By Sara Hoteit, Regional Sales Lead, Backbase Middle East

For decades, white-glove banking in the Middle East relied on personal trust. High-net-worth individuals (HNWIs) and family offices turned to relationship managers (RMs) for access, expertise, and discretion. However, today’s digital-first generation of clients is inheriting wealth, and they expect faster, more transparent, and more personalised service than traditional models can deliver.

Why are younger clients walking away?

Recent surveys show a dramatic shift. Capgemini reports that 81% of affluent heirs plan to change their wealth managers. The reason is not a lack of expertise, but dissatisfaction with slow, opaque, and disconnected experiences.

Traditional private banking often resembles a black box: clients see limited transparency, receive quarterly reports, and rely on infrequent meetings. In contrast, new generations want data, control, and insights at their fingertips. EY research confirms this gap, noting that only 7% of Gen Z trust bank advisers for financial guidance. Digital-first wealth platforms like Sarwa and StashAway are stepping in to meet these demands.

The human role in private banking

Despite this shift, the human element remains essential. Relationship managers still play a critical role in building trust and offering tailored advice. However, many spend most of their time on administrative tasks rather than client-facing work. McKinsey estimates up to 70% of RM time goes to back-office processes.

For banks, the solution lies in rethinking the role of advisers and empowering them with technology that eliminates inefficiencies while elevating client engagement.

Digital tools that elevate wealth management

Digitisation should enhance, not replace, personal service. Clients now expect customisable dashboards that reflect estate planning, performance analytics, or ESG-focused investments. Both advisers and clients benefit when these tools deliver real-time insights that support collaboration.

In addition, clients want flexible access to their advisers. EY notes that 85% still value personal advice, but they prefer it delivered on their terms—through secure chat, video calls, or collaborative digital platforms.

How AI empowers relationship managers

Technology can give RMs the edge they need. AI tools identify risks, recommend diversification, and flag liquidity needs. When embedded in RM workspaces, these insights keep advice timely and proactive.

Automation further reduces administrative work, allowing advisers to spend more time building meaningful client relationships. This shift restores the core value of wealth management: trust, loyalty, and personalised advice.

From products to financial journeys

Wealthy clients no longer want just products; they want holistic support. They expect advisers to guide them through succession planning, family governance, philanthropy, and alternative investments. Global disruptors like Robinhood proved how fast expectations can change, and regional players such as Baraka are echoing this trend.

Reinventing the white-glove model

Private banking is not obsolete, but it must adapt. Banks that reinvent white-glove banking for digital-first clients will combine AI-driven efficiency with human empathy. By empowering advisers, streamlining processes, and blending digital convenience with trust, banks can keep this premium model relevant.

In the end, successful institutions will prove that strong relationships, enhanced by smart technology, remain the most valuable currency in wealth management.

Check out our previous post on Sobha Realty Green Sukuk marks $750m milestone

Lebanon fintech investment appeal for global investors

Q: In Lebanon’s current economic climate, what factors can attract local and foreign fintech investment, and how is Whish Money positioned to benefit?

Toufic Koussa: Lebanon’s economy has created a surge in demand for secure, accessible, and compliant financial solutions. Investors now search for opportunities where technology fills urgent gaps. They want platforms that streamline payments, enable quick transfers, and promote financial literacy. Whish Money’s 1.3 million users across 110 countries show that fintech can scale locally and globally. Our commitment to trust and inclusivity makes us an attractive partner for Lebanon fintech investment.

Strategies sustaining Lebanon fintech investment growth

Q: What investment strategies and operational efficiencies have been key to sustaining Whish Money’s growth in an uncertain regulatory and economic environment?

Toufic Koussa: Growth in Lebanon could not depend on costly infrastructure. Instead, we focused on agility and smart resource allocation. Scalable digital rails and strong compliance frameworks gave us a solid base. We relied on strategic partnerships rather than trying to build everything in-house. This approach kept us flexible and efficient. At the same time, we co-created our roadmap with users. Services such as instant transfers and QR payments solved real problems. Each decision translated into adoption and sustainable growth—strengthening Lebanon’s fintech investment landscape.

Partnerships powering Lebanon’s fintech investment ecosystem

Q: How do partnerships with Visa, Mastercard, and TerraPay boost investor confidence and accelerate market expansion locally and abroad?

Toufic Koussa: Partnerships are central to our expansion. When Visa and Mastercard integrate with Whish, it confirms that our platform meets global standards. It also proves our ability to connect seamlessly with international ecosystems. TerraPay and Ria extend our reach to Lebanon’s diaspora, making remittances faster and safer. These alliances inspire confidence, increase scalability, and highlight Lebanon as an emerging fintech investment hub.

How Lebanon fintech investment empowers communities

Q: How can fintech—especially digital payments—drive economic empowerment in Lebanon, and what investment in infrastructure or regulation is needed to maximize this impact?

