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Banking News

Private banking | What is a private bank ?

Specializing in the management of large portfolios, a private bank offers high-end services to its clients with regard to the management of their wealth. Private banks can be isolated companies, but often they are an additional service to commercial banks.

What is a private bank?

A private bank is a bank that offers personalized and extensive services. She is mainly specialized in the management of financial portfolios and wealth.Historically, private banks have been family banks. Today, a private bank can be a specialized bank or be a department apart from a generalist bank.

Private banking

A private bank can be oriented towards a clientele:

  • individuals;
  • businesses;

Who is private banking for?

Private banking is mainly aimed at clients who have a certain level of financial assets or income. You can benefit from the services of a private bank if you have at least:

  1. € 70,000 in financial assets;
  2. or € 50,000 in annual income.

However, a private bank generally deals with the money of individuals whose net worth is very important . For most banks, the floor amount is € 150,000, but it can amount to € 1 million.

A private bank has 3 different management levels:

  1. asset management  : for amounts between 150 K € and 1 M €;
  2. private management  : for amounts between 1 M € and 5 M €;
  3. wealth management  : for amounts greater than € 5 million.

Note  : there is also a management system reserved for wealthy families known as “family offices”.

Wealth management

  • Wealth management is mainly aimed at clients who have income or financial assets between € 50,000 and € 1 million. These services aim to offer:
  • real estate loans dedicated to rental investment;
  • high-end life insurance;
  • wealth management advice;
  • investment advice.

Asset management

Asset management, or private management, is aimed at clients who have between 1 and 5 million Euros in income or financial assets.

  • Customers benefit above all from advice, whether at
  • legal;
  • fiscal;
  • In addition to this, they benefit from all the high-end banking services with:
  • means of payment with high ceilings;
  • comprehensive insurance at international level;
  • personalized follow-up.

Wealth management

Wealth management concerns clients who have at least 5 million Euros in financial assets. The private bank will then offer private or professional customers to manage everything related to:

  • transactions in the event of sale;
  • family heritage;
  • estate, etc.

Management forms of a private bank

A private bank can manage an asset or a fortune in two different ways: in assisted management or in delegated management.

Assisted management

As the name suggests, it is simply assistance in the form of advice. The clients are supported by an asset manager, but it is they who carry out the operations as they wish. It is therefore preferable that the client knows a minimum the tricks of finance.Note : assisted management is not necessarily offered by all banking establishments.

Delegated management

When the asset manager himself takes over part of the asset, this is called delegated management. In other words, the client entrusts the management of already constituted capital to a specialized banker. For management to be effective, a management mandate must be signed in favor of the manager.

Services offered by a private bank

With wealth managers having a small number of clients to manage, money management in private banking is very personalized and relationships are privileged. In order to best balance the wealth of customers, the main services offered by a private bank are:

  • financial and patrimonial expertise;
  • investment advice: purchase of securities, real estate, works of art, etc. ;
  • investment advice;
  • Advice on retirement, insurance and inheritance.

Private banking: access to the service

The subscription to this kind of service is generally done annually by paying the bank a fee in the form of fees.It is not easy to assess the cost of a subscription to a private bank because it depends on the bank itself, on the services offered but also and above all on the value of the assets to be managed.

Banking products and services on special conditions

Clients of  Bank can receive our products and services on special conditions. For example, for employees of companies participating in the salary project, interest rates on credit cards are 2% per annum lower than for other customers, and the MasterCard Standard credit card is serviced free of charge. Also, salary card holders can withdraw their own funds for free, not only at Bank ATMs, but also at more than 9,000 ATMs of third-party banks that are part of the Unified Settlement System (ORS). These are such banks as, for example, Absolute, IBRD, Nomos, OTP, Rosbank, Rus-bank, Sobin.

When issuing cards of the classic, gold or platinum categories, SMP Bank gives free insurance to all “ordinary” holders. For SMP Bank cardholders, promotions and prize draws are regularly held, and a special discount program is in place. Our customers can receive discounts at the companies participating in it, and these are: shops, beauty salons, hotels, travel agencies, etc.

Banking products and Services

Bank products and services list

The first year of service is free of charge In addition, there are co-branded cards at  Bank (SMP Aeroflot Bonus, SMP Transaero, SMP KHL) that give their holders additional advantages. Also, SMP Bank offers a preferential rate for servicing bank cards for its depositors (the “Client” tariff) and, conversely, for cardholders who are open at certain rates, special deposit conditions apply (“Aerobonus”, “Just Married”, “Platinum Financial Multiplier” ») And rental of bank safes. And for customers receiving part of the VAT refund on their Tax Free checks, SMP Bank also provides special conditions for opening a card: the first year of service is free of charge.

All Bank cardholders receive a monthly accrual of interest on the account balance: 5% per annum for salary cards, up to 5.25% for cards opened at retail rates. There is a separate list of privileges in Bank for holders of premium cards – gold and platinum. When applying for such cards, customers receive a free insurance policy for traveling abroad or an accident insurance policy (for Platinum – both policies), free SMS-informing and Concierge services. In addition, Bank platinum cardholders receive a 25% discount on the rental of bank safes and the opportunity to make a special deposit with increased interest rates “Platinum Financial Multiplier”.

