Bank Audi’s Mouayed Makhlouf: Resilience in banking now means to be technologically able

Resilience in banking now means to be technologically able, and the good thing is that is the region is catching up very quickly on this, Mouayed Makhlouf, Group Chief Wholesale & Institutional Banking Officer at Bank Audi told a panel discussion during the Investopia Global Mediterranean Forum taking place in Limassol. “If we don’t catch up, we’ll be obsolete,” he warned.

The discussion, entitled “Banking Reimagined: Navigating Transformation in a New Financial Era”, was also joined by Haris Hambakis, Deputy CEO of Hellenic Bank, member of Eurobank Group.

Moderator Paschalis Bouchoris, Senior Advisor at Alphora Capital Advisors, said fintech was supposed to be a disruptive model; now, many analysts are wondering whether the younger generations will ever get to enter an actual bank. So he asked the panelists: “How do you see the future for banks?”

Mouayed Makhlouf said that going to a bank for services is an “old story”. Banks have evolved into providers of services and products, rather than owners. With banking services now obtained from an app, customers now want something to be fast. Apps like Netflix and Amazon offer immediate, on the spot service. “They want this in their banking solutions. Fast simple solutions, embedded finance, meaning I want to get multiple services from one angle. Insurance, loan pay fees, I want all in one app that is easy to use.”

Digital banking throughout the world has grown over 30%, which Makhlouf said is remarkable, and is disrupting the banking sector. Resilience in banking now, he said, means to be technologically able.

The good thing, said Makhlouf, is the region is catching up very quickly on this. “If we don’t catch up, we’ll be obsolete. Banks have caught up with this change and found other ways to make money.” He referred to a digital bank he helped create in Lebanon, neo Bank Audi, which attracted 120,000 new clients within six months.

And as he said, there are many key structures that banks can benefit from through partnerships with financial providers.

Haris Hambakis referred to the challenges that traditional banks are currently facing, including overregulation. And he said while he understands the need to meet the younger generation’s banking needs, there is also an ageing population with specialized needs, what with life expectancy increasing, and so solutions need to be found there as well.

He also listed fierce competition and cybersecurity as major threats the banks are trying to navigate.

Eurobank’s investment in Cyprus

Elsewhere, Hambakis said that it is no coincidence that Eurobank decided to invest in Cyprus. “We can play a central role in assisting and facilitating,” he pointed out.

With Greece also entering the game in recent years with a more open minded and extroverted government, he said, the future is looking positive. “We are very, very optimistic; it is a challenge but a very good opportunity for us as a country but the region as well to work together.”

Event ID:

In partnership with:

Ministry of Energy, Commerce and Industry, Republic of Cyprus, Invest Cyprus, Cyprus Chamber of Commerce and Industry

Main sponsor: Eurobank

Gold Sponsors: Altia, Columbia Group, Finvasia

Silver Sponsors: Athlos Capital, Ecommbx, EY, Perfect Circle Trust, Argyrides & Associates LLC, STI Taxand Cyprus, K.Treppides & Co Ltd

Sponsor: IMR

Organisers: Investopia & IMH