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The world of private banking is changing. The traditional high net worth individual client is changing. Increasingly, we are seeing a new affluent investor -- the technologically sophisticated investor, with different expectations of his bank.
This client demands more information, more often. The anytime, anywhere "online" generation is turning up in the private banking world. According to Forrester Research, there is a significant increase in the Under 50 wealth, an overwhelming $15 trillion in assets being passed from generation to generation over the next 8-10 years.
Many private banks today are beginning to plan how to satisfy the needs of a changing demographic. In most boardrooms, discussions are centered on improving the ability to provide secure, reliable online service. Private banks that are serious about meeting the needs of a new generation realize clients demand:
- Online access to account information 24/7
- View of net worth summary and account balances
- Means of reviewing account transaction activity
Introducing Primacy Web Banker 3.0, the first fully automated, fully integrated web-enabled client banking application for the offshore community. The Web Banker is the perfect compliment to the Primacy Private Banker solution. Primacy Web Banker allows private banks to rapidly adopt and integrate a high value solution to meet the growing demands of its customers.
Primacy Web Banker 3.0
Primacy Web Banker delivers anytime, anywhere access to client accounts, via the Internet. It is fully secure - encrypting each customer session, thus protecting the client confidentiality and integrity of the information. Revolutionize the way in which you deliver information to customers, with the Primacy Web Banker.
Many affluent individuals today are banking online. Over 48% according to Forrester Research. Moreover, many of these individuals are clients of multiple financial institutions in Canada, U.S. and abroad. Virtually all of the major and regional banks in North America and Europe now provide online banking to meet the demands of their retail and high net worth clients. These individuals wish to view information across their financial lives - not just what is held onshore. By providing the same quality service offshore, the bank has a greater chance of receiving a higher share of wallet.
Primacy Web Banker allows clients to view account balances and net worth summaries, over the Internet, via a secure connection. Clients can also review account transaction activity and monitor his/her investment portfolio using this product. And although clients cannot initiate transactions, the Web Banker provides the client with a vehicle to submit transaction requests. These requests are then captured in the CRM component of the Primacy Private Banker. This ensures that regardless of the method of request, the investment advisor has an accurate and complete journal of client activity.
Web Banker clients can also request support or information online, thus reducing the paper flow for the bank. From client statements to product information, the bank is able to significantly reduce the amount of paper being processed and mailed out.
The Primacy Web Banker uses advanced XML technology, which provides the bank with maximum flexibility in the presentation and deployment of this service to its customers. The bank web site can be easily customized and may be used to communicate a variety of messages to its clients, who will visit the web-enabled client account portion of the site on a far more regular basis than any other portion of the site.
Providing a security infrastructure that engenders trust is of paramount concern to Primacy. As an Application Service Provider (ASP), Primacy runs the system within a secure data center environment. This solution offers the advantages of security, recovery from failure and scalability not available with a bank-operated, in-house solution. Hardware upgrades, software upgrades, disaster recovery plans and all the issues related to running your own data center are a thing of the past.
Web banking is not for all clients. Each bank may choose to implement this service for a varying number and type of client. Regardless of how you present the service, it is an important way to attract and retain new high net worth individuals.
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