Industrial Bank's Wealth Management Card Fresh from the Presses
Everyone wants to enjoy the fruits of nature, and everyone wants the perfect life. So much the better, then, when nature and human life progress hand in hand. Now, Industrial Bank presents the "Natural Life" family wealth management card, which brings you just this kind of effortless control over your wealth.
Seeking "Natural Life" in the hubbub
On 20th September, Industrial Bank officially unveiled its new "Natural " family wealth management card, which is the first of its kind in China . By e-currency and individualized channels to comprehensive financial services, the multi-functional card allows control of several accounts that includes cash deposit/withdrawal, transfer and settlement, self-service financing, agent services, transaction and integrated wealth management. The card manifests the values for the entire family of the cardholders. This is the most important feature of the card. We believe that the brand-new idea from an economic perspective towards life will undoubtedly lead the trend to the next generation of wealth management products.
A brand stands to be a competitive edge. In the planning of the Industrial Bank's wealth management brand, president of the bank Li Renjie has always insisted that the bank should stick to its core belief -- "Service Starts with Sincerity". A bank must provide the services that its customers need most to set itself apart from the pack, and reflect culture profoundly. Bi Zhonghua, vice president in charge of retail operations also notes Industrial Bank's dedication to an in-depth understanding of the demands of the market and the counterpart banking products. Only after exhaustive research can a bank produce unique, long-lived products which carve out their own niche. This is the mark of a truly excellent and innovative brand.
Under such principle, the designers of the personal banking department started to carefully analyze and compare various products existed on the market in terms of their similarities, differences and limitations. All Industrial Bank products spring from the desire to create more benefits for customers, and never has this been clearer than the launch of the unique "Natural Life" card. "Natural" represents the objective rules of universe; "Life" is the combination of what we value and cherish most in our social practices. It is only when our life is able to fit within the natural order that can we realize our ultimate values; and the values in our lives spring from family, in which natural order and the personal vales harmoniously coexist and fit to each other. This new approach, merging human values into the product designing process, reveals multi-layered relations between individuals and society; society and family; family and individuals; human and nature. It advocates natural development of society, nature, family and individuals, and resonates in the inmost recesses of the values and thinking of our customers.
The card logo is another expression of the concept behind the "Natural Life" family wealth management card. The logo is a multi-dimensional triangle, of which any two sides can be taken as the strokes in the Chinese character for person: "人",This symbolizes the people-oriented belief held by Industrial Bank, which is also interpreted as creating superior value and supplying the service with authenticity, sincerity and warmness for customers. The blue triangle symbolizes the masculine: puissant and intelligent, bold in facing challenges and undertaking responsibilities, blazing a trail into the future. The purple triangle is the feminine: noblest and beautiful, elegant and young, with a mysterious romance. The green triangle stands for the juvenile: brimming with hope, energy and innocence, it is the image of ceaseless growth and development.
Within the industry, the "Natural Life" card has attracted praise for its bold dismissal of the old and outdated practice of taking only individuals' assets as the segmentation standard for personal wealth management products. This oasis of innovation in the desert of indistinguishable products will bring about a happy union of personal and household wealth management, creating a brand-new era for differentiated personal wealth management products.
Family Finance: A Revolution in the Making
Specialists have forecasted that the personal wealth management market in China is going to grow by 30% on a yearly basis for the next decade. This growth is based on the fast accumulation of wealth by Chinese residents over recent years. The Merrill Lynch/Capgemini World Wealth Report 2004 showed that in 2003 there were 236,000 dollar millionaires in China , with total assets worth 969 billion USD. Research also showed that 81% of Chinese were interested in personal wealth management services, 43% felt that they needed personal wealth management services, and "hoped to establish a stable and regular relationship with their bank's wealth management expert." The level of desire in China for personal wealth management is growing.
With a keen observation for trends in the wealth management products market, Industrial Bank has taken the advantage of strategic partners, such as Hang Seng Bank, to take the lead in carrying out innovative products. With Citibank, it has set up an innovative system for direct personal FX spot transaction with leading technological support. Together with ChinaUnionPay it has created the new function of banking card to establish the first one-stop "Online Fund Supermarket" of Yinjitong . Industrial Bank has also launched the wealth management products, "WHT" and "WLB", for Chinese and foreign currency, which have attracted a lot of interest in the markets. With these developments, Industrial Bank has earned the trust of their peers and of its clients.
