What Pleasures Can Privilege Hold for Bank Customers?
What is it like being a privileged banking customer? Sure, there’s less time waiting in line for a teller, but more than that is the comfort of knowing that someone like Neneng Dewi Mulyasari is looking after you and your money. Privilege, as they say, does have its advantages.
Neneng, 39, graduated with a communications degree from Bandung’s Padjadjaran University and started her banking career in 1996. She quickly built an impressive resume, with stops at some of the biggest names in the business, from Bank Bali to Bank Mega, from ABN Amro to RBS and Bank Permata.
She joined Bank UOB Indonesia in 2010 and is now the vice president for personal financial services. Here she talks about keeping up with the increasing financial sophistication of clients and what you should expect from your privileged banking services.
“Way back when, I would have never imagined myself having a career in the banking sector, especially because I hold a bachelor’s degree in communication. Yet, since I joined Bank Bali, which I did before I graduated from university, I’ve enjoyed every single minute of my banking experience,” she says. “Banking can be both conservative and interesting, and that’s what triggered my passion. There’s surprising room for creativity within its borders.”
As a manager of privilege banking at UOB Indonesia, Neneng says one of her challenges is the increasing sophistication of the marketplace. With much greater access to information and a much deeper understanding of their options, high-end banking customers don’t just expect great service, they expect great personalized service. The challenge all banks now face, she says, is not convincing clients that they offer the best service overall, but that they can provide the best service for the client’s individual needs.
“The culture of privilege or priority banking has basically stayed the same over the years, but the products have had to evolve into a much wider array of options,” she says.
“We offer several services to clients and we give them in-depth explanations, because, in general, the market is quite knowledgeable in regards to wealth management. Together, we work to create the best wealth management solution that suits each client’s profile.”
While UOB Indonesia Privilege Banking focuses on personal financial services, Neneng says the highlight of the bank’s services is how much care each of its relationship managers gives to their clients. She oversees 30 relationship managers, who each handle 50 clients at most.
“We train each of our relationship managers to have in-depth knowledge about their clients, and by analyzing their profiles, we are able to deliver the right solution specifically for managing their wealth,” she says.
She adds, “UOB Indonesia is very strict and serious about how we handle our clients. The bank has a very high set of standards, and we have to perform to those standards, while always aiming to exceed them.
“The minimum opening amount to open a Privilege Banking account with UOB is Rp 1 billion [$110,000], as these are the clients that need advanced wealth management,” Neneng says.
“Obviously, there are several added benefits for our privileged clients. But it is also a challenge to keep these kinds of clients satisfied, as we need to give them the kinds of benefits that will keep them with us. We are constantly striving to strengthen these relationships by listening to their comments, opinions and requests. By doing that, we can formulate the best service package for them.”
Keeping watch over so many clients keeps Neneng extremely busy but she doesn’t stop there. She started her own business in 2010 by joining the Takigawa Japanese restaurant franchise and setting up her outlet at Pacific Place mall.
“I never like to stop working, so I’ve always wanted to have a business that would not take up a lot of my time — a fun business. And I think the food and beverage business suits that criteria, especially since it’s a franchise,” Neneng says.
Besides owning a restaurant, Neneng says she enjoys traveling and shopping. She adds with a smile that, like some of her privileged clients, Paris is her favorite destination.
This story originally appeared in the April issue of The Peak