Bridging the Wealth Journey
DBS Treasures Private Client offers the convenience of retail banking with the personal service of private banking
The private banking landscape in Asia is shifting, as more regional households acquire new wealth, while others move from the wealth accumulation to consolidation phase. Each segment has different expectations, and each individual has their own specific requirements. In a competitive environment, private banks need to adapt and adjust to thrive.
“DBS made a strategic decision three years ago to focus on developing its private client platform,” says Pearlyn Phau, managing director and head of Consumer Banking Group and Wealth
Management at DBS Bank ( Hong Kong). “We could build on a large, well- established retail franchise and form a bridge as individuals and families move along the wealth continuum. They get the best of both worlds: consumer banking and personal services, as well as the professional private banking investment product.”
DBS Treasures Private Client offers the efficiency of priority personal banking services and a vast network, as well as access to innovative investment opportunities previously only available to DBS Private Bank clients.
DBS identifies five pillars to this approach: developing relationships, having appropriate insights, providing a service, embracing and leading innovation, and supplying seamless execution.
“Our strong banking businesses in Asia allow us to provide our customers with regional connectivity and understanding of all major Asian markets,” says Phau.
Wealth management is all about people, and DBS aims to work alongside its clients during their wealth journey, from accumulation to consolidation to succession planning. Clients also increasingly want a unique experience that goes beyond helping them manage their cash and assets.
Recently, DBS launched a Travel Privileges Programme that was enhanced this year through a collaboration with Singapore Airlines to provide a range of carefully thought- out privileges across the region, including a personal concierge service, entry to airport lounges and complimentary limousine service.
In addition, DBS strives to give its clients new experiences. The bank partnered with the Asian Food Channel to create unique gastronomic events with famous chefs from around the world. In August, it hosted an evening with the celebrity chef Diego in Hong Kong.
These are enjoyable attractions, but analysis on wealth management is the core activity and DBS’S relationship managers work closely with their investment colleagues to optimise that service.
“The plethora of data and opinion available from so many web sources means that clients can easily suffer from information overload. Our job is to separate the valuable from the clutter, and we have analysts who specialise in all markets available, who can be contacted via a click on the iwealth website,” says Phau.
DBS is one of the few wealth professionals that have launched a tailor- made page for customers, one that is intuitive for navigating through market information and research to find content that is most relevant to them.
DBS also understands how the use of technology has changed client expectations and increased their options.
“A decade ago, clients distinguished between branch and remote banking. Now, digital technology and e- commerce are so embedded in their lives that there is no longer any distinction. We recognise that our clients need access to their accounts and portfolios 24/ 7,” says Phau.
Last year, DBS introduced a website called DBS iwealth that is designed to give clients complete control over their assets online and via mobile devices. It provides them with instant access to market views, banking services, and online trading and investment tools. An online repository contains a huge range of research and analysis from DBS Group Research, DBS Vickers ( the bank’s securities arm), and the DBS Chief Investment Officer.
Private clients in Hong Kong, India, Singapore and Taiwan can trade online with DBS, enjoy foreign exchange services in Hong Kong or Singapore, communicate with relationship managers through a secure mailbox, and speak to representatives in real time.
However, DBS’S private clients also want to enjoy everyday banking convenience and a successful application of new technologies makes this a core service. DBS provides instant online and mobile access to account balances, sight of statements with a transaction record of up to three years, easy overseas transfer between accounts, and the use of credit and debit cards for online payments.
DBS Treasures Private Client is set to expand substantially over the next few years. Chinese personal wealth is growing rapidly, and Hong Kong is likely to remain the gateway for two- way investment flows. The territory should also reap benefits from mainland China’s reforms, such as renminbi internationalisation and the implementation of the Shanghai- Hong Kong Stock Connect scheme.
Meanwhile, DBS’S management is committed to enhancing its wealth management service, by listening to its clients and endeavouring to anticipate their needs.
The above mentioned privileges are subject to terms and conditions. For more information, please go on www. dbs. com. hk/ treasuresprivateclient
Pearlyn Phau, managing director and head of Consumer Banking Group and Wealth Management, DBS Bank (Hong Kong)