Enriching Private Banking Experience

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Abdulnasir Al Raisi, DGM – Premier Banking talks about the various wealth management solutions offered by Bank Muscat Private. Excerpts from an interview

Bank Muscat won the 2019 Best Private bank in Oman award by Global Finance and you have been consistently winning international awards for the Best Private bank in Oman. What makes you the Best Private bank in Oman?

Reaching out to high net-worth individual and ultra high net-worth individual segments, Bank Muscat Private offerings are unmatched in the Sultanate, providing an exceptional breadth and depth of wealth management solutions. Moreover, personalised service catering to the complex financial and wealth management needs of clients distinguish the Bank Muscat Premier banking proposition. Reflecting the customer-centric ‘To serve you better, every day’ vision of the bank, the best of banking and lifestyle solutions enrich the private banking customer experience.

How is the bank’s vision “To serve you better, every day” implemented by Premier Banking?

Bank Muscat Premier Banking is focused on a distinct customer experience by offering banking and lifestyle solutions adapted in tune with the changing customer needs and use of technology for efficient, seamless experience. With Tablet banking, Premier banking clients are offered door-step banking. Furthermore, technology focus has helped the bank to improve and make the service more convenient for clients.

We consider wealth management as a key focus area as new investment products and wealth management solutions across various asset classes are offered. Also, the bank regularly engages with clients, giving insights through research-based sectoral analysis highlighting investment and business opportunities. Correspondingly, aimed at ensuring proximity to customers, the Premier Banking team has been strengthened, thereby meeting the personalised needs, aspirations and goals of Premier Banking customers.

Please highlight the roles of Premier Banking segments of Private banking, asalah Priority Banking and al Jawhar Privilege banking…

Bank Muscat brings decades of financial expertise to the table as the Premier banking platform creates a wealth of knowledge to guide clients in their journey of wealth creation. The bank offers HNW clients a more dynamic relationship where technology innovation, real-time notifications of portfolio movements and clients being more hands-on are playing a key role.

The vibrant Premier banking experience offered by Bank Muscat encompasses Private for exclusive Private banking service, asalah Priority Banking for high net worth customers and al Jawhar Privilege banking for the salaried segment. Personalised service catering to the multipart financial and wealth management needs of clients differentiate the Premier banking proposition. Imitating the customer-centric ‘To serve you better, every day’ vision of the bank, the best of banking and lifestyle solutions enrich the customer experience in each segment of Premier Banking.

The investment offerings cover global markets and all asset classes, through a robust execution platform administered by experienced and dedicated Relationship Managers.

The asalah proposition stands out with qualified Relationship Managers (RM) assigned to handle the banking and investment requirements of Priority banking customers. Reinforcing the Priority banking experience, the bank has established exclusive asalah centres at select branches across the Sultanate. Leveraging its unmatched nation-wide branch presence, Bank Muscat offers asalah Priority Banking services across all regions through the largest network of 32 asalah centers.

In the vibrant world of privilege banking, the distinctive identity of al Jawhar says it all. Designed around the unique lifestyle and banking requirements of the largest customer segment, al Jawhar is the first-of-its-kind privilege banking service in Oman. al Jawhar value proposition is based on three pillars of commitment to customers – recognition, convenience and experience – that form the imprint of premium products and services.

What are the key products and services offered by Private banking?

Bank Muscat offers Private banking clients a complete suite of investment options in global asset classes through its wealth management platform and tie up with international counter parties. The range of solutions offered to clients includes equity investments across global markets, global ETFs and mutual funds; global fixed income investments including, Omani fixed income issuance, global mutual funds ETFs; private equity funds, real estate funds and commodity ETFs; offshore banking and portfolio management through reputed global counterparties.

The Private banking services also include conventional accounts, term deposits, currency exchange, domestic and international transfers, online banking and regular asset monitoring. Exclusive Private banking VISA Infinite credit card, VISA Platinum debit card, luxury car finance and yacht finance are available for Private clients along with competitive rates for deposits, loans and foreign exchange.

Private banking clients enjoy 1 per cent cash back rewards on all transactions made through Private Visa Infinite credit card. The card also facilitates exclusive Hilton Honors Gold Membership, unlimited access to 1,000+ airport lounges globally, complimentary chauffeur service to and from Muscat International Airport, collection of over 900 luxury hotels around the world, multi-trip travel insurance and Global Concierge Service.

The additional rewards and benefits for Private clients include high value al Mazyona prizes. Private customers are eligible to participate in all al Mazyona prize draws offering RO10mn in prize money.

Please highlight the team serving Private Banking customers…

The Private banking team is headed by Ali Mustafa, who is a banking veteran with more than 20 years’ experience with bank muscat. He is supported by a dedicated team of Omani and expatriate relationship managers who have more than 50 years of experience among them.

With global financial expertise and experience, the bank’s team of wealth experts serve as trusted advisors to provide investment solutions tailored to meet the present and future needs of clients. The strategy reflects the bank’s commitment to expand innovative services to Premier Banking clients and provide an exclusive banking experience.

What differentiates you from the competitors?

Our focus on the customer and meeting their requirements in the most convenient way is our most crucial goal. Additionally, Private Banking is a multi-generational business where wealth is passed on across generations. As the flagship bank in Oman, Bank Muscat is relationship based bank serving customers for more than 35 years in Oman and we look forward to further strengthening our relationship with our valued customers.

What should existing and potential customers expect from the bank in future?

Reflecting the customer-centric ‘To serve you better, every day’ vision of the bank, the best of banking and lifestyle solutions enrich the Private Banking experience. The Private Banking proposition is constantly being enhanced to offer a world class service as the bank is focused on improving customer experience by offering banking and lifestyle solutions adapted in tune with the changing customer needs and use of technology for efficient and seamless experience. Accordingly, few initiatives for new products and improved service are being reviewed for introduction in the near future.

Enriching Private Banking Experience

Muhammed Nafie is an Assistant Editor at Oman Economic Review.

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