The commonly offered services of a bank are loans, schemes, and several plans that help the customers to overcome the financial crisis. These services are impeccable and carry immense significance therefore customers need to focus keenly while accepting such financial help. Almost all the banks in the world have adopted the modern banking system which ensures the highest level of convenience to the customers. The change in dynamics of adapting to the technology drove the banking industry to provide simple and useful solutions to the customers with digitization. Some of the banks are yet to design privileged banking services that render high-end services to the customers against their demands. Banks that provide extraordinary services to limited people called priority customers ensure they get maximum benefits from the plans designed by the banks. Such priority banking services are prevalent in the travel and tourism sector where the customers get benefits throughout their journey and stay. Cathay Pacific customers can avail themselves of wonderful privileges that make their vacation even more delightful.
What are the benefits offered for Priority Banking clients?
Priority banking is often mistaken as wealth management services, although many features may be alike yet priority banking mainly focuses on offering services at the best prices keeping customer satisfaction as the crux.
The benefits are:
- Welcome offers that can be customized as per customers’ needs
- Support to wealth management portfolio creation
- Account opening in various places
- Fund transfers without any cost
- Priority Banking status with Global recognition
- Membership offers that provide exclusive services and deals while traveling
- Free access to lounges while traveling anywhere
- Can enjoy benefits offered to Business class passengers
The customers are often however curious to ascertain whether these benefits are for free or they are being charged too much. The main criteria to be eligible for this benefit are the credit history or the record of the customer. For example, the collaboration or co-branded card of Standard Chartered Cathay MasterCard – Priority Banking makes the customers get Marco Polo Club benefits and offers a great hassle-free travel experience as the customers pay using the card they unveil redeem points that can be used everywhere in the world.
The needs differ from person to person therefore the customers need to distinguish their needs and analyze if they need such services from the banks. Today like most of the banking is done just in a click-through mobile banking or internet banking the need for this kind of service must be evaluated before joining. This is again of great use for people who are constantly traveling because they will benefit from the priority services. They get comfort and options to get faster and convenient services which helps them to save time and money while traveling. Other examples that priority customers can enjoy are the ability to request unlimited checkbooks, demand drafts at regular intervals, financial advice, waiver on NEFT, RTGS, cheque returns, debit, and credit cards meant for premium customers for no cost, etc. such services are not offered to normal customers. Therefore these benefits enhance the customer experience while they are banking.
Today, collaboration deals or co-branding deals are increasing amongst corporations that enable them to achieve success by contributing higher returns to the customers. The collab deals as such are a gain to the customers as there are many services provided at either discounted rates or free of cost. The priority customers get a comprehensive suite of products and services to enhance convenience for the existing customers. The travel lifestyle industry that faced massive jolt in the last two years gave an analysis that people continued to earn miles with their credit card usage demonstrating high customer loyalty.
In the past, the annual spending of collab cards on an average for travel lifestyle stood 20% above the market average, yet, the recent statistics show the Active Ratio to be at 90% that shows the customer planning for future travel. The accumulation of miles reflects the enthusiasm of travelers which can be encouraged by offering exclusive services via Priority Banking and Priority Private Cards.
The benefits of priority banking may be different in every bank. Leaving the gamut of the benefits aside what might be of importance is that the priority clients enjoy a higher level of assistance and gains in comparison to the normal customers. The customers find it amusing and luxurious to avail these kinds of benefits from the banks.