Private banking in Russian banks: new priorities and development areas

Providing service to wealthy customers is one of the promising areas of banking activity in the context of aggravated market competition. The number of such clients has been steadily growing in Russia in recent years. The need to improve the forms and lines of serving VIP customers by Russian banks is due to the high profitability of this type of banking activity, on the one hand, and the need of the Russian state for the financial resources of individuals, on the other. The main trends in private banking development in Russian commercial banks are considered, and their modern features and limitations are reflected. The research presents the upcoming trends towards the improvement of this type of banking services in accordance with the prompt diversification of services based on the interests of the national economy, the introduction of progressive forms and methods of serving wealthy customers, the increased requirements for personnel providing such services.