But Industrial Bank is certainly not content to rest on its laurels. With ongoing research into the potential demands of its customers, Industrial Bank is continually adding to the benefits of its wealth management products to meet the requirements of globalized and integrated wealth management. It is this research that has finally led the bank to introduce series of family wealth management card. With this card, Industrial Bank aims to bring the full spectrum of its wealth management products and services to every household in China . As head of the personal banking department Lei You puts it, a harmonious household is the highest ideal of traditional Chinese culture, is the basis of success in business and the cornerstone of a happy life. Producing a family wealth management card to introduce Industrial Bank's products not only shows respect for the emphasis on family life in traditional Chinese culture, but also brings in a modern, attractive package, which is sure to find quick acceptance and acknowledgement in the marketplace. Compared with individuals, family is also a broader platform on which the bank can give the benefit of its financial expertise. The varying demands of a husband, wife and children through the processes of education, growing up, starting a business and retiring can be met through a range of products that is profound, abundant and flexible. Finally, research shows that among wealthy individuals, 30% take the family as their primary consideration when dealing with their finances and a further 23% rely much on their spouse's opinions in wealth management. Adding up the percentage, more than 50% of wealthy customers are heavily influenced by their families in the course of their finance management.
According to Industrial Bank, with a multi-functional card like the family wealth management card, a bank has more opportunities to deliver scientific ideas about family finance planning to its clients and cater to varied demands at all phases of individual's career and live. In addition to providing all the standard products, the bank supplies customers with professional suggestions and schemes on retirement, education and tax planning, to help customer ultimately create a healthy and stable home environment. Initial response shows that by introducing this new concept, the bank has attracted interest from many different quarters. The consensus is that the Family Wealth Management Card is an innovative and far-reaching contribution to the Chinese financial product market, and will bring real benefits to customers.
A Spectacular Array of Features
If a brand stands to be your competitive edge, then functions are the life force of a product. The "Natural " family wealth management card not only brings to customers the profound connotation that comes with the brand, but also has a full range of associated functions. It is the gateway to an all-round and individualized suite of family wealth management services.
The card has seven major functions:
Multiple currencies & multiple accounts.
One card allows a customer to open deposit or current accounts in any domestic or major world currencies such as RMB, HK$, US$, JYE, EURO, etc. Account balances and statements can be requested at any time. It is also possible to open "WLB" trade and settlement account, "WHT" trade and settlement account, fund trade and settlement account, security collective plan and entrusting trade and settlement account of wealth management, and to manage these accounts separately.
Multiple investment & automated wealth management .
With a family wealth management card, a customer can make several different kinds of transfers through any outlet of Industrial Bank, the telephone banking system, CIB Online, any of Industrial Bank's securities exchange or self-service network. There is a round-the-clock FX transaction service. Customers can invest in Industrial Bank's high-returning wealth management products—"WLB" & "WHT", invest in open-end funds, government bonds and entrusting products. An automated wealth management function is also available. That's if the savings in a current account exceed the amount limitation for a deposit account, the bank will automatically transfer the excess to a deposit or call deposit account to effortlessly increase the interests on your savings.
Various and Real Time Transfers .
With a family wealth management card, a customer can make transfers at any time through any outlet of Industrial Bank, ATMs, self-service finance network, the phone or the internet. Transfers can be done between wealth management cards, between wealth management card and a current account, between different accounts under a same wealth management card or between IB wealth management card and non-IB account, and all transfers would be dealt with immediately. Transfers and remittance can also be preset, so that transfers are made once or regularly at a set time in advance. This gives the customer more power and flexibility in the management of funds.
Self-service Revolving Loans and Automatic Repayment .
Customers can apply to the bank for the line of revolving loans against estate and financial assets, which allows them to pay out on request up to the line, with no need for any further procedure. Overdraft facilities are available at any outlet, ATM, over the phone, on the internet or at POS tills. The card account can also be set to automatically repay the loan, minimizing the interest due. Once the loan is returned, the line will be resumed automatically, allowing the actualization of revolving loan.
