BEST PRIVATE BANK – AUSTRALIA
Australia’s private banking space has undergone considerable change in recent times, headlined by widespread restructuring, rebranding, outright exits and new entries. Amidst this flux, Westpac Private Bank has remained a consistent achiever, posting double digit revenue growth and earning best-in-class client and employee satisfaction ratings.
2016 was a year when the private bank worked to further align its offering with the needs of its clients – a multi-pronged strategy that has included the introduction of a digital concierge service, broadening client access to global and domestic high net worth investment opportunities and strengthening its ‘direct wealth investment’ capabilities for the growing pool of ‘self-directed’ investors in Australia.
“In a dynamic global landscape, we have been able to respond to changing consumer sentiments, providing digital innovations and outstanding service experiences,” said Jane Watts, general manager of BT Private Wealth, a division of the Westpac Banking Corporation. “The recent achievements highlight the strength of our business and the exceptional client management we provide our clients.”
Westpac Private Bank has also adopted an efficient investment framework for its operations that has enabled it to maintain a healthy cost/income ratio. On the technology front, the bank has committed to a range of digital initiatives such as client-facing tools that allow transaction and balance views through mobile portals and a dedicated service improvement team to ensure the efficient execution of trades and seamless client onboarding processes.
The private bank has also delivered a comprehensive wealth curriculum to upskill its private bankers on both technical know-how and soft skills.
Westpac Private Bank is Asian Private Banker’s Best Private Bank – Australia for 2016.