benefits can be customized by leveraging
Visa’s digital capabilities and partnerships
with merchants around the world. “When it
comes to UHNW, we see a great opportunity
in Lebanon for partnering with a very
limited number of selected banks,” he said.
VALUABLE CLIENTS
Banks tailor their payment cards to meet
the specific needs of HNWIs, who are a
lucrative market segment, but they also
require more pampering and more generous
and personalized perks. According to the
80/20 rule, when most revenues (80 percent)
are derived from a niche market such as
HNWIs (20 percent of the customer base),
targeting these individuals becomes vital
because it is the most lucrative segment,
Azzy said. According to Makary, this market
segment – although niche in terms of
the number of customers – is incredibly
important in terms of volumes and even
more in terms of reputation in the market.
This segment is also important for banks in
an indirect way as it allows them to expand
their customer base. Randa Bdeir, Deputy
General Manager and Head of E-Payment
Solutions and Cards Technology at Credit
Libanais, said that this
niche market creates an
opportunity for cross-selling
as the bank can attract other
customers through the
cardholders, such as their
family members and other
relatives and friends. BoB
also looks at the overall
business relationship with
the customer, not just the card business.
Customers could open deposit accounts,
they could invest with the bank, and they
often have their own companies, which
could also become the bank’s customers,
said Georges Aouad, Director of the
Consumer Banking Division at BoB.
THE CUSTOMER IS KING
HNWIs are sophisticated clients used to
a luxurious lifestyle and who have high
expectations. Bdeir said: “These customers
are offered many generous and costly
perks and services. We go out of our way
to pamper them and to cater to all their
needs.” According to Ramzi Saboury,
Chief Commercial Officer of Areeba, which
provides e-payment solutions, the holders of
high-end cards have special requirements.
They also care more about the human touch
than the digital features of a card. Azzy
34 LEBANON OPPORTUNITIES, AUGUST 2019
said that these clients are always moving
towards more expensive lifestyles. Nearly
ten to 20 years ago a Gold Card was highly
valued, now it is considered mid-level, he
said. As the needs of HNWIs
evolve, the banks look at
their relationship with them
as a journey. Aouad said they
monitor data about consumer
behavior to determine their
future needs and they update
their offers accordingly.
“It is a journey. The bank
is continuously monitoring
consumer spending behavior in order to keep
its products relevant to its customers. Our
offers are not static, they are dynamic,” he
said. Aouad said they also take the initiative
and get the customers’ feedback and do not
wait for them to report issues or complaints.
“We talk to them to see what new features
they want to be added to the package of
perks,” he said.CONCIERGE SERVICES
Luxury cards provide global concierge
services which book restaurants, hotels,
resorts, and events all over the world for
cardholders who request these services by
calling an international phone number.
Saboury said that HNWIs give more value
to such personalized services and they want
people to talk to them and ask them about
their personal needs. The concierge services
could range from providing a private jet tosome mundane services such as laundry.
Azzy said that if a holder of a Centurion Card
wishes to attend an event or have a dinner
with a celebrity that they can arrange this.
In addition to these services, BLOM has its
own ‘Concierge’ services in Lebanon for its
elite customers who hold a Visa Infinite Card
and MasterCard World card. Clients can
call a local phone number and benefit from
these services. The benefits offered by Bank
Audi’s new ultra-high net worth ‘World Elite
Exclusive’ credit card from MasterCard
include 24 hour a day, seven days a week
access to lifestyle specialist services by Louis
Fourteen. Louis Fourteen is a boutique
company that provides luxury lifestyle
management and elite concierge services.
Bdeir said that the concierge services
provided through their Metallic card include
booking luxury cruise trips for customers.
Metallic, which is issued by MasterCard,
is the first metal card to enter the Arab
market, and is equivalent to American
Express’ Centurion card, according to Bdeir.
Cardholders could also ask the concierge
service to provide transportation to and from
the cruise ship and for shopping purposes,
she said.TRAVEL PERKS
Luxury cards often provide a ‘Meet and
Greet’ service which provides assistance to
cardholders at airports all over the world.
They also provide access to airport lounges.
BLOM’s Visa Infinite Card gives unlimitedLuxury
cardholders are
sophisticated and
demanding
:7,*0(39,769;
CREDIT CARDS
Perks include private jets