Prospective scenarios for offshore private banking firms serving Brazilians in 2040
Keywords:Prospective scenarios; Private Banking; Offshore finance; Investor´s education; Financial regulation.
Objective: This article aims to explore potential future scenarios for the offshore Private Banking industry serving Brazilian individuals, considering the increasing competition.
Methods: The research employs the Prospective Scenarios approach, including a Delphi panel with industry’s experts in two rounds of interviews.
Results: The results indicated a consensus among the participants regarding two driving forces for the offshore Private Banking Industry: Regulation and Educational Challenges. The work builds four prospective scenarios for 2040: The Sky is the limit; Swimming against the Tide; The Dark Ages; and Too Much Openness Misses the Optimal Point.
Conclusions: The research concludes that Private Banking firms should closely monitor the main regulations that can impact their business. In addition, offshore Private Banking firms should invest in educating potential investors in Brazil, especially the rising affluent segment and the millennials demographic group, leveraging all the technological resources at their disposal. Both scholars and practitioners might also replicate the methodology used of prospective scenarios using Delphi (Lima, 2014; Skulmoski, Hartman & Krahn, 2007) method to other sectors.
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