Guillaume Passebecq , Head of Private Banking & Wealth Management at Bank One , tells more on their strategic positioning …
What are your views on the evolution of the private wealth landscape in Mauritius over the last 5 years ?
The private wealth industry continues to experience significant challenges and transformation . Over the last 5 years , the industry in Mauritius has gained more exposure to international standards in terms of both pure banking products and services along with more sophisticated investment solutions . Our business model is mainly based on the fact that Mauritius is known to attract foreign investors . We believe foreign investors look for a more holistic advisory solution that encompasses their needs across a wide range of financial products and services .
Despite a more transparent and robust financial system aligned with international laws and standards , recent EU decisions are forcing Mauritius to reinvent itself as the industry ’ s development lies even more on internationalisation and its ability to adapt to these standards .
Last but not least , the local private wealth landscape has also experienced significant digitalisation efforts in recent years with the introduction of real-time digital access and a strong custody services offer . High Net Worth customers in particular are looking for a more hybrid approach . They want the best of both worlds as they are not ready to forego the human touch while looking for a bank that can provide them with a complete digital banking experience where advisory can be provided remotely .
DISCOVER
Due to the context , can you identify the " new " challenges in handling customer expectations ?
From a pure banking perspective , customer behaviour and expectations are constantly evolving . Customers are expecting a seamless digital banking experience . Traditional brick and mortar premises , in turn , are being converted into greener and more efficient workspaces allowing for a more pleasant interaction with the customer .
Bank One has fully embraced this wave and invested massively in digital channels . We have revisited our business strategy and operational model to invest in digital channels including a revamped Internet Banking platform , a friendlier Mobile Banking application , a full-fledged Custody platform and an E-advisory platform . Our strategy is focused on customer satisfaction and it is in our DNA to continue evolving with the global market changes .
Furthermore , in every crisis , clients expect more proximity from their banks and a close follow-up of their investments . The current period of financial stress has brought forward the resilience of Bank One ’ s Open Architecture model , as a multi-management investment solution can be a most efficient way of reducing performance volatility . The global economy has been experiencing dramatic changes since the fourth quarter of last year . We also witnessed negative oil prices for the first time ever . Increased ESG-related transformations , such as climate change , are starting to affect peoples ’ daily habits .
We believe the current crisis is changing the mindset of some investors with greater emphasis placed on green investments and a fresh focus that looks further into the future . Covid-19 is further accelerating ESG investments , which have seen a steady increase of inflows and better-thanaverage returns since the beginning of the pandemic . I believe the rationale behind is that this crisis has put the spotlight on vulnerabilities and our dependence on the natural environment .
The crisis has also placed greater emphasis on the security of clients ’ assets amidst greater risk and volatility . At Bank One , our primary focus is the protection and growth of client ’ s wealth . We ascertain their investments are kept off-balance sheet with a trusted depository like Euroclear acting as the provider for securities settlements .
What are the measures taken by Bank One ’ s post Covid-19 , to reframe its digital services ?
We are facing a peculiar moment in history due to the depth and duration of this pandemic which forced banks to review their current processes and re-invent themselves . More than ever , we have seen that digital transformation is crucial to endure such a crisis . Lockdown does not necessarily mean shut down . At Bank One , we have been able to navigate through the crisis and ensure normal banking operations are carried out thanks to the digitalisation of our internal processes .
Digital transformation at Bank One is not a project ; it is an ongoing process . It is in our DNA to continuously reassess our processes and platforms in order to meet changing customer needs and market dynamics .
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