Different approach
Bancoii, as a Bank of bankers, have an approach to client relationship
managers(CRMs), or bankers as we call them, very different from the typical
Bank. We built this bank for our bankers. Bancoii model is based on the
philosophy that we are hiring professional and experienced CRMs, expected
to bring in their clients, and we set them free. Free of bureaucracy,
free of sales targets,free of conflict of interest, and free to serve
their clients the way they believe it is right.
Clients & CRMs are the key to Bancoii success. Essentially the success
of Banks hinges on their clients and CRMs – having one without
the other is unfeasible – the key is keeping them both happy.
Bankers run their own P&L based on the business they get from their
clients and they are remunerated in consequence. This stands in contrast
to the discretionary bonuses that most relationship managers get in other
banks and which are decided by their superior managers. Everything at
Bancoii is designed for and around CRMs and they have the liberty to
decide who they want as clients and how they want to serve them, within
some
general guidelines.
We accept that clients belong to the bankers in the first place and not
to the bank. We are providing infrastructure and help to these CRMs,
so as to be in a maximum way successful. . That, at the end of the day,
creates
happy bankers, happy staff members and with it happy clients. And that,
I believe, is the key to the success.
Entrepreneur Bankers
By incentivising bankers via direct ownership in their respective businesses
and in Bancoii, the interests of clients, employees, the company, and
shareholders are
aligned. This
supports the development of the business while maintaining a strong control
culture within
the group.
Many banks today seek to present a team to clients, for fear their bankers
will walk away with accounts. Instead, Bancoii offers its bankers the
chance to
work on their own terms, define their own client base, hire assistants
and ultimately run their own profit-and-loss (P&L) accounts. This
means the banker's salary, benefits, travel and other business expenses
are
up to
the banker to define. These appeals to mature experienced bankers.
The bank provides management support and IT infrastructure that are not
allocated costs. It is left to each banker to make the decisions they
believe are the right ones. Obviously, compliance is a tricky issue in
such a decentralized system. It is a win-win situation, since:
• Bancoii benefits from the entrepreneurial drive of independent
advisors;
• Bankers act as true independents and can select investment products in
an
open architecture style.
Bancoii strives to keep the non-client related administrative burden
on their client relationship officers at a minimum. This approach,centred
on the bankers makes Bancoii a unique place for talented individuals
to develop their customer base.
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