Premium banking or private banking goes beyond personally handling a traditional bank account. It is a holistic financial management solution offered by banks and includes banking, investment and other financial services for customers. Individual attention to customers is provided through personal banking managers who help plan their financial investments.
Most major banks provide dedicated areas for premium banking clients, which offer priority access to customers, even when it comes to telephone or online touch points. Premium banking customers also get priority service & preferential pricing on offerings like credit card applications, loans and more.
The world of premium banking customers
In broad terms, premium banking customers are generally high net worth entrepreneurs, businessmen, corporate professionals and other individuals or family run businesses. A dedicated manager creates customised financial plans depending on the customer’s risk profile and profit expectations with a range of solutions like capital protection, income products, growth funds and alternative investments.
A smart way to plan your investments
The advantages of premium banking are varied and many. Premium banking aids the customer reap the multiple benefits in helping them make financial decisions regarding their investments. Some of the benefits include:
- Personal relationship manager
- Dedicated premium banking desks
- Dedicated teller counter to facilitate faster transactions
- Preferential rates on banking services like remittances, cheque books, statements, etc.
- Doorstep banking service
- Invitations to exclusive lifestyle events
Premium banking in the UAE
Since premium banking caters to high net worth customers, banks look for minimum net investment in the bank, either in an account or in investments in the bank. For example, in the UAE, a customer may need to have AED 50,000 or more in the bank’s account or financial investments or a combination of both, in order to qualify for…