Private banking and wealth management — Are they the same?

Due to competition in the financial services sector, particularly the banks, fierce competition has taken banking service to the next level. All these are towards one focus, the customer on their minds. Customers of banking services have become so sophisticated; banks are forced to be careful when dealing with them. In this modern world, banks offer the variety of services to attract customers.

 

Banks offer some very basic functions which are according to law and these include deposit taking, advancing loans, among others. According to iedunote, banks offer a wide variety of other services. These include foreign currency exchange, credit cards, ATMs services, debit cards, home banking, online banking and mobile banking.

 

Investopedia believes that private banking and wealth management are terms that overlap.