Toufic Koussa: Digital payments empower people and businesses alike. Workers who receive wages digitally enter the formal economy and gain access to vital protections. Merchants who accept QR payments reach more customers and reduce dependence on cash. Families who rely on remittances benefit from transparent and instant transfers that improve stability. To maximize these gains, Lebanon must invest in infrastructure and adopt forward-looking regulation. The Central Bank of Lebanon licenses Whish Money, but progress depends on broader collaboration. Regulators, telecom providers, and fintech innovators must work together to unlock the full promise of Lebanon fintech investment.

Lessons shaping Lebanon’s fintech investment future

Q: From serving over 1M users in 110+ countries, what lessons can you apply to Lebanon’s fintech scene, and how do you position the country as attractive for fintech investors?

Toufic Koussa: Our journey shows that agility and customer focus drive scale. We built a culture that listens to communities and responds with transparent solutions. This approach ensures innovation is tied to real needs, not abstract ideas. Internally, we promote continuous learning, which allows us to adapt to changing conditions.

For Lebanon to draw investors, it must embrace entrepreneurship, encourage collaboration, and support startups with impact-driven missions. Above all, the ecosystem should build trust and prioritize transparency. With these values in place, Lebanon can emerge as a hub where innovation and inclusion converge. That vision makes Lebanon fintech investment a story of resilience and opportunity.

Check out this previous post on British International School Riyadh Board Governance Excellence

– A By-Line from Carol Gray, Head of Board Relations, BISR

At British International School Riyadh (BISR), the role of the Board Clerk has undergone a remarkable transformation. No longer confined to minute-taking and logistical arrangements, today’s Board Clerk stands as a pivotal figure, wielding influence far beyond administrative duties to actively shape the strategic direction of the board. This evolution reflects the increasing complexity of corporate governance and the growing recognition of the clerk’s unique vantage point.

As the recent recipient of the ‘Board Clerk of the Year’ award, I have witnessed firsthand how the modern Board Clerk is privy to all discussions, decisions, and supporting documentation. We understand the flow of information, the nuances of board dynamics, and the historical context of strategic choices. This privileged position provides an untapped reservoir of knowledge and insight.

Why Elevating the Board Clerk Role is Critical for Effective Governance

The Board Clerk’s expanded remit means they are now a governance professional, not just an administrator. Their responsibilities include:

1.    Anticipating and proactively addressing governance challenges

2.    Facilitating effective communication and information flow

3.    Supporting strategic discussions with insightful context

4.    Ensuring the integrity of the decision-making process

5.    Contributing to board development and effectiveness

This transformation is not merely a shift in responsibilities; it demands a different skill set. Today’s Board Clerk needs strong analytical and organizational abilities, exceptional communication and interpersonal skills, a deep understanding of corporate governance principles, and the ability to exercise sound judgment and discretion.

Leveraging the Board Clerk for Better Decision-Making, Compliance, and Board Performance

By ensuring the board is well-informed, compliant, and operating efficiently, the Board Clerk provides the foundational support necessary for effective strategic decision-making. They are no longer just keeping score; they are actively contributing to the game plan, ensuring the board is equipped to navigate the complexities of the modern business environment and steer the organization towards its strategic goals.

Practical Steps for Integrating Governance Professionals into Strategic Board Operations

1.Recognise the Strategic Value: Boards and leadership teams should acknowledge the Board Clerk’s unique perspective and invite them into strategic conversations.

2. Invest in Professional Development: Provide access to governance training, leadership development, and networking opportunities.

3.Embed Governance in Board Culture: Make governance a standing agenda item and encourage the Clerk to contribute insights on compliance, risk, and best practice.

4.Leverage Technology: Use digital tools to streamline information flow, enhance transparency, and support effective decision-making.

5.Foster Collaboration: Encourage open communication between the Clerk, Chair, CEO, and board members to build trust and maximize board effectiveness.

The evolution of the Board Clerk’s role is a testament to the increasing appreciation for the critical role governance plays in achieving sustainable success. By elevating this position, organisations unlock new levels of board performance, compliance, and strategic agility. The Board Clerk is no longer a passive recorder but an active enabler of strategic thinking—helping boards move from minutes to mandates.

I’m deeply honored to receive this recognition from AGBIS. The role of the Board Clerk has truly evolved, and it’s a privilege to be part of a school that understands its strategic importance. This award isn’t just for me; it’s a testament to the collaborative spirit and forward-thinking governance we champion at British International School Riyadh. I’m excited to continue supporting our board as we navigate the complexities of modern education and shape a bright future for our students.

Carol Gray, Head of Board Relations, British International School Riyadh (BISR)
Board Clerk of the Year, AGBIS Annual Conference.