Bespoke financial solutions and strong investment banking capabilities are driving entrepreneurial growth in a competitive market
The private banking sector has witnessed a paradigm shift in recent years, driven by the rapid digitisation of financial services and evolving client expectations. Banks are increasingly leveraging technology to offer personalised, seamless and efficient services to high-net-worth individuals (HNWIs). As the global wealth management landscape becomes more competitive, the ability to provide an integrated suite of digital solutions has become critical.
In 2023, Mashreq’s financial performance reflected this trend, with a remarkable 130% surge in net profit to AED8.6bn. Through innovative platforms and a customer-centric approach, Mashreq’s private banking arm contributes to this success by ensuring its customers receive top-tier, tailored financial solutions in an increasingly digital world.
Achievements
In 2023-24, Mashreq undertook significant initiatives to enhance its private banking, focusing primarily on integrating cutting-edge technology with its wealth management offerings. The bank recognised the growing demand among affluent clients for a comprehensive, digital-first approach to managing their wealth.
In response, Mashreq launched a web-based digital platform that enables clients to trade equities, foreign exchange (FX) and commodities across multiple exchanges. This platform not only offers access to securities but also provides clients with technical analysis and charting tools to aid in optimal decision-making. Additionally, the bank expanded its execution capabilities, allowing customers to trade over 150,000 funds and access local and international equities across 32 markets.
The bank has also introduced tailored structured solutions and thematic portfolios, designed to meet its clients’ unique investment requirements. These solutions, customisable across various terms, markets and risk profiles, offer access to select markets that are otherwise inaccessible, underscoring Mashreq’s ability to cater to the nuanced needs of HNWIs.
Impact and Results
The impact of these initiatives has been profound. By leveraging technology to enhance its private banking offerings, Mashreq Private Banking has strengthened its position as a leading wealth management provider in the region. The bank’s digital platform has empowered clients with greater control over their investments, resulting in higher client satisfaction and increased engagement.
Additionally, introducing innovative investment solutions has enabled Mashreq to attract and retain clients with diverse investment profiles, contributing to the bank’s overall growth in assets under management (AUM).
Mashreq Private Banking’s focus on digital agility and real-time data access has also translated into tangible benefits for its relationship managers (RMs). The development of the Face app, a one-stop tool for RMs, has streamlined the customer servicing process, allowing RMs to provide more meaningful insights and personalised services to clients. This, in turn, has enhanced the bank’s ability to meet the evolving needs of its private banking clients, further solidifying its reputation for excellence in wealth management.
Conclusion
Mashreq Private Banking’s achievements over the past year exemplify the importance of embracing digital transformation in today’s competitive financial landscape. As the bank continues to innovate and evolve, it is well-positioned to maintain its leadership and drive further growth in the years to come.