12 July 2016 12:00 am Views - 2599
Hatton National Bank (HNB) PLC is seeking to set a new benchmark in terms of customer convenience in the country’s high net worth domain.
In this interview, HNB’s Head of Private Banking, S. Nandakumar, elaborates on what differentiates the bank’s ‘Priority Circle’ from other high net worth offerings and propositions and the potential for wealth management in the country.
What differentiates HNB’s Priority Circle from the other high net worth offerings available in the country at present?
At HNB we saw the high net worth sector as an area with significant potential for improvement and hence moved beyond standard offerings to offer personalized advisory services, the likes of which have never before been experienced in this country.
HNB’s Priority Circle adds tangible and significant value to customers – with easy access to advisory services on a range of topics from investment and wealth management to insurance plus legal, travel, real estate and others, based on Client needs. HNB will leverage on their strategic partners to offer seamless services in these areas.
Priority Circle clients can use any of the exclusive meeting rooms and lounge facilities at our Priority Circle Centres for consultations or even to meet a business client – in a refined, luxurious environment. This is in addition to airport lounge access and other standard privileges. HNB Priority Circle offering is meant to serve as a ‘one-stop shop’ solution for our valued clients.
A dedicated Relationship Manager will coordinate and assist the clients in achieving their wealth management needs.
Our other benefits are very attractive interest rates on deposits, reserved vehicle parking at Priority Circle Centres, a pre-approved ‘World MasterCard’ Credit Card, and free of charge Travel Cards plus internet and mobile banking facilities, SMS alerts on credit, debit cards and Bank Account transactions, competitive rates on foreign currency issuance and a branded Priority Circle Cheque Book and Debit Card.
The benefits also extend beyond our Priority Circle Centres. Clients will have preferential services at all of our 250 branches country-wide.
HNB has placed significant emphasis on advisory services. Can you explain the rationale for this?
The proposition for Priority Circle was arrived at after in-depth research and analysis – we looked at customer insights and probed their requirements and expectations. We understand that Clients in this segment are cash rich but with little time – therefore convenience is key. They are looking beyond mere banking transactions and expect their bank to understand their aspirations and needs in keeping with lifestyles.
We are confident that our personalized consultancy and advisory services, together with the bundle of other lifestyle offerings and our levels of efficiency and service will be key differentiators.
What potential does HNB see in the High Net Worth segment in Sri Lanka?
We are witnessing the emergence of discerning customers who have lived or travelled abroad, have high expectations and time constraints.
Therefore Private Banking in general and Priority Circle in particular have significant growth potential and we have embarked on a very aggressive expansion and enhancement programme.
How can one become a HNB Priority Circle Member?
To be eligible, one must maintain deposits of Rs. 7.5 million in Rupees or Foreign Currency equivalent in a Savings Account or a Fixed Deposit. A customer with a combined portfolio will also be eligible.
Can a regular income earner become a Priority Circle member?
Yes, a customer with a monthly income of Rs 300,000 credited to an HNB account is eligible.