In todays webcast we investigate what private banking can learn from the hospitality industry. We talked to Ruud J. Reuland, General Director of the globally leading hospitality school, “Ecole Hôtelière de Lausanne” (EHL), to explore cross-fertilization between the two industries.

Enjoy the full and exciting discussion with Mr Reuland in the video:

Throughout the webcast Mr Reuland gives us some very interesting insights. He nicely highlights some of the hospitality functions in private banking:

Private banking, […] for at least 50% to 60%, is providing an experience to the clients. It’s not just the basic product you offer. It’s the package you offer and in that package hospitality plays a very important role.

Mr Reuland also points out a striking resemblance, which is the dichotomy that exists in both industries. To him the hospitality industry is about combining heart & brain, or passion and competence, just like private banking is about combining relationship skills with financial skills to provide a lasting client experience.

The webcast ends with a quite interesting recommendation:

You must understand that hospitality is a profession itself. It means that you can not just say let us be a little more service oriented. Hospitality is a shift in thinking. Instead of thinking in terms of processes, you think in terms of guests. “How can I delight or satisfy the guest” instead of “how can I delight or satisfy my shareholder or my boss”.

Obviously this is a relatively provocative statement… But if the results follow, the shareholders and the boss will be delighted automatically.

(If you like the topic, you should have a look at a previous webcast we did with the director of the Victoria Jungfrau Grand Hotel & Spa, a top address in the Swiss Alps, to talk about the art of exclusive client relationships. )

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