What is the primary criterion for private banking client satisfaction? According to the latest Private Banking satisfaction survey conducted by ING Luxembourg, clients value proximity to their Private Banker, as well as their availability, attentiveness, and responsiveness. "This is an element that surpasses portfolio performance and product offerings. This proximity builds trust with the bank," explains Christophe Boldo, Head of Private Bankers for the Belgium French-speaking and Luxembourg Markets.
While this trend has remained consistent over the years, another important factor is accessibility to specialists. As Wouter Gesquière, Head of Private Banking Luxembourg, explains, "Private banking clients want access to experts in wealth planning and portfolio managers. At ING Luxembourg, we have these multilingual profiles, which strengthens our ability to serve an international clientele and enrich the privileged discussions between the Private Banker and their client."
More than frequency, it's the quality of contact that matters.
The more personalized the support these clients receive, the higher their satisfaction. According to the survey, the percentage of extremely satisfied clients is higher among those who opt for full delegation of investment portfolio management (+10%) or those who participate in advisory management mandates (+20%) than those who manage their portfolio themselves. "This approach creates more added value. We aim to build a privileged relationship with our clients. It's not the frequency, but the quality of contact that matters. This interactivity is complemented by digital tools to facilitate more frequent exchanges," says Wouter Gesquière. Finally, clients want to feel heard, understood, and that their interlocutor speaks their language. Now more than ever, the financial approach and human approach are inseparable.
Open and honest communication about management decisions enhances transparency, which is crucial for client satisfaction
Gaining Clients' Trust
With their triple-A and double-A ratings, Luxembourg and ING appear as solid partners. "This solidity is reflected in the services we offer. We accompany them through asset management and meet their specific financing needs. Being part of a group helps us create products and solutions, and the expertise built in Luxembourg is a strength we rely on daily," comments Wouter Gesquière.
To achieve this, ING advocates values such as prudence, responsibility, and honesty, which the teams proudly embody. "Integrating these values into portfolio management and the Private Banker's commitment significantly impacts client satisfaction. Similarly, when clients perceive that their own values are respected and integrated into the management of their investments, they develop greater trust in their advisor. Open and honest communication about management decisions enhances transparency, which is crucial for client satisfaction," adds Christophe Boldo.
To further enhance client satisfaction, ING will continue to leverage solutions established within the group to locally enrich its range of products and services for high-net-worth clients. "The transformation of ING Luxembourg is also an example of our ambitions. Offering private banking and wealth management services will be our driver for tomorrow, focusing on a clientele with specific needs," concludes Christophe Boldo.
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