At the 10th anniversary of the iPhone, Chairman of Pilatus Bank draws a stark comparison of the role technology has played in banking vs telecommunication

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| Source: Pilatus Bank PLC

LONDON, Sept. 21, 2017 (GLOBE NEWSWIRE) -- Ali Sadr, Chairman of Pilatus Bank, believes that banks have failed to capture the true essence of technology for improving quality of service, as well as lacking the vision necessary to capture customers’ imaginations. Meanwhile, other industries have been revolutionized and continue to thrive by the same technology.

America has in the last 10 years been forced to close 10,000 branches. Since 2008, Europe has lost close to 48,000 branches, which is more than 20% of its branch network. There is little doubt that branch banking is on the decline, and online banking is failing to provide a quality service.  As we mark the 10th anniversary of the iPhone, Ali Sadr, Chairman of Pilatus Bank, gives a sobering count of the current state of affairs in the use of technology among well established banks, and elaborates on a vision that has the potential to become the largest revolution the banking industry is yet to experience.

Chairman Ali Sadr explains, “We are currently experiencing one of the biggest transformations in the history of banking, and technology has a lot to do with it.” Barclays has recently announced closures of the very last branches in Rochford and Castle Cary. Several other towns have been warned of further closure plans. The most established banks are forcing their customers into online and mobile banking, call-centers, and robo-advisory.  We are starting to see a major consequential shift in the way people are forced to manage their banking needs. Unfortunately, this trend has led to an increased distrust and frustration as the personalized service has been completely removed from the equation. Ali Sadr at Pilatus Bank expands, “Once you take a branch out of a community, you deprive the customers of that personalized quality of service, and online banking is simply no replacement for those personal relationships which are at the core of providing personalized and high quality service.”

The traditional bricks-and-mortar based banking models no longer work as people demand for banks to move with the time and reinvent themselves, but that should not be at the expense of customer care. Simply providing online banking with confusing drop down menus is not the problem solver. Speaking at Pilatus Bank, Ali Sadr adds, “Currently we are experiencing a major service quality gap in the market, which has created opportunities for a lot of fintech companies that are focused on customer service and user experience.” He further adds, “The focus on technology in banking should be directed at strengthening the relationship between the customers and the bankers, as this is the only way for people to sincerely get a personalized and high-quality service.”

Ali Sadr believes that Pilatus Bank is going to lead the way in exploring this service quality gap through its innovative technology and business model, one that is accessible and affordable. Chairman Ali Sadr concludes, “The Uber moment of banking is near, and we are at the forefront to serve that demand through our disruptive technology platform.” Pilatus Bank is now set to bring the luxury of private banking to the mass-affluent through its Branch in London.

About Pilatus Bank

Pilatus Bank is a leading European bank that specialises in providing private and commercial banking services to high net-worth and affluent individuals. Pilatus Bank, located on 4 Old Park Lane, W1K 1QW in London, is mainly focused on offering its private banking services through its proprietary technology platform in order to make private banking more accessible and scalable. The Bank’s simple and convenient solution has been a hallmark of transformation and quality of service. You can learn more by visiting the Pilatus Bank website.

Hanna Olofsson
Pilatus Bank
hanna.olofsson@pilatusbank.com 
+44 (0)330 3636360