For private banks and wealth managers, enhancing “client experience” is a key differentiator in a competitive market. Providing value-added services on top of the traditional services of helping clients manage their investment portfolios strengthens relationships with customers, especially in trying times.
The Asset presents the first part of a two-part Triple A Private Capital Awards unveiling the winners of the Editors’ Triple Star; Best wealth management experience, digital initiatives; Best private banking experience, advisory services; and Best wealth management experience, privilege services.
Editors’ Triple Star
With Covid-19 hitting the market in 2020, some banks became extra creative in enhancing the level of “client experience” in ways that really matter.
In China, ICBC Private Banking achieved this by focusing on its social responsibility framework through the launch of customized financial products for clients in Hubei Province, which was among the worst hit by the virus outbreak. The bank also provided for the distribution of insurance policies to frontline medical staff in coordination with the wealth management entity of ICBC and ICBC-AXA.
ICBC Private Banking also collaborated with its parent ICBC’s inclusive finance department to provide quick loan services for small and micro enterprises to support economic recovery. It also set up a channel for its clients to donate personal protective equipment (PPE) and funds to Hubei residents and healthcare workers.
ICBC Private Banking is awarded the Editors’ Triple Star.
Another bank that has been extra creative in enhancing the level of “client experience” in ways that really matter amid the pandemic is Taiwan’s Taipei Fubon Bank.
The bank’s "Nano Investment", a digital ETF portfolio management service, allows online interactive conversations to help customers complete the KYC (know your customer) process using AI (artificial intelligence) technology. This product is awarded the Editors’ Triple Star for the effort of bringing convenience to participants in the Taiwan’s ETF market, which has been very active and fast-moving since the pandemic.
Best wealth management experience, digital initiatives
The Asset recognizes the wealth managers who have provided quality digital experience to clients with the “Best wealth management experience, digital initiatives” award this year.
In India, the award goes to Alpha Capital for launching several new digital platforms that provide clients a more efficient and seamless experience in such areas as market analyses, financial planning, and, in particular, succession planning.
In Taiwan, Taishin Bank scoops the award for its continuing efforts in enhancing its digital capabilities, with improvements of existing platforms and a new intelligence investment platform launched last year.
Best private banking experience, advisory services
This year, The Asset also recognizes the banks that offer quality advisory services and maintain strong client outreach, providing investor education, research, market reviews, etc. even though engaging with clients has been challenging during the pandemic.
In China, the award goes to ICBC Private Banking. The bank has always valued investor education, and in a market facing much uncertainty this year, the capability of providing timely and useful research reports and educating investors through online channels has become crucial.
As one of the largest private banks in China, ICBC Private Banking has been actively enhancing its capabilities in providing better investor education amid the pandemic. As the health situation is put under control in China, the bank has moved fast in holding educational events for its clients offline in various cities across the country.
Best wealth management experience, privilege services
In the highly competitive Taiwan market, some of the wealth managers are trying to differentiate themselves by providing value-added services such as better high-end personal services to clients. The award goes to Far Eastern International Bank for providing comprehensive privilege services in areas such as hotel, dining, and online and offline shopping.
The winners of the Best Private Bank and Best Wealth Manager awards will be announced next week. Please stay tuned!
For more information on The Asset Triple A Awards, please click here.
For the full list of the experience awards and the Editors’ Triple Star, please click here.