Citibank is acclaimed as the best bank for high-net-worth families

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Citibank has been named the "Best Bank for High-Net-Worth Families" by Kiplinger’s Personal Finance for the third straight year, Yahoo Finance reports.

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Kiplinger cited an abundance of unique perks — particularly those that come with its Citigold package — as the primary reason for naming Citibank the winner. BBVA was deemed the runner-up on the merit of a wide variety of services for wealthy clients, like a strong relationship program and reputable private bank.

While Kiplinger mostly cited services that aren’t tech-driven, we think banks can use technology to extend the same level of personalized service high-net-worth clients desire at a greater level of convenience.

Here are two tech-based features that could help win high-net-worth clients:

Video banking. Using webcams to enable financial advisors to communicate face-to-face with clients could help high-net-worth customers feel the personal connection they would get from an in-person meeting with bank employees. Banks could then meet with customers and maintain a connection with the bank even if they’re currently unable to visit a branch, potentially boosting engagement among high-net-worth clients. NatWest is an example of a bank currently piloting a video banking service for its small- and medium-size business (SMB) customers.
Digital document signing. Enabling clients to handle signing documents electronically could help banks save time and eliminate the hassle for customers. Clients would be able to sign contracts and other documents from anywhere, copies would be simple to make and file, and documents signed digitally get returned immediately to the sender, helping minimize losses or misplacements

For reference, here are some of the specific services that the winner and runner-up furnish for their high-net-worth clientele:

Citibank. For customers who keep at least $200,000 in deposit, retirement, and investment accounts, the bank offers access to its Citigold Package, which bears a variety of perks: reimbursement of out-of-network ATM surcharges in the US and internationally, waived foreign transaction fees on debit card transactions, and access to a relationship manager or financial adviser. They also include special experiences and insights, such as a "Culture Pass" offering free or discounted admission to institutions like the New York Philharmonic and Los Angeles Contemporary Museum of Art, as well as regular market-outlook seminars. For wealthy clients looking for the most tailored and personal banking experience possible, it also offers private banking.
BBVA. The bank offers its "Premier Personal Banking" program to clients with a BBVA personal checking account who also maintain a minimum of $100,000 in deposits and investments. The program carries benefits including boosted limits for debit card purchases and ATM withdrawals, refunds of fees for domestic and international wire transfers, and access to a financial advisor. BBVA also offers several wealth management services, such as estate and insurance planning, brokerage options, and private banking. Like Citi, BBVA also offers a private banking serviceaimed at wealthy clients seeking a highly customized experience.

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