The article was published on whoswho.mt
As banking services become more digital, there is a still a significant segment of affluent customers who are underserved by traditional banks.
MeDirect has embarked on a journey as a WealthTech digital bank aiming to enhance customer experience and public service. Arnaud Denis, Group Chief Executive Officer at MeDirect Bank, highlights that the digital transformation journey over the past five years has been guided by a clear purpose: empowering people to manage their money with confidence and autonomy.
“We want access to financial services to be inclusive and democratic and, in becoming Malta’s first digital bank we have, therefore, not only leveraged technology to make products accessible but have also worked to provide the information and human support customers want. This combination creates confidence in our platform,” says Arnaud.
The result of this transformation was a mobile app and online banking platform where individuals can invest, save, take out a home loan, and manage their daily finances in multiple currencies with ease. Moreover, corporate clients can also manage their finances through such a platform.
This ecosystem has driven significant market innovation, such as the launch of digital Discretionary Portfolio Management, which allows MeDirect clients to access portfolio management services from as little as €100. Traditionally, this service is only available to high-net-worth individuals at other institutions.
Discussing the role that AI and digital wallets play in terms of MeDirect’s offering, he says that that AI is an important part of the bank’s ongoing transformation, and it is an enabler, freeing employees’ time to focus on more value-adding tasks while improving customer experience.
“All employees are being trained on how to make the best use of AI and the implementation will be driven by ideas which come from the teams. We are determined that this will be an employee-led process so that AI helps them in their tasks such as regular reporting functions, thus saving a considerable amount of time,” Arnaud says.
Another important part of the puzzle is making Digital Wallets such as Google Pay and Apple Pay available to customers. Arnaud remarks that this was an important step in the bank’s journey, having successfully launched card services in the summer of 2023.
“Customers can now use MeDirect app seamlessly both for their every day banking needs or to manage smartly their wealth thanks to the suite of investment solutions available on the platform”
Being a Pan-European Group, present in Malta, the Netherlands and Belgium, its strategy was never defined by geographical boundaries. MeDirect has created a technology platform that can be scaled, with the necessary adaptability, to suit different customer needs or regulatory requirements specific to each market.
With an eye to the future, Arnaud outlines several upcoming innovations in products and customer experience: “Looking ahead, there are numerous developments in the technology and product pipeline. Instant payments will be launched. Moreover, further evolution of the investment platform is envisaged which would include an easier process for clients to make monthly contributions to savings and investment programmes and the introduction of new model portfolio services.”
When referring to MeDirect’s business model, Arnaud shares that there is a significant segment of affluent customers who are underserved by traditional banks. “Our research confirms that there are segments of the market who have some money to invest and want to have access to proper information and guidance, but simply don’t have the time to do so.”
“MeDirect has pursued a strategy of organic growth and now has more than 150,000 customers who trust the bank with €5.7 billion worth of assets” Arnaud concludes.
MeDirect Bank (Malta) plc, company registration number C34125, is regulated by the Malta Financial Services Authority and is licensed to undertake the business of banking in terms of the Banking Act (Cap. 371 and the business of investment services under the Investment Services Act (Cap. 370).
MeDirect Bank (Malta) plc is regulated by the Malta Financial Services Authority as a Credit Institution under the Banking Act 1994. Applications are subject to the Bank’s lending criteria. Terms and conditions apply and are available on request.
