The future of banking and investments

Lyndon Subroyen, global head of Investec Digital
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The financial crisis in 2008 left an indelible scar on the banking and investment environment worldwide.
It resulted in a significant increase in regulations and increasingly complex compliance requirements for banks and investment houses, in South Africa and abroad. Consumers are also more astute and will look for competitive offerings with perceived real value.   

“Many financial institutions use rewards programmes or pricing to build loyalty. But, without an ecosystem of products and services that create real value for clients, businesses will struggle to inspire long-term client loyalty,” comments Lyndon Subroyen, global head of Investec Digital. “People are looking for simpler solutions in a complex world. If businesses listen to what their clients want carefully, they can develop an offering that is relevant, timeous and competitive.”

Cumesh Moodliar, Head of Private Banking SA, notes, “For Investec, this has been our approach for many years. Our clients are at the heart of our business. We know they are global citizens that are time poor. So, when they had an increasing need for exposure to banking and investments, across borders, we introduced Investec. One Place™ in 2014. Through this, we give them access to our full suite of banking and investment services, both locally and internationally – all in One Place – under one umbrella. They can create, grow and protect their wealth through us.”

In 2018, Investec’s clients have access to local and international banking, including lending, cash investments, personal transactional banking, foreign exchange, Private Capital (investment banking solutions) and Property Finance. Recently, it also introduced Investec Life, where clients can apply for and secure comprehensive life cover online. Investec’s local and international Investment services include Wealth Management, Portfolio Management, Stockbroking, retirement investment and philanthropy services.

According to Subroyen and Moodliar, the essence of this multiple award-winning* value proposition is a high tech and high touch offering.

“In a complex financial world, we make it easy for them to get local and international banking and investment exposure. For example, our high tech channels, Investec Online and our App, enable our clients to get a consolidated view of their banking and investment accounts, locally and internationally, on one platform with one login. They can transact easily from anywhere in the world,” Subroyen remarks. Investec Online has 1.8 million logons a month and this number is growing. “A great example is their ability to open a UK Private bank account through Investec Online in a few minutes - not weeks as is the industry standard. It’s efficient, online and no hassle.”

Moodliar adds, “If they have more complex needs or want to speak to someone, for example a non-vanilla home loan or an international investment opportunity, they can easily contact their specialist Private Banker or specialist Investment Manager. Our global Client Support Centre is also open 24/7 and fully empowered to deal with queries and requests. This is what we refer to as the high touch part of One Place.”

And the future?

Subroyen notes that the future is all about having the client experience you prefer. “Fairly soon, it will be possible to do your banking through a sophisticated, empathetic digital avatar. Whether you choose to do that will be up to you. Our approach to financial tech innovation has always been that technology should find new ways to make people’s lives easier and add real value.”

Moodliar agrees. “Our clients have high expectations, so as we evolve as a Private Bank and Wealth Manager, we first ask ourselves if it will make a real difference in their lives. We never forget the human being behind the screen or on the other side of the phone. It’s all part of creating an ecosystem of products and services that they see real value in.”

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