Maintaining growth in a pandemic-hit world

Over the past year, a period in which the whole world has battled with the Covid-19 pandemic, we at ČSOB Private Banking have had to face several challenges to maintain our growth strategy. 

The main priority was to get clients to stay invested, stick to selected investment strategies, think long-term and spread regular investments over time. That strategy has led to an increased share of client investments in equities and alternatives, at the expense of deposits. Performance in 2020 confirmed that our chosen strategy was a winning one.

The acquisition of new clients remains crucial. The bank’s affluent customers continue to be the private bank’s main target clients.

We also saw growth in cross-selling of non-life insurance to individuals and their businesses. The double-digit growth signalled the huge potential for business insurance, because most private banking clients are also company owners, CEOs or board members.

“Although private banking is based primarily on personal contact with clients, the health of our clients and employees has been a top priority for us,” says Pavel Tichý, director of the private banking and wealth office segment. 

“We have learned to use digital channels for mutual communication with our clients, including the possibility of sending draft offers or remotely signing contract documents and instructions,” he adds. 

“The Covid crisis accelerated the development of automation and digitisation processes and their implementation. It tested us in both our personal and professional lives and forced us to deal with everyday issues in a new, more flexible way, which have gradually become standard,” says Mr Tichý.

Sustainability and environmental care are part of ČSOB Private Banking’s philosophy. Therefore, we are increasingly connecting our product offer with socially responsible investing, and area where we have seen sales growth almost double. 

This article is sponsored by ČSOB Private Banking