As part of our focus on client centricity, we believe in pursuing mutually beneficial client relationships in which the value created is shared fairly.
To help us achieve this goal, our FairShare Principle (FairShare) is embedded throughout our retail and business banking operations. It guides the way we create and deliver services and products, ensuring that we always place our clients at the core of our business.
As a part of FairShare, our product principles for our Private and Business Client (PBC) division commit us to creating products that:
- relate to the real economy,
- serve the individual without being detrimental to the world at large,
- are transparent and easy to understand, and
- create tangible customer benefits
We do not offer any products that conflict with the product principles and we do not provide advice or offer products directly related to:
- wagers on death, illness, invalidity, or insolvency
- production and sale of nuclear weapons, cluster munitions or land mines
- speculation on commodity scarcity
- encouragement or use of child labor
- criminal activities, including illegal drugs and money laundering
- human rights violations
To ensure compliance with these principles, any new product or process offered to private and business clients has to go through a new product approval process. Led by the PBC Divisional Control Officer (DCO), all relevant control and support functions must maintain high levels of risk control, as well as ensure compliance with FairShare and the product principles. As such, detailed roles and responsibilities have been defined for all participating stakeholders, with the DCO being the final gatekeeper.
The Global Internal Control Council is the central discussion forum for any matter related to non-financial-risk. For example, the council may suggest that specific initiatives require design amendments or additional review by second line of defense functions.
We understand that every client is different. It’s the reason why we always work to provide advisory solutions that are tailor made to individual needs. By understanding our clients better, we can offer financial products that are appropriate to their particular circumstances. We achieve this through:
- client segmentation within private and commercial banking, ensuring that we understand the financial needs of each type of customer;
- provision of a dedicated personal advisor to advise each client, trained to understand their specific financial needs in each stage of life and provide prudent advice on financing, investing, saving, insuring and provisioning; and.
- the support of advisors through dedicated product specialists who can adjust financial products to individual customer needs.
Speaking up for clients
At Deutsche Bank, our Chief Client Officer (CCO) acts as a client advocate in retail banking at management level. With no responsibility for financial returns, the CCO can neutrally advise our senior management on key issues such as client satisfaction, retention, and adherence to our FairShare Principle. He is also involved in product and process development and optimization, ensuring that products and processes are putting clients first.
In 2015, the CCO conducted interviews and panel discussions around changing consumer behaviors and their impact on financial advisory services. He also made personal calls to customers who had voiced a serious complaint. This enabled us to better understand the reasons for complaints and to gain a greater insight into their experiences.