Commercial banks products and services

Development of loyalty programs. True, no matter what programs are developed in order to attract and retain a client, the human factor still decides a lot. The operator who came to work in a bad mood, and askance, “not loyally” looked at the client, or a poorly informed specialist who couldn’t tell clearly about the product, or a “dead” phone that couldn’t reach you at all, can negate everything marketing efforts. So, as before, banks rightly believe that along with the development of loyalty programs, special attention should be focused today on the professional knowledge of their employees, on their psychological training. But this topic is already another material.

Sber bank has launched the process of issuing loans based solely on artificial intelligence. They say that now the whole process of approval, including legal examination, takes seven minutes against two to three weeks when people made the decision. AI has the right to approve loans in the amount of up to 2 billion rubles. At the moment, the liquidity of the portfolio of corporate loans issued by AI is “at a positive level”.

Banking LiveTex

This is a system for effective customer support in modern communication channels. Helps financial institutions attract more targeted calls, reduce costs, increase loyalty and analyze the quality of service. All digital channels for customer service. Allow not to miss a single call. Managers work in a single interface with many calls at the same time and without loss of quality. It is possible to integrate into the internal systems of banks, chatbots and CRM-systems., The formation of a single customer story. The analytics system includes load analysis in communication channels, operators’ performance indicators, and other KPIs. Flexible system settings allow you to distribute the load in peak situations, while maintaining a high level of service.

Bank participation in government programs

Sometimes privileges are given to clients of a certain age category. For example, to pensioners, students or representatives of a social group, a certain profession: municipal employees, metallurgists, military, young families. Often the developer of such programs is the state. Recall co-financing programs for car loans or special mortgage programs. Such programs are social in nature. Bank participation in government programs is one way to attract and retain customers.

Dmitry Zubok, Head of Retail Business, Yekaterinburg Branch of Svyaz-Bank a: Our bank has loyalty programs. For example, we offer employees of budgetary organizations and accredited companies to obtain consumer loans on favorable terms at 15% per annum for up to 1 year, 16% for up to 3 years, 17% for up to 5 years. Also, for this category of customers, a consumer loan is provided without charging additional fees. And for all clients with a positive credit history, there is a special mortgage lending program – “Housing for the Reliable”. Under this program, interest rates for using credit are reduced by 0.5%.

Bank participation

Co-branding programs

But not only lowering interest rates can attract a client. Bonuses that the client accumulates in the process of communicating with the bank add “points” to the bank bdv en linea. Co-branding loyalty programs are based on the joint efforts to attract and retain customers of the two brands. The bank’s partner may be a retailer, airline, mobile operator, and payment system. A bank bonus card is issued, in fact it is a credit bank card, upon payment of which bonuses are awarded to the client (either “miles” or “minutes”). The launch of a joint bonus loyalty program is a mutually beneficial alliance. The bank is interested in a new customer base, which is provided by the partner. And also in increasing the frequency of purchases by credit card and the amount of the check. The partner is also not in the loser. Quite possible,

Absolut Bank has opened a separate section on its website dedicated to the privilege program of the bank’s plastic card holders. On the page “Absolute Discount” you can find out about the size of discounts and special offers that bank customers can get in restaurants, hotels, beauty salons, fitness centers, medical centers, travel agencies, shops, boutiques. Alfa-Bank co-branded cards are known, issued in conjunction with Cosmo and Maxim magazines, giving their holders a lot of advantages. As well as the “discount card” of “UniCredit Bank” with program partners. (A joint card with S7 Airlines was announced the other day) Marina Nikitina, Deputy Director of the Regional Center Uralsky ZAO Raiffeisenbank:

Offer reduced interest rates on loan products

To clients who receive wages for at least the last 2 months at Raiffeisenbank. A loan can be obtained for any purpose, for a period of up to 5 years, without collateral and sureties. A loan specialist can come to the client’s office to consult and receive documents, for this it is enough just to call the Bank and set a convenient time; – to purchase a car on credit under the Bank’s special program www.banco banesco (more than 16 existing special programs), thanks to agreements reached with car distributors in Russia; – Raiffeisenbank clients on a mortgage loan (decrease in the rate by 0.25%), if the application is submitted for consideration through the Bank’s partners – real estate agencies.

The privilege system is implemented with the help of the Bank’s joint credit card partners. Currently, customers can purchase three types of co-branded credit cards at https://banescenlinea.com/: Raiffeisenbank-MTS, Raiffeisenbank-ELLE and Raiffeisenbank-Austrian Airlines. The use of such cards allows you to receive bonuses in partner companies (accumulate bonuses to pay for mobile communications, flights, receive discounts at retail outlets). When paying for goods and services with Raiffeisenbank cards – debit and credit (including co-branding), the “Discounts for You” loyalty program (discounts at more than 100 retail outlets in Yekaterinburg) is in effect.

Raiffeisenbank is positioning itself as “a universal bank capable of satisfying all the financial needs of a client at a high level bicentenario.” The main priorities of our work are service and quality. The presence of loyalty programs for customers is one of the important stages in creating an individual service.

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