Offshore Excellence: Building the proposition your customers most want - Market Research Report On Aarkstore Enterprise

Introduction

Introduction

Datamonitor's Offshore Banks Survey of more than 40 players across 6 centers underpins a detailed Offshore Excellence Model for banks. The report identifies the critical compenents of a successful offshore proposition, and assesses 9 major offshore bank against the components in the Excellence Model.

Scope

*Datamonitor's proprietary Offshore Banks Survey of more than 40 players, covers the needs and decision triggers of offshore clients.

*The survey was conducted in Guernsey, Jersey, Isle of Man, Switzerland, Hong Kong and Singapore

*The Peer Group was analysed in 5 areas of excellence: Bank accounts, Investments, Ancillary services, Technology and Customer Service

*Peer Group: Abbey In'tl, Barclays Wealth Int'l, Citi Int'l Pers. Bank, HSBC Int'l,Lloyds TSB Int'l, DBS Bank, Standard Chartered, Credit Suisse & UBS

Highlights

Nearly 70% of Channel Islands/ Isle of Man's offshore client base is domiciled in Western Europe (and around half are based just in the UK), which is a legacy of the strength of the UK banks in those centres.

Multiple currency accounts will be among the most important features of both deposit and savings accounts within two years, especially in the Channel Islands and IoM. In these centers, 41% of wealth managers cited the availability of multiple currency deposit accounts as one of the most important features for their clients in two years' time.

The pressure brought to bear upon offshore centers has fundamentally changed the way the banks do business there. These conditions mean that banks must proactively approach clients affected both by specific amnesties and by the more general shift in sentiment, to ensure they make it easy for clients to move funds between countries.

Reasons to Purchase

*Understand your clients' offshore needs. Use our Offshore Banks Survey results to see what offshore clients want in terms of products and services

*See which of your competitors are doing things right. Our in-depth analysis of 9 Offshore banks provides the benchmark for Best Practice

*Build/upgrade your offshore proposition. The 5 areas of excellence helps ensure your service meets the needs of offshore clients

Table of Contents :

Overview 1

Catalyst 1

Summary 1

Methodology 1

Executive Summary 2

Five areas of excellence determine the success of an offshore banking operation 2

Multiple currency accounts are critical 2

Discretionary asset management focus differs between centers 2

Trusts tend to be offered through subsidiaries or partners 3

Sufficient access to RMs is a cornerstone of offshore banking 3

Transfers between centers must be simplified, or there is a risk of losing the client to 'onshore' banking 3

Table of Contents 4

Table of figures 5

Table of tables 6

Who are the Offshore Clients? 7

The offshore client base is balanced within most centers, with clients domiciled worldwide 7

Only banks in Jersey, Guernsey and the Isle of Man source their clients predominantly from the local region, making them vulnerable to single country tax amnesties 7

Why do clients have relationships with banks in these centers? 9

Jersey 9

Guernsey 9

Isle of Man 9

Switzerland 9

Hong Kong 9

Singapore 10

Offshore Excellence Model: Peer Group Offerings 11

Bank account excellence 11

Multiple currency accounts 11

The peer group offerings: multiple currency accounts 13

Abbey International 13

Barclays Wealth International 14

Citi International Personal Bank 15

HSBC International 16

Lloyds TSB International 17

DBS Bank Hong Kong and Singapore 18

Standard Chartered 19

Debit and credit cards 20

The peer group offerings: debit and credit cards 20

Abbey International 21

Barclays Wealth International 21

Citi International Personal Bank 21

HSBC International 22

Lloyds TSB International 22

The Asian card offerings: DBS Bank and Standard Chartered 22

Competitive interest rate products 23

Investment excellence 27

Discretionary and advisory asset management 27

The peer group offerings: discretionary and advisory asset management 28

Abbey International 29

Barclays Wealth International 29

Citi International Personal Bank 29

HSBC International 29

Lloyds TSB International 29

Credit Suisse 30

UBS 30

Alternative investments and structured products 31

The peer group offerings: alternative investments and structured products 32

Abbey International 32

Barclays Wealth International 32

Citi IPB 32

HSBC International 33

Lloyds TSB International 33

DBS Bank 33

Standard Chartered 34

UBS 34

Ancillary services excellence 35

Trusts and corporate structures 35

The peer group offerings: trust services 36

Abbey International 36

Barclays Wealth International 37

Citi International Personal Bank 37

HSBC International 37

Lloyds TSB International 37

DBS Bank 37

Standard Chartered 37

UBS 38

Credit Suisse 38

Technological excellence 38

Sufficient access to RMs 38

Transactional website 39

The peer group offerings: access to RMs and transactional websites 40

Abbey International 40

Barclays Wealth International 40

Citi International Personal Bank 41

HSBC International 41

Lloyds TSB International 41

DBS Bank 41

Standard Chartered 41

Customer services excellence 42

Living the brand 43

A Named Relationship Manager 45

Easy transfer between centers 48

APPENDIX 49

Definitions 49

Domicile 49

Offshore 49

Methodology 49

Further reading 49

Ask the analyst 49

Datamonitor consulting 49

Disclaimer 50

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Offshore Excellence: Building the proposition your customers most want - Market Research Report On Aarkstore Enterprise

By: Aarkstore Enterprise

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