Private banking is changing – and it’s no longer just about status

There was a time when private banking was defined by exclusivity – a premium card, a dedicated banker and a level of service that set clients apart.

But according to FNB Private Banking and Advisory Value Proposition Head, Nishalan Naidu, that world has changed.

Speaking to HOT 1027’s Jeremy Maggs, Naidu explained that today’s private banking clients are navigating a far more complicated financial environment – one shaped by global markets, regulatory changes, cross-border considerations, and the need to protect and grow wealth over the long term.

“Private banking has typically been around red-carpet banking, everyday products and exclusive offerings,” says Naidu. “But the world has changed for our clients. It’s a far more complex financial environment.”

“The world has changed for our clients. It’s a far more complex financial environment.”

Listen to FNB’s Nishalan Naidu in conversation with Jeremy Maggs below:

The conversation follows FNB Private receiving a string of international recognition at the 2026 Euromoney Global Private Banking Awards, including South Africa’s Best Private Bank, as well as accolades across digital solutions, foreign exchange, discretionary portfolio management, sustainability, equities and ultra-high-net-worth banking.

However, Naidu says the real measure of success is not the award itself – but whether clients feel their bank is helping them make better financial decisions.

He believes the biggest shift in private banking is the move away from simply offering products, towards providing integrated advice.

Using the example of buying a home, Naidu says the conversation is no longer only about just securing finance.

“It’s also about insurance, household cover, life cover, managing monthly cashflow and understanding the full ecosystem involved,” he explains.

For high-net-worth clients, those decisions increasingly need to work together – from banking and investments to estate planning, offshore diversification and long-term wealth preservation.

Naidu says technology is also reshaping the industry, with artificial intelligence and digital tools allowing banks to understand clients better and anticipate their needs.

But he believes the future is not about replacing people with technology.

“When it comes to long-term advice, specifically around investments and insurance, our private advisors still play a central role,” he says.

“It’s not about pushing clients towards products. It’s about understanding their needs and goals.”

Another major focus for private clients is offshore diversification, as South Africans increasingly look at their wealth from a global perspective.

Naidu says simplifying foreign exchange, understanding regulations, and ensuring clients receive the right advice around cross-border financial decisions have become critical parts of modern wealth management.

And while markets remain unpredictable, he says the conversations with clients often return to one central theme: staying focused on the bigger picture.

“We’re not looking for quick wins for our clients,” says Naidu. “It’s about a longer-term plan and keeping clients focused on that.”

Looking ahead, Naidu believes the next generation of private banking clients will expect even more.

They will demand relevance, meaningful advice, smart technology and a deeper understanding of their lives – not just traditional “VIP” treatment.

Because in today’s world, true wealth management is no longer just about access.

It’s about having the right guidance when decisions matter most.