Why Private Banking is Much More Personalized Banking?

Private banking is a much more personalized banking services given to individuals those who invest substantial amounts, usually more than $1M. The most noticeable difference between retail banking and banking services is that private customers receive customer service, based on 1-1 through program management relationships or a private banker.

Banking

The private bank is the one that is not incorporated. Private banks prefer conservative investors because managers are personally responsible, and, most likely, be careful in the management of customer funds. Financial institutions, sometimes are a family owned and cater only to the very rich.

Many private banks in the world are located in Switzerland, due to strict bank secrecy laws and the complexity of the Swiss financial services. Smaller banks in countries like Switzerland, are more likely to keep it confidential customer records, since they restrict their activities within the bank secrecy laws in the country.

Not only private banks offer private banking services – in fact some of the largest providers of private banking and asset management services, such as UBS, Credit Suisse and Barclays are not privately owned. Private customers of these huge banks can take advantage of their internal marketing and research departments, and sometimes prefer to have almost all of their assets in bank management. Thus, they expect much better results than those given a simple savings account or certificate of deposit.

Related posts:

No comments.

Leave a Reply