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Relationship Banking in Singapore | Importance of Financial Planning

Bank Accounts | Priority Banking
by Priyadarshini 14 August 2021

People start to look at you differently when you say you’re a relationship banking customer. Because the public perception is that relationship banking is an elite realm exclusively for the ultra-rich. Relationship banking, also known as privilege or priority banking, is viewed by many as a hyper-exclusive service. This was true a few decades ago, but the relationship banking industry has evolved significantly. And it is much more accessible to a broader audience today. In this blog, we tell you about Relationship banking in Singapore.

What is Relationship Banking in Singapore?

Relationship banking is about establishing trust via deeper interactions, customized financial advice, and access to unique resources and benefits. These services come in addition to other regular banking services. While most banks continue to reserve this sector for the financial elite. As their Assets Under Management (AUM) considerably increase the banks’ coffers. Some other banks see the potential of clients who do not fit within the financial elite’s range.

These clients represent a rising sector of aspiring rich persons. Most individuals want assistance in financial and investing knowledge. This helps them in making smart decisions to improve their economic status. And some banks are now offering priority banking services aimed at assisting such customers. To help them with planning and achieving their financial objectives. All of these without having to deposit a large sum of money.

Importance of  Financial Planning

Many individuals understand the need of planning for short, medium, and long-term investment objectives. However, they don’t necessarily have the skills or expertise to do it successfully.  Relationship banking can help in this situation. The tools and experience that relationship banking services offer make financial planning easier for common people. And you may now use tools that were previously only available to the privileged section. There are numerous methods to save for the future. Your Relationship Manager can help you start small and plan out your future. And build a structured discipline plan for you to save regularly.

The fact is that not many people know they can have a Relationship Manager. And many others think that they would never qualify for such access to informative resources. That is why many of us need to overcome our long-held misconceptions about relationship banking. So, that we can benefit from having someone assist us to plan out our financial goals.

Benefits of Relationship Banking in Singapore

Dedicated Relationship Manager

A specialized Relationship Manager will be assigned to you, who will work with a team of professionals to provide you with personalized financial solutions. This is a significant distinction from investing on your own. Why? Because bank’s in-house specialists have access to data that can guide you in making smarter decisions. This is important as you can then plan out your financial objectives more accurately. Also have a solid plan and strategy, rather than making haphazard judgments. You also get priority queueing and services saving you time on your branch visits.

That’s not all, though. You’ll also get Investment and Market Insights by email and SMS on a regular and timely basis. This allows you to keep your finger on the pulse of the market. You can stay on top of major market events and trends and staying ahead of the game in terms of investing.

Advisory Tools & Resources

People choose relationship banking services for a variety of reasons. One of which is the personalized guidance to assist them to accomplish their money goals. Both experienced investors and beginners can benefit from  Advisory Tools. Advisory Tools offer Tracker, Insights, and Explorer, that gives you investment solutions of all kinds. Portfolio Tracker makes it easy to keep track and manage your financial portfolio. Insights offered on portfolio stress-testing capabilities guide you to better optimize your risks and returns. Moreover, Portfolio Explorer allows you to search for funds and bonds in real-time to identify the most risk-optimal items for your portfolio.

Lifestyle Offers

It’s great to be successful with your financial portfolio, but now and again you simply want to let your hair down. You’ll have plenty of reasons to do so as Relationship banking in Singapore offers a slew of special lifestyle benefits. Travel privileges like discounts on hotel and flight reservations, as well as dining privileges. You can enjoy discounts at some of Singapore’s top restaurants, and much more. During your birthday month, you may also take advantage of a variety of freebies.


Credit card Singapore

Tags:
banking
banking in Singapore
financial planning
investment
relationship banking
relationship banking in Singapore
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