Bridg­ing the Wealth Jour­ney

DBS Trea­sures Pri­vate Client of­fers the con­ve­nience of re­tail bank­ing with the per­sonal ser­vice of pri­vate bank­ing

Hong Kong Tatler - - Tatler Fo­cus Dbs -

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.

Per­sonal ser­vice

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.

New tech­nolo­gies

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)

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