Choosing your payroll bank

Standard Chartered Bank

Starting your first job is very exciting and comes with a lot of “firsts” such as opening your first payroll account, meeting new colleagues, experiencing new company cultures and training programmes and the list goes on.

It also comes with new commitments to yourself and these could include embarking on a new career plan to reach your aspirations, putting together a financial plan to help you reach your financial goals, plotting out your learning plan to ensure you maximise your learnings, hence enriching your own knowledge and so forth.

Taking a deeper dive into your financial plan and goals, it is important for you to choose the right bank as your partner and ensure that their offerings in terms of products and services can help you achieve your financial well-being at every stage of your life.

Traditionally bank customers are happy with banks that provide them with transactional accounts, housing loans, credit cards and overdrafts. Increasingly as customers get more sophisticated in their lifestyle, their expectations from their banking relationship also shifts in tandem. Nowadays customers will look for a bank that provides investment advice through well-trained customer relationship managers, a bank that recognises loyalty while providing total portfolio management services, one that plays the role of a one-stop financial and investment centre and one that offers greater convenience and good service. Above all, a discerning and sophisticated customer of today desires to bank with a financial institution that have their best interests at heart and who is committed to help them attain their financial aspirations.

Hence, it is important to ensure that the bank you choose as your payroll bank, in other words, your primary bank where you hold your main relationship, can help you with all your financial needs and at the same time, provide hassle-free banking.

As life gets busy, it does help when the simple things in life can be more convenient. This also goes for banking. The more convenient it is for you to bank, the more time you have for other important matters in your life. So, while it is good to shop around and compare rates for the best products, do also look at banks that offer convenient, good and differentiated service, as well as banks that can help you manage your financial affairs to help you achieve your financial well-being.

Some may have multiple relationships with various banks just to get the cheapest rates. This may not necessarily be in your best interest as not only is it more inconvenient to manage a few bank accounts, it also means losing the ability to leverage on the overall banking relationship that may help optimise and protect assets as well as being able to benefit from privileged services that are accorded to you by your main bank.

WHAT ARE YOUR EXPECTATIONS FROM YOUR BANK?

To answer that question of how to benefit from your banking relationship, you should consider the bank that can best help you manage your finances in terms of planning, building and protecting your wealth and ensure that you have easy access to capable personal financial consultants.

You are getting the best out of your banker when they can equip you with the necessary financial knowledge, tools and expertise to ascertain your financial fitness, personalise financial solutions to meet your financial goals and show you how you can best optimise what you have.

In fact, all this is what you should expect from your bank – a one-stop financial service centre that provides you with a fully trained personal financial consultant to help you undertake effective financial planning to determine what your needs are and to keep you on top of your finances.

PERSONALISED SOLUTIONS

Financial planning is for everyone, not only for those with considerable wealth. Financial planning tools are needed to help manage our financial needs better. Effective financial planning will ensure wealth management, wealth creation and wealth protection. All this is essential for both the depositors and borrowers.

You should also expect your bank to have the technological capabilities to capture and analyse your demographic profile and financial objectives to provide you with the best solution and package. One of the added advantages that you can enjoy when you consolidate your banking relationship is that you are most likely to be proactively serviced and accorded privileged pricing by your main bank.

GOOD SERVICE

You should expect your bank to offer you good service and tools to help make your banking easier, for example capabilities in online banking, mobile app banking and a wide network of ATMs and CDMs and so forth.

Most importantly, when choosing your payroll bank, do ensure that you choose the best bank for you and start building a solid partnership to ensure that you get the best out of your bank.

This article is for general information purposes only and while the information in it is believed to be reliable, it has not been independently verified by us. You are advised to exercise your own independent judgement with the contents in this article.