Luxury Indian Ocean LUXURY INDIAN OCEAN #7 EDITION 2018 | Page 70

BUSINESS
Guy Ah Hang,
Manager of MCB Select International
© Anaïs Dercy
Banks have long played a central role in society. But their
conventional function as a safe place to preserve money is untenable
in the modern age of finance, an era where digitalisation is prevalent,
regulations are tighter, customers are more discerning, and non-
traditional competitors – from telecommunication companies
to FinTech entrepreneurs – are emerging. And while a bank’s
importance is undeniable, it is the customer, and not the brick-and-
mortar institution, that reigns. source of information for financial services. The emerging model
requires Relationship Managers to play a more critical role: their
advice needs to be more sophisticated, more technical, more
specialised. MCB’s dedicated lounges exemplify just that. Located
in high-traffic prime locations, these members-only lounges service
customers’ most complex needs, from investment planning to
taxes and retirement. There, customers can conduct transactions in
confidentiality and enjoy priority service—no queuing up required.
Introducing today’s consumers: they’re ultra-connected with digital
capabilities, they expect to be engaged with highly personalised
services, they work remotely (ideally from a cabana in Sri Lanka) and
cherish the lifestyle that comes with having location-independent
jobs. They want to feel valued, connected, understood. And how
does this relate to banks? Well, these consumers are beginning to
view financial services as enablers to their lifestyle choices. This,
however, was not the role of banks. Until now. Emphasising the importance of a personalised approach, Guy Ah
Hang, Manager of MCB Select International, shares: “We aren’t in
the business of banking; we are in the business of helping people
achieve their dreams. And it occurred to us that by leveraging our
technology, people and partner capabilities, we can really target all
the spectrums of the market. This is how MCB Select International
came to be”.
The bank of the future extends well beyond traditional financial
products, digital innovation or mobile banking, which are a given
in today’s world. Instead, banks are expected to further engage in
the day-to-day of their clients, supporting them before, during
and after a financial transaction. And while customised service was
mainly reserved for High Net Worth Individuals, a 2018 research
by McKinsey indicates that 70% of Africa’s retail banking growth
will come from ‘middle segments’, defined as individuals who earn
between $6,000 and $36,000 annually. Success can only come
from developing compelling propositions for this segment. But
what makes a proposition compelling? Personalisation, exceptional
service, tailored to each customer’s unique needs, on a daily basis,
and across all touchpoints.
The Mauritius Commercial Bank (MCB), whose footprint
spans Mauritius, Madagascar, Reunion, the Seychelles and the
Maldives amongst others, is at the forefront of understanding
customer needs in a far more granular way. The bank’s drive
towards personalisation began with MCB Select, a red-carpet
service that combines financial services and a sophisticated
lifestyle store, distinguishing itself from the formal bank branch:
sleek priority lounges with a dedicated Relationship Manager,
preferential pricing on specific products and services, a loyalty
program, direct debits for bill payments, invitations to exclusive
events, travel and lifestyle benefits...
With the advent of the Internet, banks are no longer the primary
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The recently launched MCB Select International, as its name
suggests, targets the international traveller. It allows a foreigner
to open an MCB bank account without needing to reside in
Mauritius. Expatriates, residents and non-residents have access
to their own dedicated bankers who help them manage, preserve
and grow their wealth. The bank even runs a Concierge program
– My Conciergerie – that helps members with just about
everything, from VIP tickets to coveted events, to reservations
at the world’s finest Michelin-star restaurants. The perks that
come with being a member of My Conciergerie trail along
with customers around the world, no matter where they are or
whenever they may need assistance.
“Relocating to a new place can be daunting, and having someone
trustworthy help you with the practical details can make settling in a
more hassle-free experience. That’s where MCB Select International
comes in. And to ensure that our clients’ experience is seamless, we
believe in looking beyond our four walls and creating synergies with
third-party specialists. This is why we have teamed up with Expat.com,
a company that specialises in guiding foreigners and their families
through all aspects of moving abroad”, explains Guy.
MCB Select International’s service also extends to members’ families.
With a complete picture of a client’s finances, location and personal
preferences, the Bank can play a supporting role in the purchasing
of non-banking products: a new car, house or school enrollment for
the children. Quality and relevance of service, ultimately, remain the
deciding factor in why a customer chooses to stay with his bank.
MCB Contact p.150