to be more responsive, more proactive, and more convenient, deepening client trust. As Goldman Sachs aptly put it, the goal is to be a “digitally enabled, adviser-led” business, meaning digital enhancements should always circle back to strengthening that adviser-client relationship rather than replacing it.

Cybersecurity

With the increasing digitalisation of private banking, comes a critical focus on cybersecurity. High-net-worth clients entrust banks with not only vast assets but also sensitive personal and financial information, making private banks prime targets for cyber threats.

Thus, leading institutions are implementing cybersecurity measures to protect client data and funds. These measures range from strict authentication protocols and encrypted communications to real-time threat monitoring systems and client education programs. How are private banks safeguarding their platforms and educating clients?

Strong authentication and access controls

Ensuring that only authorised individuals can access accounts is the first line of defence. Private banks have widely adopted multi-factor authentication (MFA), requiring clients to verify their identity with at least two factors.

JPMorgan Private Bank has implemented MFA across its online and mobile platforms, combining passwords with one-time passcodes or biometric verification (fingerprint/face ID) for sign-ins. The bank has also embraced the Fast Identity Online (FIDO)2 standard, allowing clients to use physical security keys for an extra-secure login.

Beyond client login, internal access controls are also tightened. LGT Bank mentioned it minimises how many employees can see clear-text client data internally. It follows a least-privilege principle: for instance, a back-office operations person processing a transaction might see account numbers but not the client’s name, if knowing the name isn’t necessary for their task. By partitioning data access, even an internal breach or malfeasance risk is reduced, which is crucial to protect client privacy.

Real-time monitoring and threat detection

Private banks operate extensive Security Operations Centres (SOCs) to monitor their networks and systems 24/7. These SOCs use advanced tools to detect any suspicious activity in real time.

LGT described its approach as having an “extremely high perimeter security” – multiple layers of firewalls and defences – and “continuous threat detection” including autonomous agents patrolling the network for. This means if any unusual pattern is detected (say, an employee account suddenly downloading large client files at 2am, or a strange login attempt from a foreign country), alarms are raised immediately. It deploys intrusion detection and prevention systems (IDPS) that leverage AI to identify potential attacks that might evade traditional firewalls.

LGT noted it has autonomous AI in its network to detect anomalies, reflecting the use of machine learning-based security tools which learn normal patterns and flag deviations in milliseconds.

Other banks similarly invest heavily in AI-driven analytics for cybersecurity, aiming to pre-emptively identify and mitigate risks. For example, AI can detect a possible fraud by noticing if a transaction pattern doesn’t match a client’s usual behaviour and halt it for review.

To ensure no blind spots, banks also use external threat intelligence. LGT’s Cyber Defence Centre (its second line of defence) stays interconnected with external parties like government CERTs (Computer Emergency Response Teams) and industry groups.

Defence-in-depth architecture

Recognising that no single control is foolproof, private banks employ a multi-layered defence-in-depth strategy. This includes multiple layers of network security, system security, and data security.

One bank gave Euromoney an illustrative example: it has five layers of perimeter defence, meaning an attacker would have to breach five successive barriers to reach critical systems. These layers could include external firewalls, internal network segmentation, jump-hosts for administrative access.

Another bank detailed a robust governance structure aligning with a three lines of defence model: Technology teams and cybersecurity ops as the first line, independent risk management as the second, and Internal Audit as the third, with oversight by senior committees. This governance ensures continuous risk assessment and accountability at different levels.

In practice, defence-in-depth means even if one control fails, others are in place to catch the threat. Resiliency plans are also part of this layered security – banks have detailed incident response and recovery plans, often tested via simulations.

LGT shared a success story from a “red team” ethical hacking exercise: its SOC detected the simulated intruder and triggered defences in real time, validating that its multi-layered system works. Such drills are common at top banks, and they often bring in external hackers to test their systems, plugging any gaps found. The combination of preventive controls, detective controls, and reactive controls in multiple layers constitutes a strong defence-in-depth posture that private banks rely on to protect against advanced persistent threats.

Client education and awareness

One of the unique aspects of private banking cybersecurity is the emphasis on client education. The human factor is often the weakest link. Wealthy clients and their family offices are tempting targets for social engineering, impersonation, and cyber extortion. Leading banks thus extend their cybersecurity services to include educating and advising clients on how to protect themselves.

JPMorgan Private Bank’s Cyber Advisory program is a standout example: it offers clients a comprehensive suite of cybersecurity education and tools. This team conducts hundreds of educational sessions globally, tailored to different audiences – from one-on-one trainings for an individual client or their personal assistant, to larger seminars for a family office staff or gatherings of clients. Topics cover practical best practices like how to recognise phishing emails, the importance of password managers and two-factor authentication, securing home Wi-Fi networks, and safe use of communication devices.

The idea is to extend protection beyond the bank’s perimeter to the client’s broader digital life, thereby preventing incidents like a hacker stealing information from a client’s personal email and using it to trick the bank. Other banks also emphasise client awareness. Private banks ensure that their external asset manager clients have proper training to use tools securely.

For regular private clients, RMs will “hold the client’s hand” if needed to help them adopt security measures on the e-banking site. Many banks now include a security section in their client apps with educational content and tips for clients. This not only educates clients but actively involves them in their own security.

Continuous improvement and adaptation

Cybersecurity is a constantly evolving field, and top private banks continuously update their defences to address emerging threats. This includes regular security audits and compliance checks, staying ahead of regulatory requirements, and adapting to new technologies like cloud and fintech integrations. Banks invest enormously in tech and specifically in cybersecurity each year, and they participate in international efforts to secure critical financial infrastructure.

As banks adopt cloud computing and API connectivity, they are also implementing zero-trust principles (never assume internal traffic is safe by default) and rigorous third-party risk management. We also see banks leveraging data encryption and tokenisation more extensively – sensitive client data in databases is encrypted so that even if a breach occurs, the data is not readily usable. Some are exploring blockchain for security in niche areas (for integrity of transactions or documents).

And as quantum computing looms, research into quantum-resistant encryption is underway in large banks. Another facet of adaptation is cyber resilience – not just preventing breaches but ensuring capability to recover quickly if one happens. Banks conduct drills where certain systems are assumed compromised or down, to test how quickly they can restore operations and communication. This is especially critical in private banking, where clients will expect a high level of transparency and swift action even if a cyber incident occurs. Leading banks often have dedicated Cyber Incident Response Teams ready to assist clients as well (for example, if a client’s personal email was hacked and it involved their banking info, the bank can help coordinate damage control). All these efforts underscore that cybersecurity in private banking is dynamic and ongoing.

In conclusion, cybersecurity in private banking is characterised by rigorous technical safeguards and a proactive, client-inclusive approach. Banks like JPMorgan, BBVA and Lombard Odier exemplify how to do it right: layering defences, employing cutting-edge detection like AI, enforcing strong authentication like biometrics and security keys, and crucially, educating their elite clients on how to stay safe in an increasingly digital world.