Hampden Bank CEO, Tracey Davidson, considers what the modern, financially successful person wants from their bank

At Hampden Bank, two questions consistently shape our thinking. What do high-net-worth clients truly want from their bank? And how are these expectations changing in a world of rapid transformation?

For the important decisions, people still want real advice from banking experts that they know and trust. We don’t underestimate the importance of having physical offices to meet face-to-face, or for our bankers to meet clients at a location convenient to them.

Before exploring the answers, it’s worth considering what we mean by ‘high-net-worth' and if the term is still relevant today.

Our high-net-worth clients typically come from a range of backgrounds. They may be business owners, entrepreneurs, professionals, landowners, or perhaps those who are inheriting wealth. But there are also some new high-net-worths on the block. They are often tech developers, influencers, sports professionals, professional gamers. This new breed are individuals who are developing wealth in ways that did not exist before.

This means there are many people from many walks of life who are creating wealth and who are ready to benefit from the services of a private bank.

What does the modern high-net-worth client need from a private bank?

It’s said that money can’t buy happiness, but it should be able to buy you excellent service and greater peace of mind, at least around your finances.

The truth is that high-net-worth clients need the same things that they have needed for generations. They need help with planning, buying a home, a holiday home, a home for their children. They want help to look out for the next generation. They need someone to make sense of their complex finances. They want support during challenging times, like a bereavement, divorce or ill-health.

I have observed that clients, whatever their age, look for support and guidance for one of three reasons:

• They haven’t the time to do it themselves
• They view the purpose as too important to risk getting it wrong, such as organising a mortgage, investing a pension or optimising their tax position
• Their affairs are complex, often spanning personal, family and business needs.

Digital capabilities are essential but human expertise still matters

Even in a world operating at lightning speed and increasingly online, in fact especially in this digital world, our clients value a banking relationship with a trusted partner that’s based on personal service. In some ways, there is nothing new in finance.

The digital world brings us significant benefits and opportunities; we can buy something from Amazon with one click, so we tut when it takes 10 clicks to make a payment online. We can open an account with a Fintech provider in two minutes, so feel incensed when a bank needs to know the source of wealth for a transaction.

While some banking services can be completely ‘touch-of-a-button’ and easy, others require a deeper understanding. And most of us are not yet ready for technology to make the crucial decisions for us.

Humans still seek a personal connection - not for everything, for everyone, or every time – but it’s why we are building Hampden Bank around the value of these connections.

Not just a bank but a banking partner

Today’s high-net-worth client is discerning. They’re not simply looking for a bank, but for a trusted partner – one that knows them, understands their world, anticipates their needs and supports their ambitions.

While many of the fundamentals of private banking remain unchanged, clients now have to deal with greater complexity and less certainty. As a result, they are placing increasing trust in their bank to safeguard their financial affairs, save them time and provide reassurance for them and their families.

To meet these expectations, banks need to be agile, innovative and totally client focused. Every one of our clients deserves our professionalism, our expertise, our candour and our energy. We strive to earn their trust and aim to do that with exceptional service and value for money. We love it when an event invite or a personal introduction to someone in our network makes a real difference for our clients.

Above all, our clients want us to listen, adapt and innovate because understanding them and their needs isn’t just good practice – it's the only way to build long-term relationships.