subject: Offshore Excellence: Building the proposition your customers most want - Market Research Report On Aarkstore Enterprise [print this page] 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
