FNB redefines private banking with its ‘unlock invaluable’ philosophy

FNB is pioneering a new direction in private banking and wealth management in SA, moving beyond the “single contact point” transactional service that has long defined the industry.

Recognising that private banking clients today require more than just perceptions of exclusivity, the shift focuses on leveraging a far more intimate understanding of its clients' lives — embracing not just their financial needs, but also the broader context of their families, legacies and aspirations.

It’s a revolutionary approach that shatters the traditional private banking mould by prioritising each client's entire life context, not just their financial portfolio.

While conventional models often fixate on high-value transactions and specific product drives, FNB's integrated advisory services address every facet of a clients financial journey. This ranges from reimagining everyday banking to providing bespoke solutions for pivotal life events, encompassing lending, investments, risk management and fiduciary planning both locally and globally. 

“We're not just tweaking the private banking formula; we're rewriting it,” says Eric Enslin, CEO of Private Banking and Advisory at FNB. “Our mission is to equip clients with more than just financial tools — we're providing a road map to realise their most profound aspirations and the things that are invaluable to them, be it long-term security, sustainable growth or creating a lasting family legacy.”

Central to this paradigm shift is the understanding that private banking clients no longer need only generalist banking support, but an integrated advisory team that delivers based on their diverse needs. Often private banking clients do not keep office hours, neither are they bound to a single location. 

Innovation reimagined: a bold approach

FNB's relentless focus on innovating for clients means they’ve ensured that the world-class FNB app is a digital hub that not only caters to clients day-to-day banking needs, but also allows them to quickly and easily access their most needed offers, lifestyle services and advice tools — wherever they are in the world.

Complementing this access is the suites of service advisers on hand to assist when a human voice is needed. 

At the pinnacle of the experience is a private adviser who helps with complex needs, goal planning, optimal structuring and accessing opportunities based on a client's life stage or life critical decision points.

As the complexity of a client's requirements grow, the private adviser collaborates with subject matter experts to ensure that their portfolio remains resilient. They bring in the specialist expertise such as wealth managers, fiduciary specialists, global solutions specialists and property specialists to address specific requirements as they arise.

In short, a client's private adviser helps with their day-to-day banking and provides administrative support across all of the bank's solutions.

Coupled with this innovative model is FNB's unique focus on the individual as part of a family ecosystem. Whether in a traditional or non-traditional family construct, this approach allows for clients to plan with their family goals in mind wherever relevant.

This means that unlike conventional private banking that often treats clients as isolated individuals, FNB tailors its solutions to support wealth creation, preservation and generational wealth transfer, recognising that financial choices often impact wider family members and generations.

This family-centric philosophy is built on a deep understanding of the family's context. It permeates every aspect of FNB Private's service, from crafting multifaceted wealth creation and preservation strategies to pioneering transactional solutions that cater to the nuanced needs of spouses, children, family trusts and even investment holding companies.

“In reimagining private banking we've placed client holistic goals at the heart of our approach, including their goals for their family and their business in the case of business owners” says Enslin.

 “So every financial decision we facilitate is viewed through the lens of its long-term impact on the client's holistic life context, ensuring that we're not just growing wealth but nurturing familial wellbeing and building a legacy.”

Also, in response to the increasingly global nature of wealth, FNB has bolstered its support for both global and local investments.

Clients now have access to a wide range of global investment opportunities including offshore transactional and savings solutions, global currencies and investment options across more than 25 global exchanges. This borderless perspective ensures that clients can protect and grow their wealth regardless of geographical boundaries.

According to Enslin, the aim with this enhanced approach is to fundamentally reimagine private banking, moving beyond the traditional focus on transactional servicing to a model that prioritises the client's holistic life goals, giving rise to a significant shift in the South African private banking industry as a whole and ultimately better integrated financial outcomes for clients.

“We're not just refining the private banking model; we're redefining it. Private banking has long been synonymous with the status and service access, but we're redefining the entire category,” says Enslin.

“Our 'unlock invaluable' philosophy represents a paradigm shift in the industry. While traditional private banking often stops at financial products and perks, we're pioneering a model that puts the client's life aspirations at the centre. Whether it's securing a family's future, ensuring multigenerational financial stability or building a lasting legacy, we're not just managing wealth — we're helping clients navigate life's complexities with financial acumen.

“This approach marks a fundamental departure from simply providing value for money products and services, it is ushering in an era of aiming for beyond value, into the space of enabling what is truly invaluable for clients.” 

For more information about FNB Private and its enhanced “unlock invaluable” approach to private banking, visit the FNB website.

This article was sponsored by FNB.