NDB’s Zeyan Hameed, Vice President – Branch Network Management & Product Development and Gihan Punchihewa, Head of Privilege and Privilege Select Banking tell us why the bank’s private banking offering is the market leader.
In 2021, NDB’s private banking segment reported an impressive 70% growth in assets while liabilities grew by 19%. NDB also launched Family Banking to open its private banking offering to the immediate family members of their customers. The bank expects it will build brand loyalty and increase customer retention across generations in the long term. NDB extended Privilege Select Plus to include group services such as wealth and investment management, expanding the network of Privilege Banking Centres served by a specially trained team of dedicated Relationship Managers.
What are the trends shaping the future of private banking in Sri Lanka, and how is NDB Bank driving growth in this segment?
Private banking has seen tremendous growth since taking off in the mid-2000s, emerging as a core business unit within most banks today, contributing significantly to growth. A few leading banks have established solid sub-brands in private banking because this segment is a growth catalyst shaping the future of the Sri Lankan banking industry. Unlocking the potential of private banking is critical. Customers are growing in discernment and sophistication and increasingly relying on digital technology to make life easier for themselves.
The game-changer in this space would be creating value additions that go above and beyond, and are relevant to customer aspirations. We expect this value addition to enhance the banking experience and convenience factor. And that is our approach to private banking. NDB Bank is the market leader in private banking due to its exceptional standards of personalised services and its extensive financial and capital market solutions. Our private banking clients are highly-driven, successful individuals. They are passionate about what they do in life. They are time-poor and have a global outlook, so their banking needs and expectations are demanding because they know what they want. With NDB Bank Privilege Select Plus, we are pushing the boundaries on private banking by offering a lifestyle brand not confined necessarily to banking and deploying digital technology to create unique experiences tailor-made for each of our clients. We like to think that NDB Bank Privilege Select Plus is also an aspirational brand that would inspire young professionals and executives.
The bank recently partnered with Ceylon Defined by Quintessentially for exclusive concierge services to your private banking customers. Can you tell us more?
Partnering Quintessentially was a strategic decision to ensure that our valued customers are looked after by the best in the global concierge services industry. We believe this is a milestone in our journey to becoming the most progressive and customer-centric institution. Quintessentially has curated a local membership tier exclusively for NDB Bank Privilege Select Plus customers available seven days a week from 9 a.m. to 7 p.m. via a dedicated hotline, WhatsApp messages and email. Customers can access Quintessentially lifestyle services such as flowers, gifts, cakes and chocolate deliveries, dining recommendations and reservations, and personal shopping inclusive of global sourcing. Quintessentially will also provide unlimited local and overseas travel support covering travel arrangement assistance, hotel and transfer reservations, car rentals, chauffeur assistance and experiences. Clients can also reach out to Quintessentially to buy tickets for movies, cultural events, concerts and sporting events here and overseas.
Apart from Quintessentially, what other benefits and features can NDB Bank Privilege Select Plus customers enjoy?
As the largest banking group in the private sector, NDB Bank Privilege Select Plus customers enjoy a peerless value proposition with unmatched benefits. As a bank that provides best in class services, our primary objective is to create value for all our stakeholders. For our customers, that means generating attractive returns on their investments, superior customer services and financial advisory encapsulated in a lifestyle proposition unparalleled in the market.
The breadth and depth of the NDB Bank Group give us an enviable edge over our peers. We are the only bank that provides comprehensive advisory services and solutions in estate planning, wealth management and private equity investing with a team of highly-qualified professionals from our group entities NDB Wealth, NDB Securities and NDB Investment Banking.
We have enhanced lending facilities to meet complex borrowing requirements, and NDB Bank Privilege Select Plus customers can enjoy priority services across the group. No other bank has this capability or capacity to be a comprehensive one-stop-shop solution for all investment advice. Apart from Quintessentially, customers can access exciting loyalty programmes, philanthropy services, and exclusive life and health benefits we have curated with international service providers. Everything bundled together, we have taken NDB Bank Privilege Select Plus a step higher and beyond the industry, because our customers deserve the best.