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Competition for wealth management pushes innovation
Taiwanese banks are attracting High Net-Worth Individuals (HNWIs) by creating new technologies that make VIPs waste less time in the banks. January 18, 2012 | Baron LaudermilkLocal Taiwan banks are claiming that foreign cash-strapped banks are becoming more competitive in creating programmes and initiatives to generate products that will bring in high-net-worth individuals (HNWIs). One medium-sized bank in Taiwan, who wished to remain autonomous, stated that, “the competition for wealth management is becoming fiercer. Attracting people who want to invest has become many banks' main priority.” Sources have said that a HNWI customer is worth at least $3 million, while other banks have set the threshold at $5 million. Citibank, one of the most influential foreign banks in Taiwan with over 140 branches nationwide, is in the process of creating an advanced platform for both their banking business and credit cards. The platform will likely be ready within two or three years. If this project is successfully completed, it will give Citibank distinct advantages over its competitors. First of all, it will create a one-stop process via integrated systems that will enable the bank to use multiple products and services all at once. It will also enable the bank to build customized product designs for high valued individuals. Furthermore, it will integrate its accounts into a central system. Smaller banks in Taiwan have probably caught on to Citibank’s massive project, with banks such as Taishin also using technology to acquire more customers. Taishin bank released a customer dividing and redirecting-kiosk that enables the bank to distribute and route customers to several post depending on transaction type. This allows the private bankers and tellers to know exactly when a HNWI enters so that the bank can provide service as soon as possible. Chinatrust Commercial Bank, which currently hol... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Asset Management, Trustees and Custodians, Innovation, Private Banking, Retail Banking, Taiwan, Technology & Operations, Wealth ManagementTrustees Custodians and Depositories,Innovation,Private Banking,retail,Taiwan,technology,Wealth Management, Asset Management, Trustees and Custodians,Innovation,Private Banking,Retail Banking,Taiwan,Technology & Operations,Wealth Management, Keywords:Chintrust Commercial Bank, Taishin Bank, Citibank, McKinsey, HNWI Chintrust Commercial Bank, Taishin Bank, Citibank, McKinsey, HNWI
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