The Perfect Private Bank 2007

What do the leading UK private banks think is the perfect organizational structure for success? What defines top quality client service? How do you define the best product and service range for private banks? These questions and others are answered with help from leading industry figures in this brief.



Report Highlights
There are three key attributes of the private bank's internal organization that must be in place in order for it to be 'perfect' in terms of its structure. Efficiency is key, and the perfect private bank's systems will all be organized clearly, logically and in a way that ensures the client experience is smooth and flawless.

Within the private bank, the best client facing team is one that is, first and foremost, able to act immediately on the client's behalf. A key factor in the success of the client's relationship with the bank is the power of the client's personal advisor to act quickly, knowledgeably, effectively and proactively

The perfect private bank, especially if it is part of a wider banking network, will have a single system controlling the integration of third parties, with expert staff involved solely in evaluating and acquiring the best third party products to offer, with the necessary leverage to ensure that the bank attracts the best third parties to work with.
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DATAMONITOR VIEW 1
CATALYST 1
SUMMARY 1
ANALYSIS 3
The perfect private bank makes clients feel like the service is designed specifically for them 3
Internal organization must be efficient, conducive to communication and aligned with the interests of clients 3
Empowered relationship managers offer clients the best interface with the private bank 4
The ideal single-point-of-contact relationship manager is effective, efficient and proactive 4
Multiple points of contact are a way of ensuring that the client’s needs are always met 4
The ultimate relationship manager makes a strong and lasting connection with their clients 5
Perfect service means being able to meet individual needs despite a wide range of client profiles 5
'Intangibles' are a significant factor in the client experience but are not easily put in place 6
The ideal private bank is supported by a strong banking network or system of third parties 6
Small or independent private banks may be able to take advantage of networks 7
Third parties are best incorporated at a single internal point that also allows communication to flow 7
The best possible product and service mix combines strong performance with seamlessly integrated service 8
The perfect private bank has clear core functions on which to base its business 8
There is no perfect private bank in the market today 8
APPENDIX 9
Definitions 9
Private bank: what is considered to be a ‘private bank’ varies, from comprehensive banking service to core specialist 9
Methodology 9
Further reading 9
Ask the analyst 9
Datamonitor consulting 9
Disclaimer 10
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