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| Personal services
| STEVE HOUSE
Senior banking manager, Premier Banking, HSBC Bank plc, Jersey |
The High Street banking industry in Jersey has needed to adapt to reflect the pace of modern day commercial and family life.
One of the ways in which some of the major banks have responded is in the delivery of services to high income earning professionals and high net worth clients. Many professional working people now require more from their High Street bank than simply the provision of a current account and access to the cash dispenser network, important though these services remain, in support of day to day financial needs.
In addition to this, they are looking for a regular banking contact, a manager with whom they can build a rapport, a banker with experience who can talk through the financial requirements appropriate to their circumstances and the needs of their dependants. Professional working people have hectic lives and when it comes to their day-to-day finances, they frequently need quick answers. For that to happen, they need to be talking to a person with sufficient seniority. In my experience, they are looking also for wealth management services that are simple to understand and are easy to access.
However, the most important aspect in this service culture is the availability of a relationship manager providing continuity of service. While customers are still encouraged to use online facilities or telephone banking to undertake basic banking transactions such as checking balances or transferring funds from one account to another, the relationship manager is on hand to assist with a whole range of financial services.
Relationship management helps to build a rapport with clients enabling the manager and client to identify specific needs and find the appropriate financial or investment solutions.
This approach is best illustrated at our own Premier Banking suite on the first floor at Halkett Street, now just over a year old. It is unlike a traditional banking branch but is designed as a welcoming environment for clients of the Premier service. In our experience customers appreciate a location where they can discuss their financial circumstances and aspirations in comfort and where the customer can feel valued. It is the sort of environment where customers can and do drop in for a coffee or a tea in between business meetings or shopping to access their account details on the internet, or to resolve any queries they may have face to face with one of our friendly team of staff. They can catch up with the news on digital television or read a newspaper. This type of banking service appeals to a range of clients including many local professionals, some who may be directors or partners in firms, others who may own their own business. It also appeals to those that have retired and need to make best use of their investments. A clear trend is the increasing amount of knowledge that clients have about financial services. They are far more astute about the services available. My team of five managers see many clients that have decided they should put their financial house in order, frequently prompted by an article in the media. More and more clients now turn to their bank for advice on products linked with retirement and investment. However, in recent times, there has been a great deal of caution about taking advantage of investment opportunities and Jersey has not been immune to this. In the Island, there has been a long period of treading water in the personal banking sector, particularly in the housing market. There has been a trend amongst homeowners to invest in improving their existing property, rather than purchasing a new one. However, it is quite possible that the market may kick-start again shortly. Generally, there is more confidence in the world markets and I think this is reflected in Jersey where I have noted greater confidence among clients and potential investors. We still see new customers with entrepreneurial flair coming through the doors and seeking to establish new business. Such confidence in the future has to be good news for Jersey’s economy as a whole.
High Street banks have an important role to play as they evolve to deliver increasingly tailored services to meet the financial and investment needs of different clients. Wealth management services for professional people will remain an important priority in this evolution.
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