To better match financial products, banks need to constantly analyze customer needs. The bank is a seller who sells banking services and financial products to his clients. As we know well, the seller must find fish for his products, and therefore interested customers, to whom he will be able to sell them. To this end, knowledge about the needs and expectations of customers is necessary.
Division of clients into groups
Knowledge of customer needs is not everything. In order to better match banking products to the expectations of bank customers, the bank must segment them. It is nothing but the creation of the most homogeneous groups of clients. One example is the division into individual clients and entrepreneurs. In the first group of buyers we distinguish common, medium and very affluent clients. Each customer group has different expectations and chooses from specific products. The bank has also introduced private banking for customers with very high incomes.
What is private banking?
The group of very affluent clients, i.e. those with high incomes, is also a very demanding buyer. They give banks a lot of money for, for example, investments. For this reason, a financial institution must somehow distinguish this group of buyers and offers them private banking. This is an individual offer for a very wealthy customer. Private banking is not only a personalized offer, but also comprehensive service. Wealthy customer gets the opportunity to choose between all financial services available on the market.
Private banking means that, being a customer of one bank, we have the right to choose from all offers, including those offered by other banks. Often, banks also offer private advisers within private banking who are available to clients in every situation. High income is associated with the need to manage them at a very high level and extremely professionally, by competent people. We cannot allow random funds to manage our funds.
A very wealthy customer
You should also know that the group of wealthy clients who can use private banking includes people with very high incomes. However, this is not only the factor that influences the fact that we can be qualified to this group of buyers. A member of an aristocratic family or a public figure who enjoys widespread recognition may also be considered a wealthy client.