Arab family/Mashreq Bankby William Mullally
In what direction do you see wealth management and premium banking services evolving?
Wealth management in the UAE has continued to evolve as one of the most strategic areas of growth for the banking sector. Thanks to initiatives by the government, regulations in the country have increasingly become favorable for investors looking to find sustainable sources of income as well as long term stability, positioning the nation as a fast emerging global financial hub for clients from all over the world.
Adding to that, clients are increasingly taking measures to protect their risk by spreading their assets across several markets. In this competitive market, wealth management service providers have to innovate in order to survive, moving from a traditional approach to a more tech-savvy digital route.
Technologies like artificial intelligence, real-time analytics and roboadvisory are changing the way we analyse data available to us to offer our clients more meaningful value-added solutions. Enabling an easier ‘Know your Customer’ process is also of key importance, onboarding clients more seamlessly into the business while making operations efficient for
Ultimately the human touch remains utmost important in this segment. At Mashreq, we value the relationships we have built over decades owing to our customer-centric approach and putting our clients’ needs at the heart of everything that we do.
How is Mashreq adapting to that evolution?
Mashreq has always been an early adopter of technology in banking, and today is a digital leader in the UAE’s banking sector.
We have made significant investments into incorporating digital within our comprehensive wealth management offering, enabling our relationship managers to provide clients with relevant information across asset classes with speed and agility to manage their investment portfolios in the most efficient way. By leveraging on digital platforms to make wealth management simpler and seamless, we are able to offer our clients a superior and bespoke experience.
Vipul Kapur, Managing Director, Private Banking at Mashreq Bank
What are the challenges in that evolution?
One challenge with a digital evolution is attracting the required skill sets in your talent pool – people who are able to leverage the technology available to unlock the financial benefits that it has to offer.
At Mashreq, we are a people-driven business and acquiring the right talent has always been a priority for us. Complemented by our extensive training programs, we ensure that we overcome this specific challenge a lot of companies are facing and deliver innovative and digital-led propositions to our tech-savvy clients.
Another challenge is the speed at which valuable insights and knowledge are transferred to our clients, allowing them to make fast and learned decisions about their investments. But by ensuring a round-the-clock wealth experience with both dedicated relationship managers and digital platforms, we are able to overcome this challenge so that our clients have access to real-time market information that empowers them to make informed decisions.
What distinguishes the HNWI clients in the UAE?
HNWI clients in the UAE are a diverse group owing to the country’s strategic position as a safe haven for regional and international investors. Thanks to its geographically central location and geo-political stability, clients here represent an extremely diverse demographic, having to navigate the regulatory requirements in their adopted country as well as their country of citizenship. Wealth managers in the country have to go beyond just offering local expertise to truly being able to deliver a global banking experience and solutions
How do you meet those needs in a way that your competitors do not?
As one of the oldest financial institutions in the country, Mashreq’s local expertise across wealth combined with global partnerships, offers our clients the best of both worlds. Through our Corporate & Investment Bank, International locations and Mashreq Capital division in DIFC; we are able to structure products that cater to the individual and unique needs of our clients based in the UAE and abroad.
Could you tell me more about the product and service offering you have for HNWI clients that you haven't already mentioned?
Mashreq has been serving clients for over 50 years and providing them with solutions across their banking, trade, financing, corporate and international requirements. We use our combined expertise and experience in all these divisions to offer clients a vast range of products and services.
We are recognised as market leaders in providing bespoke structured solutions, real estate financing, international fixed income products including mutual funds, equity trading across 36 local and global exchanges, forex trading & insurance solutions for high net worth and private wealth clients.