MANILA, Philippines - If you had P100,000, what would you do with it?
Well, I could think of a thousand and one ways of spending it. But other than having an all-consuming love affair with my favorite malls in the city, I could go into a relationship with Citibank, which has a wealth of advice to give on how to grow one’s wealth.
Fact is, Citibank, the country’s largest foreign bank and Asia Pacific’s leading wealth manager, opens its doors to the “emerging affluent” across the region with a full range of innovative banking services.
Taking Care Of Your Wealth
Now, here’s a new term to add to your growing money vocabulary: emerging affluent. That could be you. If you have P100,000, you can start a banking relationship with Citibank and experience unparalleled personalized services that have made the bank the financial partner of choice among high-net-worth individuals (which could be you and me in the not-too-distant future).
“We introduced wealth management in the Philippines in the early 1990s, and we have been very successful in assisting our clients in protecting and managing their wealth,” Sergio Zanatti, Citibank Philippines consumer business manager, tells us how it all began. “We are now expanding our reach by extending our services to the emerging affluent — this time with a focus on growing their wealth.”
According to Zanatti, the emerging affluent market “is the entry level in a wealth continuum that includes the Citigold brand for the affluent. This market is rapidly growing in the Asian region with about 500 million individuals whose investible assets range from US$10,000 to $100,000.”
“The emerging affluent includes the upwardly mobile individuals, people who are focused on their personal and financial interests,” notes Aneth Lim, Citibank corporate affairs director.
So, what do you aspire for in life?
Whether it’s a long-term goal (maybe a dream house, the best education money can buy for your children, comfortable retirement or health plan) or a short-term goal (like getting married, going on a cruise or buying a new car), Citibank can help today’s emerging affluent stay focused on achieving their aspirations.
So, where do you put your money?
Lim replies, “In some banks, when you come to them, they’ll give you a menu of products, where you want to put your money. In Citi, it’s different. First, we want to find out where you are financially, which is very important. Most people don’t know. They say, ‘Wala naman akong utang, eh, so I’m okay,’ but it’s not just about being indebted or having a little savings. It’s really knowing what your personal life goal is. From there, we also pose: Where do you want to be in the future? Is it important for you to own a house? Or personally, if you’re still single, to pursue further studies? Or if you’re newly married, to make sure your kids not only go to school but go to an Ivy League at some point? So, when you start defining your goals, we’re here to help you find out how to get from point A to point B because that’s where people need help.”
From Emerging To Established Affluent
According to Lim, when you’re talking of the affluent, the concern is how do I protect and manage my wealth? On the other hand, with the emerging affluent, it’s how do I grow my wealth? “You want the emerging affluent to become the established affluent, until they become a high net worth.”
Where you put your money depends on your goals and your risk appetite. Lim shares, “When you’re younger, you tend to take more risks. Because you don’t mind, you can ride out the volatility in the market. What your P100 is today, if you invest it, may be P1M tomorrow, depending on the market or it could be zero, you could lose it all. There are some people who want to stay in a time deposit because the whole amount is principally secured. No one size fits all. Amazingly, there are some young people who are already very moderate; they don’t like to take any risks. There are some who, despite being advanced in years, are still very aggressive because they think there’s no reward if they play it so safe. That’s why the profiling is very personalized.”
Vivacious model and TV personality Raya Mananquil walks us through a step-by-step guide on Citibank’s Goal Planner (available in the bank’s website: www.citibank.com.ph). In an engrossing conversation with Raya, our young emerging affluent, Bernardo Rojas, Citibank Philippines product and segment head for retail banking, asserts, “This can be a first step in helping clients think about their finances, and what they hope to achieve in the future. For many, this serves as an eye opener that they need to make their money work harder and we’re happy to help them make their dreams happen.”
In his presentation during the press conference on rethinking banking, Citibank country retail banking director Vipin Agrawal reveals, “Our recent survey showed that emerging affluent clients look for a bank that values their time, immediately addresses their needs, and offers world-class digital banking services. They also lead increasingly global lifestyles and want a bank to support them with their international banking, traveling, and investing needs.”
Online, Mobile Banking In The Citi
With more and more Asians traveling for business or pleasure, to study or to work, it’s reassuring to know that being present in over 100 countries, Citi can be our global banking partner. More, Agrawal enumerates what Citibank has to offer for the emerging affluent clients:
1) Unparalleled access and responsiveness: Free local cash withdrawals at over 10,000 ATMs across the country; Call Me Back — leave a message at www.citibank.com.ph and Citi will call you back on your preferred schedule; 20-sec pickup via 24/7 CitiPhone; access to Citibank online and Citi mobile anytime, anywhere in the world.
2) A full suite of global banking services: Free and real-time Citi global transfers of as much as US$10,000 daily; pre-arrival assistance when you relocate to another country; global view of accounts to see all your accounts with Citi in one view; free international cash withdrawals at over 20,000 Citi ATMs across the globe for travelers; emergency cash up to $1,000 while traveling abroad; exclusive rewards and offers with Citi World Privileges.
3) Personalized products and services: Dedicated personal banker; professional financial guidance and access to market updates, analysis, and investment performance; Goal Planner tool for personalized financial planning.
“We are setting a new benchmark for the industry as we raise customer experience to a whole new level,” Zanatti points out. “We are confident that this menu of services will attract the emerging affluent to bank with Citi and begin a long-term financial relationship with us.”
Agrawal observes, “Consumers are increasingly more busy with more things in their lives, and they want their bank to be there anytime, anywhere very, very fast. We have found out that 80 percent wants a bank that never makes them wait. Second thing is, customers, both young and old, are adapting to new technologies. My father, who has been retired for more than 10 years now, uses the Internet, he plays games, he e-mails. It’s not true that old people don’t use these technologies. Fifty-five percent say that if they had a choice, they never, ever want to go to the bank; they would like to do their banking remotely — online or via mobile phone. And so, we give our customers world-class distant banking. Wherever we live, our mindset is global: We shop overseas, we travel overseas, we have friends overseas, we have family overseas. We want our children to study overseas. Sixty-five percent wants access to their bank anytime, anywhere.”
Lim discloses, “We spoke to our customers, Pan Asia surveyed about 8,000 individuals, to find out what their expectations on banking are. Some of the responses were very revealing: They don’t like to wait. People have turned their ATM into a wallet. You don’t like to carry cash anymore so every time you need cash, you go to a bank.”
She adds, “And you don’t have to be a Citibank depositor; we’ve opened the service for free as a bit of a public service.”
So, have you set an appointment with your personal banker yet?