Darin Peshev, Head of Private Banking in UniCredit Bulbank, on personalised financial services and individual solutions
Digitalisation changed the banking environment to an extent that customers are becoming increasingly independent in the way they use bank products and services. Maybe the most important thing for banks now is the ability to meet their expectations with quality service and fast and simplified user solutions. As a leader in the Bulgarian market, UniCredit Bulbank has not just met but has exceeded customers’ expectations in providing best-in-class financial services and products. This excellence was recently acknowledged by the prestigious international journals The Banker and PWM that recognised UniCredit Bulbank as The Best Bank in the area of private banking.
UniCredit Bulbank has implemented innovation and strategic capacity in personal finance and offers tailored solutions with added value, which customers highly appreciate. Darin Peshev, Head of Private Banking, tells more about the talent to speak the language of customers, understand their real needs, and provide sustained opportunities for the preservation and growth of their wealth.
What does private banking mean and for which clients is this service suitable?
Private banking consists of personalised financial services and products offered to high-net-worth customers. It includes a range of best-in-class services, and all are provided under one roof. Services include investing, financing, insurance, estate planning, and inheritance. The service is appropriate for clients with short or long-term investment horizons ready to deep dive into the Need-based solutions model. The Business model is offering unique on the local market private banking experience, by keeping competences leading to individual solutions. Competences and clarity are among the highly valued things customers have appreciated in our banking service.
Private Banking clients have different needs and find value in tailoured solutions, although there are certainly similarities between them. I can say that they are people who have achieved a lot in their professional life and often contribute to the development of society and the community we live in. They own successful businesses or hold senior management positions in big companies. In order to meet their needs, we take into consideration whether the client prefers to have direct contact with the private banker or wants to be more independent and bank remotely, using the bank’s various digital channels. In some cases, when it comes to more complex situations, direct contact with the bank is available in order to make the right decisions. This hybrid service model allows us to be a flexible and reliable partner to our clients.
What is your strategy for the development of Private Banking in Bulgaria?
As a bank, we constantly strive to meet and exceed our clients’ expectations. We are well aware that in order to be successful, we must be able to adapt quickly, and this is exactly the situation we are facing now. We aim to be a trustful partner for the customers providing best-in-class financial services through the high expertise knowledge of the Private Banking Тeam and leveraging on the Group Investment Strategy dedicated to Private Banking.
In this ever-changing world, technology is the most evolving sector. The team in the bank is constantly working on inventing new digital solutions, as well as optimising all existing processes and products. We are focused on massive simplification and more value to each service. Moreover, we plan to expand our online platforms aiming to give customers more independence while managing their assets.
What are the clients' biggest concerns when it comes to managing their portfolios and their wealth, and how do you meet their needs?
The pandemic and interest rate environment raised a great awareness of the customers which has been reflected directly in their forecasts for the future. The awareness of wealth goes hand in hand with the economic environment and the worlds’ market trends. The private banking team stayed close to customers striving to provide solutions with a focus on safety and new opportunities. In UniCredit Private banking we take a lot of care to follow the world trends and practices with a clear vision on customers’ specific needs, investments risk profile, time horizon, and clients’ goals. This makes us very dedicated to providing existing portfolio analysis together with high-end clarity and understanding for the new and additional value-adding solutions. The private banking of UniCredit Bulbank has a high added value for its customers.
What are the most considerable advantages that UniCredit Bulbank offers to its customers and sets you apart from other banks?
Our big advantage is our service dedicated to clients’ needs and goals. A personal banker is available at any time for any topic and questions. At UniCredit Private Banking, we put our skills and expertise to work in order to deliver services that are characterised by clarity and impact.
We speak the language of our customers, forging strong relationships that help us understand their real needs so we can provide sustained opportunities to preserve and grow their wealth. Our customers can always speak to private bankers, whether at home or abroad. We guarantee to our clients the highest-quality service, a professional approach, and concrete answers.
Our customers are recognising UniCredit Bulbank as a market leader in Bulgaria also for its excellent services in Private Banking with a tradition of being a reliable and trusted partner. They are sharing this.
Being part of a large pan-European bank, our potential on the Bulgarian market is highly supported by Group Products, Investment solution teams, and large geographical coverage abroad.
What are the most preferred investment funds, and what does it mean for a fund to be an ESG?
The choice of investment funds customers do is based on their risk profile, investment horizon, financial goals, and many other factors that define the appropriate funds. In UniCredit we have what you need in this respect. More and more ESG rating of the funds emerges to be important in the Investment decisions. ESG fund means and promotes a sustainable and responsible society. ESG funds only include companies that comply with sustainable investments: Those funds are portfolios of equities and/or bonds for which environmental, social and governance factors have been integrated into the investment process. This means the equities and bonds contained in the fund have passed stringent tests over how sustainable the company or government is regarding its ESG criteria. We also have what you need in this area.
UniCredit Bulbank is the best bank for private banking in Bulgaria
The recognition comes from international journals PWM and The Banker
UniCredit Bulbank received recognition as The Best Bank in the area of private banking by the international journals The Banker and PWM. In the course of a few months, a panel of 16 members from four continents surveyed how the banking sector has responded to key trends in digitalisation, communication and investment towards responsible and sustainable governance (ESG), the significance of which was strengthened by the Covid-19 pandemic.
Leaders in the Private Banking Awards 2021 are precisely those banks which are one step ahead in meeting customer needs, which requires experience in ESG, alternative channels and technologies.
The prestigious international award is a recognition of the trust of the clients who have chosen the effective partnership with the largest bank in terms of assets in Bulgaria and the team of Private Banking of UniCredit Bulbank.
In Private Banking, the strategic goal of UniCredit Bulbank is to be as close as possible to its clients through actions in three key areas: service by focusing on client needs and providing best-in-class products; financial solutions and services customised for each client and last but not least, development and upgrading of the mobile banking, giving freedom and flexibility to clients in managing their finances.
“UniCredit Bulbank has been acknowledged as a market leader in Bulgaria with its excellent Private Banking services. On the local market we offer service, which is based on individual solutions. This paired with our experience and transparency is among the things which clients value the most. At the same time, upgrading the services offered in the area of mobile banking and investments through online banking, we have given our clients more freedom to manage their finances, we have improved the customer experience and once again we have proved our devotion during the Covid-19 crisis”, Borislav Genov, Head of Retail Banking Division of UniCredit Bulbank commented.
The ultimate goal of the bank is to build long lasting relationships with its clients by protecting and helping their assets growing. We are witnessing a turning point in the economic cycle. Financial markets have seen wide swings in these first weeks of 2022, agitated by a number of factors including uncertainties about interest rate dynamics, overheating inflation and the presence of geopolitical tensions in the world” added Darin Peshev, Head of Private Banking.