The impact of Covid-19 on the digitalization of the banking sector has been decisive, both in Monaco and beyond, and for many an unexpected "crash course" in digitalization.
As far as CMB Monaco is concerned, we were able to face this crisis because we were certain that investing in cyber security, quality IT equipment, and remote communication with our teams and clients were necessary. We had already identified a growing trend towards digitalization and had taken steps to integrate it into our strategy - so we were not caught off guard.
Now, especially since the health crisis, we are interacting with our clients through the increasing use of digital tools at all touchpoints, from account opening, which has been simplified, to day-to-day customer relationship management. This also meets the need to adapt to the needs and expectations of a private banking clientele that is getting younger. Our approach, resolutely focused on our clients and their expectations, requires us to take into account the wishes of this new generation for whom the provision of quality digital tools is non-negotiable. This is also part of a longer-term vision and leads us to closely follow future themes that interest a growing number of clients: metaverse, blockchain, crypto-currencies, digital assets, decentralized finance.
Client expectations have therefore changed, and there are, in my opinion, three key axes that now underpin the reputation of any bank. The first factor, which is absolutely decisive, is the financial solidity of the institution. This is necessary in order to be able to do the investments we need to make in order to remain relevant, but also because it is a guarantee for our clients. The second pillar is investment in technology and digital, which we cannot afford to ignore for all the reasons mentioned above. Finally, the third pillar is the human factor, which is why we invest so much in the continuous training of our teams and the recruitment of the best talents in the market. Our Private Banker Academy, whose program, set up with Euromoney, is organized into technical, ethical and linguistic modules, places particular emphasis on human skills.
These three elements - solidity, digital and human - are complementary. Digital technology should not be perceived as a danger for our profession. On the contrary, digital tools complement the existing offer, and allow bankers to focus on high value-added tasks, rather than on simple operations, always keeping in mind one central objective: customer satisfaction.
So, rather than being afraid of the inevitable changes brought about by the digital transformation of our industry, let's seize the opportunities linked to it with confidence and show agility. I will conclude with a Chinese proverb that sums up my approach: "when the wind of change blows, some build walls, others build mills". I like to think that at CMB Monaco we are more on the side of the second option!
