Saturday, July 13, 2024

Banking and Finance Trends of 2022

Sparkasse Bank Malta plc was established in 2000 and offers banking and investment services to fund managers in Malta and the EU. The Bank prides itself on delivering value to customers with quality offerings through a dedicated team of professional experts. The Bank’s biggest differentiator from its competitors in Malta is that it offers Banking and Investment Services under one roof specialising in custody and depositary services, making it a one-stop shop for fund managers.

As we enter a new year, Sparkasse Bank Malta plc is preparing by analysing industry trends and trajectories to determine ways to better serve its customers. Informed by its years of experience in highly specialised areas, the bank has identified two areas for modern-day financial institutions to pay attention.

1. Bringing Personalisation Back to BankingThere’s no denying that customers appreciate the convenience and ease of digital banking solutions. There are certainly benefits to accessing your financial information anytime, anywhere. However, the digitisation may have reached a boiling point that has consumers craving more personalisation and humanization.

This doesn’t just mean an excellent in-person experience, but it also means more personalisation in every area of the customer journey. Being a bank focused on professional and discerning customers, the Bank’s highly trained team understands the uniqueness of every customer and how to deal with these intricacies in a proper and professional manner offering value, service and timely execution. Through this promptness, trust is earned and the overall banking experience becomes all the more efficient and effective.  Team members have experience handling common problems that may arise for different types of Customers. By specialising in a specific niche, banks can become more than a bank: They can become a valued adviser.

Managing Director Paul Mifsud is a proponent of this strategy and has influenced the trajectory of the Bank. He notes, “We’re focusing on what we’ve been doing and what we know how to do well, without having those distractions of trying to create something else that could take our eye off the ball and away from our main priority, which is our customers.”

2. Focus on Community
In 2022, communities will be doubling down on rebuilding their efforts as the world continues recovering from the initial shock of the ongoing pandemic. Financial institutions have the opportunity to be there for businesses and individuals as they recover. Experts predict that we will see smaller financial institutions, in particular, making an effort to provide services and advice to those who are still struggling.

Financial institutions like Sparkasse Bank Malta plc that have a rich history in specific regions are uniquely positioned to focus on community and fuel growth. They understand the local economy and the challenges faced by its customers. But community doesn’t just refer to the people who live around you — it can also refer to other communities a financial institution specialises in serving, like fund managers , corporate customers or startups. Finding a way to serve a community you care about will be an important differentiator in 2022.

“We have always been focused on Malta and finding ways to provide a service that was lacking for fund managers on the island,” shares Paul Mifsud. “We wanted to be more than just somewhere to process money. We wanted to be trusted a service provider within the investment services and custodian markets. We’ve achieved that and helped the economy in Malta thrive by doing so.”

According to Paul, the most critical takeaway for success in 2022 for those in the financial industry is to keep the people you serve at the heart of your mission. Rather than worrying about what competitors or the largest financial institutions are pursuing, focus on your customer’s needs. Sparkasse Bank Malta plc values feedback from clientele, and this is how it has remained ahead of the competition without becoming distracted by it.

About Sparkasse Bank Malta plc

Sparkasse Bank Malta plc is authorised by the Maltese Financial Services Authority as a credit institution and investment services provider and provides banking, investment, depositary, and fund custody services. The Bank offers securities services, including depository services, custody services, custody and clearing services, and trading desk services. Its solutions include both domestic and cross-border services including trading, clearing and settlement services, cash management, and general banking services. It is uniquely prepared to serve international clientele with multi currency accounts.

The Bank holds multiple licences that allow it to fully service its Customers. It acts not only as a credit institution but also as an investment services firm for both individuals and corporations. Most notably, the Bank also offers custody and depository services to fund customers. These are not services typically offered by most financial institutions. Of these licences, three are issued by the Malta Financial services authority, and one is issued by the Central Bank of Ireland. Most recently, the Bank was authorised by the MFSA to start acting as a Custodian to Retirement Schemes.  Sparkasse Bank Malta also expanded to Dublin in 2018, a move that was part luck and part strategic genius. According to Paul Mifsud, “Ireland was a natural choice for the Bank due to its membership in the EU and its English-speaking environment. The Bank had already established relationships and contacts with several service providers in Ireland, which made the move and the decision all the more feasible.” Dublin has since become an attractive choice for many financial institutions because of the English language, access to the EU, and private fund-friendly rules. This move is just one in a long list of smart decisions Sparkasse Bank Malta plc has made ahead of its time to differentiate itself and remain insulated from competitors.

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