Bank introduction services
Bank introduction services
Some banks cater to the needs of high-net-worth clients, offering a set of wealth management, private banking and investment services.

Bank introduction services

Banking induction, as the name suggests, is the process of introducing potential clients to the bank that best suits their needs. The aim is to support the customer and increase his chances of finding a suitable bank account. Therefore, it is important to understand which bank is best for the client by learning about their business profile and financial position, standing or personal background, as well as personal needs and preferences. Some banks require a substantial minimum account balance, while others prefer business customers who are actively trading or startups. Some banks cater to the needs of wealthy clients and offer a range of wealth management, private banking and investment services.

The main activities of the bank introduction agents are:

Analysis and understanding of the needs and preferences of the customer and his company

Recommend a bank that best suits the client's needs

Provision of all necessary application forms, contracts and other documents for the customer and assistance in filling them out correctly

Assessment of whether the customer has successfully completed all due diligence checks to the satisfaction of the bank's compliance officers, as well as advice on all other aspects that might be required for a smooth application process

If necessary, arrange a meeting between the customer and the customer service manager at the bank before opening an account, or arrange for documents to be delivered to the bank securely if a physical meeting is not required.

Bank introductory agents

Bank introductory agents are typically not financial institutions and do not provide financial services. Most often these are management consultancies that offer start-up services. Introductory banking agents tend to establish customer-introductory relationships with a number of banks with different preferences and in different regions in order to help them find the most suitable bank for their customers. Some management consulting and incorporation firms only offer their banking initiation services to those companies that started, or are currently doing, their business through that particular company.

Many banks are more comfortable accepting new customers through a licensed professional intermediary. Most require a face-to-face meeting with the prospect prior to opening an account or within a certain period of time after opening the account. Typically, bank induction agents will set up a meeting and introduce the customer directly to the customer service manager.

Benefits of Using Bank Introductory Services

The introductory bank agent will provide the customer with a full set of account application forms, along with instructions and examples that explain how to correctly complete them. In addition, the agent provides the customer with all corporate documents for a new company, prepared according to the requirements of the bank. Some agents not only introduce the customer to the bank, but also prepare the necessary minutes and resolutions appointing the signatories of the bank account and provide signature cards. The services provided by the banking introductory agents can vary significantly and must be discussed directly with the service provider. The main benefit of using bank introductory services is the time saved in opening a bank account and possibly in future communication with the bank.

However, no bank introductory agent can guarantee that the bank account will actually be opened. Success mainly depends on the background and personal profile of the beneficial owner of the company, as well as the underlying business patterns. All banks have their internal guidelines for customer acceptance, which change relatively frequently. Therefore, banks routinely turn down new customers based on various subjective considerations.