Preferred Banking is a powerful and complete solution that combines savings, borrowing, protection, and investments delivered by well-trained relationship managers and enhanced with attractive rewards programs. Standard Chartered is the first Bank in India to introduce a differentiated offering for the emerging affluent segment. Most of the banks just use Preferred banking route to attract high net worth customers and finally end up calling then for investments products.
Longtime customers of a financial institution are provided with preferred banking. It can include a number of various services, but some of the popular ones include free checking, online bill pay, financial consultation, and information. Nowadays, this banking is offered to new customers of a financial institution as a promotion. A customer is treated in a more special way and is taken care with priority by a bank. A preferred banking customer will have a few eligibility criteria to honor, which is generally linked to his bank amount balance. That simply means that bank would get lots of cash to use for their own business and naturally they can treat these customers very well.