The Omani lender is strategically diversifying its portfolio to provide customers with a personalised experience.
Private banking is a specialised service that caters to high-net-worth individuals and has been experiencing significant growth in Oman in recent years.
As customer demand for tailored financial services grows, lenders are seeking ways to offer customised services such as wealth management, investment advice, concierge services, and exclusive events and experiences.
Strategic expansion
Oman’s Ahlibank has recognised the importance of providing customers with a personalised experience and now offers a broad spectrum of financial and lifestyle benefits and services in the sultanate. The lender has also implemented a strategic plan to increase its branch network to meet the needs of its expanding elite customer base.
Ahlibank has adopted a well-structured methodology to introduce new products and services for its private banking customers, which it offers under its ‘Exclusiv’ umbrella. This programme provides a diverse range of financial and quality-of-life benefits and services aimed at maximising returns and satisfying the lifestyle needs of elite clientele.
For instance, Exclusiv members receive personalised services from a dedicated relationship manager, discounted bank charges, competitive exchange rates, and complimentary signature debit and infinite credit cards. These cards provide exclusive benefits including airport lounge access, dining discounts, merchant discounts, travel insurance, purchase protection, extended warranty and 24-hour concierge services.
With this approach, Ahlibank aims to strengthen its customer relationships and enhance its overall banking experience.
Wealth management
Wealth management services are another critical component of banking for high-net-worth clients. In addition to helping them manage their finances and investments to maximise returns and mitigate risks, these services provide comprehensive solutions for affluent customers seeking to expand and safeguard their wealth. The solutions include personalised financial advisory services and custom investment portfolios tailored to specific client requirements.
Ahlibank’s Exclusiv programme includes a comprehensive wealth management service tailored to meet client needs.
The lender’s private banking team strives to offer exceptional services supported by experienced professionals such as relationship managers, portfolio analysts and investment specialists. With the support of this team, the Exclusiv programme prioritises customer experience and provides a range of investment solutions to maximise returns and minimise risks effectively.
The programme also offers premium service centres and lounges for conducting banking transactions privately as well as investment solutions in dual-currency deposits, structured notes, fixed-income securities, real estate funds, mutual funds and multi-manager funds.
With a focus on customer experience, Ahlibank’s long-term strategy prioritises enhancing the value of its clients’ wealth while precisely meeting their financial and investment banking needs.
Digital wealth
Meanwhile, digital wealth is an emerging trend in the financial services industry that aims to use digital technologies to provide wealth management services to clients. This includes using digital platforms to offer investment solutions, automate wealth management activities and provide clients with a seamless banking experience.
The rise of digital wealth has been driven by the increasing demand for personalised and convenient wealth management services, especially among younger, tech-savvy generations. As a result, many financial institutions are investing heavily in digital wealth management to remain competitive and meet the evolving needs of their clients.
In Ahlibank’s case, the lender initiated two primary digitalisation programmes in 2022, one of which is named Digital Wealth. Its objective is to establish a fully digitalised back-office system, a comprehensive wealth advisory dashboard and automation for wealth management activities including client reporting.
In addition, the Digital Wealth programme will serve as a client portal that will enable customers to trade mutual funds, providing a new and unique service. This is the initial phase of a series of digital initiatives launched by Ahlibank, with the lender aiming to leverage the existing digital capabilities of technology to align with the best global practices in the digital arena.
Valued partnerships
Ahlibank’s partnership with UK-headquartered All Funds Bank is a good example of the importance of partnerships in the banking and financial services industry.
By teaming up with All Funds Bank, Ahlibank Wealth Management has expanded its partner network and gained access to a wider range of investment solutions.
This joint venture has not only provided new markets and solutions for Ahlibank’s clients, but it has also increased the bank’s visibility in the global market.
All Funds Bank is a digital platform that has optimised Ahlibank’s speed of access to investment solutions, a move that aligns with the Omani lender’s objective of becoming a digital wealth service provider.
Ahlibank has won the Best Private Bank – Oman award at the Mena Banking Excellence Awards 2023.