StanChart sets up private banking academy
Standard Chartered Private Bank has partnered with Fitch Learning, a pre-eminent training and professional development firm, and Insead, a leading business school, to create a bespoke training programme for its global frontline staff that will enable them to deliver a higher level of service and advice to private banking clients.
“Our Private Banking Academy will deliver a forward-thinking curriculum that will equip our people to offer excellent service and relevant wealth management advice to clients in an ever-changing market environment. The academy is a core part of our commitment to developing all of our employees, and we believe it will set a new industry benchmark,” said Naushid Mithani, head of global South Asian community, Europe, Middle East and Africa and private bank head UAE, Standard Chartered Bank.
Based on its extensive experience, Fitch Learning has designed a customised programme to build the sales skills and product knowledge of the private bank’s frontline through a blend of classroom and online training. Launching in May 2017, the programme is mandatory for all frontline employees, across the bank’s private banking booking centres in Singapore, India, Hong Kong, London and the UAE, and will include a rigorous assessment process that leads to certification.
Andreas Karaiskos, CEO of Fitch Learning, said: “Fitch Learning is delighted to partner with Standard Chartered to establish their new Private Banking Academy. The Academy will provide world-class, dynamic learning modules to support Standard Chartered’s ambition and expansion in private banking and wealth management. Our investment over the years in our wealth management platform and expertise in developing technical and advisory skills will be fully deployed to support Standard Chartered in achieving their strategic goals.”
Selected high performers will also have the opportunity to attend an executive programme designed by Insead that will help them adapt to the fast-evolving and increasingly digital future of private banking.
Massimo Massa, the Rothschild Professor of banking and professor of finance at Insead, commented: “In the fast-changing world of finance, new sources of competition have emerged and new opportunities are opening up. The role of a relationship manager is evolving into that of a trusted advisor who provides solutions, and this requires a refreshed set of skills, expertise and understanding of the client. Ensuring this successful transition will become a real differentiator for private banks. Insead’s unique long-standing expertise and in-depth knowledge of the industry allows us to provide a programme that is at the forefront of helping bankers acquire new skills and broaden ways of thinking.”
Standard Chartered continues to strengthen its private banking business with significant investment in its talent pool and technology: the bank continues to selectively hire senior bankers over the course of 2017, and has recently partnered with Thomson Reuters to launch an industry-first digital tool to help its relationship managers deliver advice to clients more quickly and effectively, based on a single-point aggregation of its investment expertise. – TradeArabia News Service