(You just need something high tech words for a whole new meaning for something common. Image source: http://www.angryspec.com)
Had this IM conversation with a buddy of mine couple days ago…
Buddy: I need some clarifications
Buddy: Does this system come under private or core banking?
(Questions like this often take me off guard – how do you define “private”? It means different thing to different people. Private means what? It is something to do with corporate customers or personal or exclusive that some banks promotes to high income customers or is it something shrouded in secrecy? Banking is one thing but use of system is another – depending of services provided, the system can be used in both type of banking. So I asked…)
Me: Well, it depends…on the services provided by the bank
(I was waiting for some clues but it did not come)
Buddy: Is Trade Finance can be considered part of wealth management?
(This time I have to ask the obvious question – what defines wealth management? Once again, wealth management means whole load different thing to different things. If I am lawyer, it can also means will and estate management. To a banker or money managers, probably means management of long deposits. To stock brokers, shares or unit trusts and you can go on and on)
Me: What is under wealth management?
(I was hoping for something more descriptive but this is what I got)
Buddy: In the banks, there is a section called wealth management, right?
(Not the bank I used to work at or the banks that I have visited. No doubt they have departments or divisions that handle and manage wealth portfolios but the border on what defines wealth management is rather “blur” at this point. I mean when you can have Islamic banking that looks a whole load like the conventional banking with some minor changes to the terminologies and perhaps calculations and still call it Islamic way of doing banking, what more of other areas of banking? If I am the CEO of the bank, I can wake up one fine morning and decide to call my fixed deposit facility as wealth management – no one will make any noise. So I decided to throw in a terminology of my own)
Me: Is it related to equity “301” management?
(Ya, there is no such thing as equity “301” management – I was pulling a fast one and I expected my buddy to ask – what is equity “301” management so I can explain something on terminologies but that simply fizzled out. Probably he understood where I was coming from with that last question – there were no further questions from him)