In the ever-evolving landscape of digital transformation, banks and financial institutions are continuously striving to enhance their services to meet the changing needs of their affluent clientele. Digital transformation has become a top priority for banks and financial institutions seeking to meet these evolving needs.
Mashreq, a forerunner in the financial industry, has recently been recognised with the esteemed Wealth Management Platform of the Year award at the 18th Asian Banking and Finance Retail Banking Awards. This accolade underscores Mashreq’s cutting-edge digitisation initiative, which is transforming wealth management for its affluent clientele.
The prestigious awards programme commends outstanding banks and finance companies with innovative retail products, services, and strategies.
Let’s delve into the key factors behind this success and explore how Mashreq Gold is shaping the future of wealth management.
A comprehensive digital platform redefining wealth management
At the heart of this success is Mashreq Gold’s comprehensive digital platform, marrying advanced technology with a deep-rooted commitment to superior customer service. The platform boasts a suite of wealth management tools that bestows clients with unmatched convenience and accessibility.
Mashreq’s Hybrid Wealth solutions give a rich and seamless customer experience across all client touchpoints. It empowers them to manage their investments through comprehensive “self-service” capabilities on the mobile banking app or engage with their relationship managers digitally for “Hybrid hyperpersonalised service”. Aladdin Al Deesi, Head of Mashreq Gold, says: “From setting up a Wealth account & instant lending facility, viewing their portfolio 360 to executing transactions in domestic and international markets, clients can do it all from a single, secure digital platform. This seamless integration of advanced technology has propelled Mashreq’s digital wealth management capabilities to new heights.”
By staying ahead of the curve in security measures, Mashreq has set a standard for the industry.
Enhanced customer engagement and efficient operations
Contrary to the belief that digitisation might replace human expertise, Mashreq Gold has embraced a hybrid approach that effectively blends human-assisted service delivery with automated, digital solutions.
In that, the digitisation initiative equips relationship managers with digital tools and real-time client data, enabling them to provide a more personalised experience. At the same time, clients can engage with the relationship managers for discussions, whilst also leveraging digital tools for routine transactions and self-service wealth management activities.
Aladdin adds, “This blend of human-assisted service and automated solutions ensures that clients receive the best of both worlds: the warmth of human interaction and the efficiency of digital services.”
As a result, Mashreq Gold’s focus on automation and digitisation has resulted in operational efficiencies, leading to cost efficiency and streamlined service delivery. The impressive growth figures of a 150% increase in overall customer assets and a 165% increase in fee revenue demonstrate the tangible benefits of this transformative approach. Given these improvements, clients will not only enjoy faster and more efficient service but also an enhanced overall experience.
On top of those, Mashreq Gold has managed to significantly improve customer engagement. The bank’s Net Promoter Score (NPS) has risen by a remarkable 180% during the transformation, indicating heightened customer satisfaction. The personalised touch and convenience offered by the digital platform have made clients more engaged, which may lead to increased customer loyalty and future growth for the bank.
“As technology continues to evolve, Mashreq sees endless opportunities to expand its digital wealth management offerings. Future prospects include the introduction of more innovative solutions, the integration of additional security features like biometric technologies, and further utilisation of AI to enhance client services. By keeping a forward-looking approach, Mashreq aims to stay at the forefront of digital innovation in the wealth management domain,” concludes Aladdin.
Mashreq Gold’s digitisation initiative is a groundbreaking success that has catapulted the bank to the forefront of digital transformation in wealth management. The award-winning strategy demonstrates their dedication to providing affluent clients with a superior wealth management experience.
