Pamper them, put a smile on their faces and make more money from them. That’s exactly what Ugandan banks are doing to the rich as competition in the banking industry intensifies.
Many banks have opened up exclusive outlets for the rich with classy lounges, free Wi-Fi internet, tea and most importantly, customers have personal relationship managers, who literally manage their financial affairs.
It’s not a surprise for a personal relationship manager to tell a customer the latest car on market and how the bank can fund him or get her get it.
The rich customers are also offered a number of services including various insurance products at friendly rates compared to rates that apply to the ordinary customers.
The rich are also offered preferential lending terms and a choice to operate their accounts in the local currency or any of the major global currencies including the US dollar, British pound and euro.
The rich also enjoy extended banking hours during weekdays and weekends.
Business Focus understands that although some banks don’t have exclusive branches for the rich, they have exclusive banking walls for them.
In some branches, corporate or rich customers are seen going through the ordinary customers’ banking walls as they go into their exclusive lounges and banking walls.
Ecobank Uganda is one of the banks with exclusive branches for high net customers. Its Rwenzori branch targets and serves wealthy customers.
Clement Dodoo, the Ecobank Uganda Managing Director explained why exclusive outlets are necessary.
“It’s because their products suits can be quite complex. As such, generic products may sometimes not work for them. For example, their credit facilities structure could be complex and intertwined. So when you create a special hub for them, you are able to handle their issues with their right expertise,” Dodoo said in an exclusive interview with this website.
Equity Bank Uganda also late last year opened an exclusive banking outlet along Buganda Road dubbed the Supreme Banking.
“The Supreme Branch is going to help us better serve our priority clients,” explained Equity Bank Executive Director, Anthony Kituuka
The Equity Bank Supreme Branch also offers customized banking solutions with exclusive privileges and unrivalled personal attention.
dfcu bank’s pinnacle banking also targets the rich.
Under this arrangement, rich customers have an opportunity to get an overdraft on request to cater for their unexpected needs.
They can also access loans of up to Shs150m at discounted rates as well as have financial literacy and business networking sessions.
Uganda currently has 24 banks, but the market is dominated by a few banks.
In 2017, 18 banks recorded profits, down from 20 in 2016. The 18 banks made a net profit of Shs768.66bn in 2017, up from Shs676.56bn in 2016.
This represents an increase/growth of 92.1%.