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Wednesday, 17 July 2013

2020 Foresight Report: No Safe Havens - Changes in Offshore Private Banking and Branch Network

Researchmoz presents this most up-to-date research on 2020 Foresight Report: No Safe Havens - Changes in Offshore Private Banking and Branch Network Development in a Multi-Channel World.

2020 Foresight Report: No Safe Havens - Changes in Offshore Private Banking

Governments globally have been taking initiatives to curb offshore tax evasion for many years. However, this phenomenon has assumed increased urgency since 2008–2009 when economies across the world, developed nations in particular, were severely impacted financially. Their prime targets have been offshore tax havens such as Switzerland and Singapore. Coordinated and individual actions taken by different jurisdictions have significant ramifications for offshore wealth management companies and other institutions whose business is significantly driven by offshore deposits.

The economy at the forefront of fighting offshore tax evasion is the US. It has entered into agreements with several nations to ensure that their financial institutions implement the provisions of the Foreign Account Tax Compliance Act (FATCA), passed by US Congress. Under FATCA, the financial institutions of partner nations are required to give details of accounts held by US taxpayers with them, or be subject to a withholding tax of 30%.

Jurisdictions such as the UK have been signing bilateral agreements with other economies, under which limited timeframe disclosure facilities are being offered to offshore account holders to come clean on their wealth or face penalties. Wealth management companies in tax havens entering into these agreements are expected to handle significant funds through tax payments by offshore account holders. This comes under the category of tax information exchange agreements, whereby financial institutions in treaty countries are required to submit client data.


This report provides a detailed analysis of measures being taken by some developed nations and emerging economies to mitigate tax evasion offshore by their tax payers 
It explains the key provisions of some of the important acts such as the Foreign Account Tax Compliance Act in the US 
It details the measures being taken by certain tax havens to reduce their geographies from being used to evade taxes 
It details the impact on wealth management companies that had previously derived a major share of their business from offshore wealth 
It details the market entry strategies and product, target and customer retention strategies used by various wealth management companies in the wealth management industry 
It suggests the new business models and marketing strategies to be adopted and the new geographies that have to be targeted by wealth management companies in tax havens to keep their business growing

Reasons to buy

Understand the significance of the measures being taken by some nations such as the US, the UK and Germany to tax the offshore concealed wealth of their taxpayers 
Comprehend the impact on wealth management companies whose business is driven mainly by offshore wealth 
Gain insights into the business models that have to be adopted, the inherent strengths that have to be highlighted and the jurisdictions that wealth management companies in offshore tax havens have to focus on to continue to expand their businesses

2020 Foresight Report: Branch Network Development in a Multi-Channel World

As the costs of branch banking increased in the 80s and 90s, banks attempted to reduce costs by reliance on centers, mobile and online channels to lower costs and improve service. The digitization of banks has made transactions more convenient, but the need for human interaction will prompt branch banking’s evolution. Retail branches remain the core banking channel, though the advancement of technology and associated changes in consumer behavior has led to the growth of alternative channels for transactions.

Over the last two decades, new delivery channels such as ATMs, call centers, online banking and mobile banking have become formidable substitutes for bricks-and-mortar banking. Banking customers are using a mix of delivery channels to fulfill their banking needs. Increasing internet and mobile penetration has led to the growth of online and mobile banking channels, leading to the reduction of local branches. Despite the decline of bank branches in some key developed countries, some growth is expected from new market entrants who are aggressively increasing their networks.

A number of branches appeared in emerging economies to provide basic banking facilities to rural populations. In March 2013, the Finance Minister of India inaugurated 300 new branches in a single day in rural India. Some growth is expected from retailers such as Wal-Mart who have acquired banking licenses in several nations. Given the choice, customers will usually pass automated devices and queue for a human teller. Human customer service offers a convenient mode of transaction while also being capable of more complex tasks. Customers and banks typically acknowledge that some of the basic transactions, including credit application and financial advice, still require a branch visit.


This report provides a comprehensive analysis of branch network development in a multi-channel world 
It provides detailed analysis on banking channel evolution by products and services 
It outlines the impact of current regulatory changes on branch banking 
It provides an insight into next generation banking models 
It assesses the impact of changing consumer behavior and technological advancement on branch banking

Reasons to buy

Gain an understanding of branch banking best practice 
Learn about the most effective branch banking business models 
Gain insights into current and future strategies in branch banking 
Find out more on key emerging branch banking models 
Gain insight into emerging trends and opportunities in the branch banking sector

Related Report

2020 Foresight Report: Retail Bank Loyalty Programs 

The global economic slowdown adversely affected the banking industry of key markets across the globe. To improve their financial performance, banks implemented cost-saving initiatives. As part of such initiatives, banks launched loyalty programs through low-cost channels such as mobile platforms and social media sites. Since the increase in spending on loyalty programs is directly proportional to the growth of the card payments channel, banks recorded a positive growth in card usage volumes. During the review period, Australia’s card spending recorded a CAGR of 10.64% during 2008–2012. The UK, the US and France also recorded respective CAGRs of 2.89%, 3.76% and 4.05%, despite high saturation levels and a financial crisis.

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