Reward Scores and Prizes .
As customers use their cards for all kinds of transactions or to purchase wealth management products, they can accumulate reward scores, which remain permanently on their accounts and can be exchanged for prizes. There will also be seasonal prize draws with attractive free gifts.
Telecom discounts, individualized statements and predefined utility payments .
With a family wealth management card, customers can receive 40% discounts on long distance phone calls of China Unicom. There is also a dedicated free booking line where customers can receive discounts of 30%-80% on hotel rooms and air tickets. The bank will design individualized balances and itemized statements, with the situations of all accounts and assets set out in a clear and easy way. Customers can also assign any income source (wages, bonuses, allowances, dividends) and cover utility or other fees (phone call, water, electricity, tax, gas, insurance, cable TV, business administration).
Multiple Electronic Channels supported by Online banking and SMS Message .
Industrial Bank has made full use of modern information technology and the internet to provide customers with a full range of financial management services over the phone, the internet, mobile phones and self-service network. Customers who log onto CIB Online can deal with all kinds of transactions, and take advantage of online services like the "electronic secretary". By dialing the nationwide service hotline 95561, customers can enjoy their VIP benefits, check account balances, report card losses, consult financial experts or make complaints and so on. All kinds of information can be sent out to customers by whatever they prefer.
Optimum Service
Industrial Bank believes that having world-leading products is not enough for long-term success. Individualized and differentiable service is a key factor for service trend. This belief has led the bank to produce its "Retail A+3 Service Plan", aiming at ensuring every customer and their family to receive top quality service that really meets their demands with authenticity, warmness and sincerity. During the establishment of its wealth management system, the bank has sent nearly 200 wealth management specialists to Hong Kong, and invited expert from Hong Kong and Taiwan for continuous training. Specialists also attended AFP trainings. All these efforts strive to promote the foundation of VIP wealth management room and multi-function VIP wealth management center to ensure first rate, reliable service at all times. Along with the launch of the "Wealth Management" family finance planning card, the bank has developed a customer grading system, which guarantees that most top customers are able to enjoy the value-added and optimum service.
Gold Card holders are assigned a personal customer service manager who provides individualized service, helping the customer to manage their wealth according to their financial status, anticipations, investment preferences, financing cycle, and fund liquidity. This one-to-one service will supply preferential service with high quality. The IB Messenger will be served freely to inform any change of account and Gold Card holders are also given priority in conducting their transactions and the services they request. When it come to the important holidays or special commemorating date, the sincere greeting will be send out to the customers in various way to reflect subtle care of the bank.. There is also a full reminder service, ensuring that customers are aware of dates of loan and credit card repayment, booking of wealth management products and completion of transfers. This will avoid any unnecessary losses of interest or other benefits for the customers.
Platinum Card holders, in addition to receiving all the benefits of a gold card holder, have the privilege of playing golf without paying any green fees, as well as a dedicated booking line for the game. They can enjoy VIP services, including access to the VIP waiting rooms in major domestic airports such as Beijing and Shanghai , and SOS aid for global traveling. VIP windows and VIP area have been set up in outlets to provide preferential and favorable service. Furthermore, business insurance of RMB 500,000 also guarantees a worry-free business trip.
In addition to above benefits, Black Gold Card holders also will be supplied with a financial consultant offering one-to-one personal attention, who dedicates to arrange customer's wealth life. They can enjoy international traveling SOS aid, five-star national road-side service and additional free business insurance of RMB 1.1 million, which allow entire safety for traveling. They can obtain emergency payment support as well, which guarantees timely help in any situation. Every year, the bank will select some of our top "Black Gold Families" for special activities, bringing unlimited value-added services to our worthful customers. Moreover, the bank has also designed special cards for ladies and youth.
With a high jumping-off point, excellent taste and high-profile connotation of family, the "Natural Life" family wealth management card is certain to be competitive and attractive in every corner of the market. Industrial Bank promoted this brand image with a beautiful scene: in a golden field, facing the sunrise, a harmonious and happy family is marching forward to a brighter future. The picture illustrates perfectly the Industrial Bank's responsibility and mission for creating prominent value and ease life for their customers.