My finances, my projects, my life
September 25, 2021

Personal contact on key financial issues

Most day-to-day banking transactions can be easily carried out using a smartphone or PC. But your bank branch remains a key port of call.

Clients can use digital banking apps to consult their account, transfer money, create a copy of their account details, order a debit or credit card, change their card limits, send messages and much more. A Eurostat study published in October 2020 shows just how popular online banking is. Over 55% of all Europeans had made electronic payments or consulted their account during the three months prior to the survey. In Luxembourg this was a whopping 71% according to the EU statistical office. Particularly during the pandemic, online banking solutions are a plus for clients. Usage figures are likely to have risen significantly in recent months.

Not everything can be done virtually

Yet despite the convenience offered by digitalisation, there are still many good reasons to visit your bank for a face-to-face discussion with your Relationship Manager. The most frequent reason for a visit to the bank is to get the help of a professional with a particular financing or investment need. The main attraction is personal contact, which is totally understandable. On key issues such as asset management or setting up major projects, most people prefer to do business with a real person rather than a virtual one. What’s more, direct contact with an adviser is also possible remotely. You should always set up an appointment for a discussion.

Digital solutions make life easier for clients

In general, if you have questions about the management of your assets, the suitability of financial products or how to optimise your investments, the best solution is to seek the expert advice of your local Relationship Manager. That’s why banking clients are often looked after by the same person over many years — the person who knows you and your financial profile best should be your first port of call.

From building projects to estate management

You don’t buy a property the same way as you buy basic everyday goods. It’s often an investment for life and requires the corresponding level of support from the bank and its employees. First and foremost of course, this means help with the long-term financing of your home, but it also includes help with defining upfront the financial framework needed for the successful purchase of a property. The adviser can also provide information about the market, government subsidies and current trends. That all helps you to make the right decision.

Consumer loans are used for smaller ticket items than a house, e.g. for buying a car. Clients must contact their bank to request this type of loan and check the interest rates, and will get help with setting up a financing plan. So, there are good reasons to visit your bank. This applies equally to questions about estate planning, where your adviser is familiar with the legal procedures. Assets that have been built up and grown over many years warrant a closer look. Your Relationship Manager at the bank can analyse the future worth of your assets and offer assistance. The same applies to key investment decisions. Is it better to rent or buy this flat? Should I invest in this financial product too? And what should I do about life insurance? You will find concrete and competent answers to all these questions at your bank.

Yet the bank is not just there to provide assistance with managing personal financial issues. It can also offer support with professional projects such as setting up a company.

You can also turn to your bank for training support – your local adviser can help you become familiar with the bank’s digital support tools. Anyone not born with a smartphone in their hand and who is not therefore one of the digital natives, or anyone who is generally rather sceptical about all things digital is often surprised how easy these new platforms are to use, and how much time can be saved on everyday banking transactions.

All about cash

Although declining in importance, the most frequent reason for visiting a bank is to deposit cheques and cash, or to withdraw cash. Despite modern payment methods and the option of paying even small amounts with your bank card or Digicash, cash remains a widely accepted payment method. Banks are aware of this. Across the country, ATMs are available for cash deposits or withdrawals at most bank branches – and many other places too. You can also withdraw cash in most branches, although this is less practical and takes longer than with an ATM. Yet it’s always an option. But be aware that when bank employees carry out a service for clients there is generally a charge for this.

Summary: Although digitalisation and the opportunities it is making available are revolutionising everyday banking transactions and have made it easier to manage your assets in the short term, a visit to your bank is essential to the success of certain financial transactions.

A visit to your bank is essential to the success of certain financial transactions.