A good private banking (PB) service is reliant on good well-trained people, products, and delivery. In South Korea, the triumvirate is represented by the PBI Global Wealth Awards 2022 winner in the Outstanding Private Banker-Regional Player category Yoonsil Choi, who won for her qualifications, dedication, and results. In conjunction with colleagues, she also helped the bank attain a Highly Commended (HC) accolade in the Outstanding Private Bank: North Asia category as well.
Yoonsil Choi, in the Walkerhill branch of Hana Bank in South Korea, has been with the private bank (PB) since 2003 and is a certificated financial planner (CFP) and foreign exchange specialist (CFES). Her focus on the family office, serving individual VIP diversification and portfolio management needs, alongside second and third generation clients’ wealth transfer requirements, has delivered stunning results.
She sold US$3.3 million in Living Trusts in 1H 2022. These revocable instruments can accomplish many of the same objectives as a Will in an easier fashion with detail added to the intentions, specifying how assets should be distributed via a focus on trusts, inheritance, and succession planning.
Bancassurance sales worth US$8.4m were also achieved by Yoonsil Choi after she helped solve inheritance issues for a corporate customer’s ownership share and consulted on aggregate taxation on financing income. She managed US$176m in Assets under Management (AuM) as of 31 May 2022.
Overall, Hana’s PB business grew 3.8% last year to reach US$55.5bn, helping it achieve its North Asian commendation at the 32nd PBI Awards. Its Hana Club 1 high-end PB service, operated 2 branches of Club 1 PB Centre at Gang-Nam and Gang-buk region for UHNW clients, contributed significantly, as did an enhanced digital fund platform that comes with a goal-based investing (GBI) algorithm and a portfolio rebalancing advisory service, fund updates and so on. Available on the Hana 1Q mobile banking application, a strategic alliance with the Netmarble online game publisher, enhanced its functionality for millennials and added a ‘Marble of Investment’ game targeting function that enhanced the customer experience (CX). New fund sales via the mobile channel made up 46% of total fund sales last year after the fun digital fund platform was unveiled.
Expansions into art services and an alliance with a local auctioneer also helped grow the business, alongside digital life care services on YouTube explaining wine investing, how to access funeral care services for companion animals, get real life sick care assistance, and so on. Lifestyle communication via the monthly Hana 1QM online webzine www.hana1qm.com, videos and so on also helped ensure customer stickiness, expansion, and loyalty, with segmentation for the 50 to 60 year-old age group a particular aim as this is a core constituency.