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The proportion of people whose net worth doesn’t amount to hundreds of millions of dollars, but who are still extremely wealthy and therefore an important target group for private banking as well as companies offering quality products and services, is increasing every year. These wealthy people are called high-net-worth individuals or HNWIs. The net worth of an HNWI generally exceeds one million dollars, but in the case of ultra-high-net-worth individuals, it exceeds as much as 30 million dollars.

The future of banking will be characterised by clients having better control over their finances and unnoticeable banking. This will be made possible thanks to open cooperation based on partnership and online advising, writes Indrek Heinloo, chief transformation officer of Luminor. In the near future, the next big thing in banking will include the opening of banking services to third parties. In other words, this means that banks are creating a so-called super-connector to which innumerable solutions can be connected.