Best international private bank in Singapore 2021
Leading with conversations rather than with product offerings is Standard Chartered private banking’s motto for approaching its clients. It’s a motto that has paid off for the firm.
Just take its 2020 annual client survey results, where 93% of its clients say they consider Standard Chartered better than or comparable to other private banks. About 96% say they plan to increase their business with the firm.
Perhaps more importantly, the pandemic didn’t hamper the way Standard Chartered deals with its clients. Its net easy score – or the ease of doing business indicator – improved from 33% in 2019 to 48% last year.
That satisfaction is showing in the numbers, as Standard Chartered continues making inroads with high net worth clients (those with assets under management of more than $5 million) and ultra high net worth clients, or those with AUM of more than $30 million.
AUM from billionaire clients, for instance, jumped 34% year on year in 2020.
Most of the wealth that Standard Chartered oversees sits offshore. The firm’s private bankers had to roll out video calls to bring clients onboard when Covid-19 hit, and relationship managers received training so they could engage with clients virtually.