StanChart offers priority banking
The Standard Chartered Bank of the Philippines (SCBP) is aggressively “enrolling” bank clients into its Priority Banking program. Priority Banking is basically private banking which targets the mass affluent segment of the banking public.
“A bank client must open and maintain the total amount of $50,000 (approximately P2.5 million) to be qualified for Priority Banking,” Efren L. Cruz, SCBP Value Stream general manager for Wealth Management, said.
The mass affluent are generally more sophisticated in their appetite for investment products and are also more demanding in banking services. High networth clients meanwhile are those who maintain over P20 million in deposits and investments.
When one is enrolled with Priority Banking, a bundle of services and special fees are offered based on their appetite.
The first service is getting Visa Electron card where withdrawals can be immediately converted in the local currency. It is accepted in over 50 countries worldwide. The Standard Chartered Platinum card is also offered to the Priority Banking client.
The Platinum card offers a three-percent rebate on all transactions with most of its merchants.
Cruz said that the advantage of being a member of Priority Banking is getting special fees and discounts on all products offered by the bank.
“They are invited to special economic forums, they get special discounts arranged with selected merchants, they have dinner with the bank’s chief executive; join exclusive appreciation night banquets, among others,” he added.
Then there are options for various investment products such as bonds, debt papers, time deposits, foreign currency, and structured deposits. One example of a structured deposit is the one-year Australian dollar special deposit product offering higher than market or up to six-percent interest. It is principal protected i.e., if the market turns sour, the principal is simply returned to the investor.
“If they are interested in other Standard Chartered Bank products, we can always refer them to other departments of the bank and they get special treatment,” the bank executive said.
One such possible referral is with Mint Financial, a joint venture with Sun Life Financial and the bank offering various types of life insurance products, including the popular variable unit linked (VUL) insurance product that is both protection and investment.
Cruz explained that Priority Banking clients have access to all of the bank’s products and services. The difference is that they get pampered by the bank’s dedicated client relations manager (CRM), all registered financial planners.
Four of the six branches have the so-called Priority Banking hall with exclusive private meeting rooms. These are found in the branches located in
Incidentally, all prospective Priority Banking members have to undergo a suitability assessment test to ensure that they understand what they are getting into, and what are the benefits of enrolling into the program.
“Full disclosure is the key as we believe in treating our customers fairly, and make sure there are no misrepresentations,” Cruz added. — Ted Torres
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