Dallas, TX: ReportsandReports announce Japanese Offshore Excellence: Building the proposition your customers most want Market Research Report in its Store.
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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
Catalyst
Summary
Methodology
Executive Summary
Five areas of excellence determine the success of an offshore banking operation
Multiple currency accounts are critical
Discretionary asset management focus differs between centers
Trusts tend to be offered through subsidiaries or partners
Sufficient access to RMs is a cornerstone of offshore banking
Transfers between centers must be simplified, or there is a risk of losing the client to ‘onshore’ banking
Table of Contents
Table of figures
Table of tables
Who are the Offshore Clients?
The offshore client base is balanced within most centers, with clients domiciled worldwide
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
Why do clients have relationships with banks in these centers?
Jersey
Guernsey
Isle of Man
Switzerland
Hong Kong
Singapore
Offshore Excellence Model: Peer Group Offerings
Bank account excellence
Multiple currency accounts
The peer group offerings: multiple currency accounts
Abbey International
Barclays Wealth International
Citi International Personal Bank
HSBC International
Lloyds TSB International
DBS Bank Hong Kong and Singapore
Standard Chartered
Debit and credit cards
The peer group offerings: debit and credit cards
Abbey International
Barclays Wealth International
Citi International Personal Bank
HSBC International
Lloyds TSB International
The Asian card offerings: DBS Bank and Standard Chartered
Competitive interest rate products
Investment excellence
Discretionary and advisory asset management
The peer group offerings: discretionary and advisory asset management
Abbey International
Barclays Wealth International
Citi International Personal Bank
HSBC International
Lloyds TSB International
Credit Suisse
UBS
Alternative investments and structured products
The peer group offerings: alternative investments and structured products
Abbey International
Barclays Wealth International
Citi IPB
HSBC International
Lloyds TSB International
DBS Bank
Standard Chartered
UBS
Ancillary services excellence
Trusts and corporate structures
The peer group offerings: trust services
Abbey International
Barclays Wealth International
Citi International Personal Bank
HSBC International
Lloyds TSB International
DBS Bank
Standard Chartered
UBS
Credit Suisse
Technological excellence
Sufficient access to RMs
Transactional website
The peer group offerings: access to RMs and transactional websites
Abbey International
Barclays Wealth International
Citi International Personal Bank
HSBC International
Lloyds TSB International
DBS Bank
Standard Chartered
Customer services excellence
Living the brand
A Named Relationship Manager
Easy transfer between centers
APPENDIX
Definitions
Domicile
Offshore
Methodology
Further reading
Ask the analyst
Datamonitor consulting
Disclaimer
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