Standard Bank takes top honours at the 2021 Global Wealth Awards
The accolades bear testament to the bank’s ability to adapt in the face of challenges such as the Covid-19 pandemic
Standard Bank Wealth & Investment has much to celebrate now that Private Banker International, the leading journal for the wealth management industry, has announced the winners of its 31st annual Global Wealth Awards.
The bank took the top honours in three categories:
- Global Private Bank — Africa,
- Best Next-Generation Offering, and
- Outstanding RM Training and Development Programme.
It was also “highly commended” in the following categories:
- Best Family Office,
- Outstanding Wealth Management Technology Initiative — Back Office, and
- Wealth Management Technology Initiative — Front End.
The judges of the 2021 edition of the awards paid special attention to how the banking industry is adapting to market and technological shifts in a post-Covid-19 economy.
“This year, we received an overwhelming number of entries from reputed banks globally who have shared inspiring examples and case studies of how they have adapted to counter the challenges posed by the pandemic,” said Private Banker International. “After a diligent judging process, our cohort of industry experts have considered Standard Bank’s entries truly deserving of a win.”
“We are both honoured and humbled by the various recognitions we have attained,” said Sanah Gumede of Standard Bank Wealth & Investment. “These accolades bear testament to our ability to adapt in the face of challenging conditions, and to craft holistic solutions that are relevant to our valued clients.”
Other main areas of evaluation for banks that entered this year's awards included digital innovation and the adoption of technology to improve client onboarding, acquisition and engagement in line with private wealth management trends across the globe.
Standard Bank ticked all the boxes in this regard. It has undertaken various digital-first initiatives to better understand its clients and provide them with highly personalised service, more efficient and seamless experiences and technology-enabled offerings.
This is demonstrated by the bank’s investment into the development and continued enhancement of its pioneering wealth management app, My360, which provides clients with an innovative tool to visualise their financial status, empowering them to have greater control over and confidence in their wealth journey.
The 2021 Global Wealth Awards also recognised socially responsible investment strategies with a focus on managing wealth across generations.
“Our generational wealth philosophy is part of our DNA and plays a role in all we do. Knowing our clients well means knowing their families and knowing what living a purposeful life means to them. When we see their goals and ambitions, we see the collective, the family,” says Gumede.
“As such, we seek to go beyond our clients’ immediate needs and work with them on their families’ life journey and planning for their intergenerational wealth preservation and transfer and financial education.”
Standard Bank was also among the big winners at last year’s Global Wealth Awards which, according to Private Banker International, “proves that even the most established institutes in the sector continue to adapt and evolve to deliver high-quality services and products to their clients in unprecedented times”.
“The traditional approach to client engagement in the wealth management industry — great service, products, flexibility and advice — are no longer enough,” says Gumede.
“In today’s complex world, high net worth clients are looking for partners to offer unique perspectives, help them navigate alternatives and avoid risks, guide them and make the decision-making journey an easy one, while adding value to them and their families.
“Our clients benefit from a consistent and meaningful relationship with their relationship managers in association with wealth managers, specialised lenders and fiduciary specialists, who become trusted stewards of their wealth over time, while ensuring that an insight-led experience is delivered to our clients rather than a demonstration of our products.”
This article was paid for by Standard Bank.