March 17, 2017What Matters Most in Private Banking?

gold watch!
Private banking requires the gold standard of customer service.


A bank’s most distinguishing feature is its customer service. However, customers’ expectations and habits are changing with new technologies, and this is no different in private banking. In addition to phone and email, today’s customer also uses messaging services to communicate with their advisor and to conduct bank transactions. It’s therefore a priority for private bankers to come to grips with these new behavioral patterns.


The good news is, digitalization plays a pivotal role in providing superior customer experience, allowing for improved customer orientation and greater satisfaction when it comes to individual needs.


Automation saves time for what matters

Nowadays relationship managers deal with a plethora of information and rules that affect their ability to perform tasks and offer advice.


Thanks to digitalization, however, recording data, maintaining lists, and sorting emails will soon be a thing of the past.


The aim is to unburden relationship managers from many of their administrative tasks, shifting their focus from the urgent to the important, and allowing them to provide better service to their clients.


Customer service is thus enhanced by more attentive interactions, and private bankers can better tailor their services to clients’ needs. This means the relationship manager’s connection to the customer remains essential in private banking.


The main goal is to support the relationship manager with automated measures so that he can focus on nurturing existing relationships and developing new ones.


The relationship manager’s personal contact and connection with their clients continue to be key factors, but with the increase in digital communication and capabilities, many questions remain open.


For example, what are the steps private bankers can take, especially when dealing with High Net Worth Individuals (HNWIs)?


You can find out by joining our webinar: Your Guide to Digitally Onboarding High Net Worth Individuals. We’ll show you how private bankers can cultivate personalized relationships with HNWIs through digital channels.

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Written byIgor DjurdjevicBusiness Practice Manager