The Value of the Human Touch in a Digital Era:
Embracing Technology without Losing Connection
As Artificial Intelligence (AI) and digital solutions continue to reshape the financial industry, the value of personal connection in sectors such as offshore banking and wealth management remains undeniable. Mulenga Silwamba, Head of Personal and Private Banking at Standard Bank Isle of Man, notes, “At a time when technology is streamlining almost every process in the financial services industry, the human touch is what can set us apart. We believe in remembering that clients are individuals, with individual needs, and therefore we will continue to maintain the right level of personal interaction in our dealings with them.
With both African and other international clients alike increasingly relying on technology for ease of transacting and managing their money, an important question emerges: how can the financial services industry effectively balance technological innovation with the enduring value of personal relationships? Adam Hunt, Head of International Wealth and Investment, emphasises, “We must leverage technology to enhance our service, but it should never detract from the personal connection that’s essential to building relationships and embedding trust within our clients.”
Mulenga and Adam champion a vision for the future where technology enhances, rather than replaces, the human touch. Here, they explore the nuances of human connection in private banking and wealth management, the strategic integration of technology, and the unique advantages that offshore jurisdictions offer for wealth diversification. Mulenga adds, “The Isle of Man, for example, is not just a location; it’s a lifestyle choice that provides well-regulated stability and opportunities for clients looking to diversify their portfolios. At Standard Bank, our purpose is to drive Africa’s growth and this, of course, means its people. When we look at the African continent, we are connecting with a population that is starting to notice the value of international markets, and here is where the personal relationships we build here are invaluable to support this.”
Defining the Human Touch
We believe in remembering that clients are individuals, with individual needs, and therefore we will continue to maintain the right level of personal interaction in our dealings with them
In defining the "human touch" with a focus on wealth management, Adam stresses the importance of understanding clients at a deeper level. He introduces the concept of the "Wealth Quotient"™, which he describes as a unique framework for assessing how individuals earn, spend, and invest their wealth. “Speaking with the individuals across Africa and beyond, to recognise their personal financial values is key for developing tailored solutions,” he explains. “We don’t jump straight into providing solutions; we invest time in getting to know our clients and their families comprehensively to offer solutions that meet their current needs and future goals.”
Mulenga echoes this sentiment, sharing insights from her extensive experience in banking. “Whilst I am new to the Isle of Man, my previous role at Standard Bank Zambia taught me the value of personal connections in banking; connections lead us to understand personal circumstances, which is paramount in mutual success. Our Group’s purpose is ‘Africa is our home, we drive her growth’ and for me, this encapsulates the personal investment and commitment we have to offer solutions that propel the continent and its people forward, from wherever we are based on the globe.”, she states.
Mulenga Silwamba,
Head of Personal and Private Banking, Isle of Man, Standard Bank Offshore
Managing Diverse Client Relationships
Both leaders recognise the challenges posed by their diverse client bases. While Adam centres on high-net-worth individuals client segment, Mulenga engages with a broader client base, necessitating different approaches to personal interaction given the broad scope. “We have to show understanding in how we connect with our clients,” Mulenga explains. “Using real data to segment clients effectively allows us to tailor our outreach and communication to different groups that is specific to their service requirements.”
This prompts Adam to reflect on the power of genuine connections in building trust and loyalty—both essential for effective wealth management. “Clients want to know their advisors are there for them, especially during difficult times,” he asserts. “It’s about being present and available when they need us most, and in the way which they need us.”
Mulenga adds that, “The bank’s client engagement centre is trained to manage real-life, human, situations with not only professional expertise, but emotional intelligence too. This human element is critical, especially when clients are facing challenges.”. She points out, “Recognising their feelings and responding with care creates an atmosphere of trust that is invaluable.”
The Role of Technology
The evolving role of technology in wealth management inevitably leads to discussions on AI and digital solutions. Standard Bank Offshore recognises the transformative impact of technology, particularly in enhancing access to information and client interactions. Adam points to Africa's rapid technology adoption as a key driver in this evolution, noting, “The rapid take up of app-based innovations on the continent for easy money transfers and payments serve as prime examples of how technology can increase financial accessibility.”
Adam emphasises that these tools should complement client service—not replace—human interaction. “AI and digital solutions can handle certain tasks, but they cannot replicate the empathy and understanding, or complex advice that a human advisor provides.”.
As technology advances, client expectations are also shifting. Mulenga highlights the changing needs of younger clients, who are more tech-savvy and accustomed to instant access to information. “They also care deeply about values such as sustainability and social responsibility and will want to work with advisors who understand and align with their personal values,” she states.
Adam elaborates on how technology facilitates client engagement, adding, “We use technology to improve communication and accessibility, ensuring clients have the tools they need to manage their wealth effectively. But the crux of our service remains in building relationships that are meaningful and authentic.”
Adam Hunt,
Head of International Wealth and Investment Standard Bank Offshore
AI as an Assistant, Not a Replacement
Adam draws on his four-decade career in financial services and wealth management, observing, “When discussing complex financial matters, clients always want to speak to a person, usually in the same room. Being together reinforces the shared investment in achieving the defined goals, allowing conversation to identify the detail that may make all the difference in decision making.”
Both experts predict an increasing emphasis on blending technology with personal interaction as AI continues to shape the industry. As human interaction diminishes in some sectors, the demand for authentic relationships will only increase. They simultaneously observe that when navigating significant financial decisions or discussing their future, the human touch is here to stay.
The Isle of Man’s Strategic Advantage
For clients looking to diversify their portfolios into international markets, the Isle of Man offers a distinctive and attractive option. Adam outlines several key advantages of the jurisdiction, including political stability, a well-regulated environment, and a stellar reputation for financial services. Many clients, especially those from Africa, may initially be unfamiliar with the Isle of Man. “However, the 162-year strong brand and reputation of Standard Bank provides longevity assurance, allowing clients to feel confident in their investment decisions,” he affirms.
Mulenga highlights the Isle of Man's strategic location, offering clients access to international markets while providing a secure environment for their financial needs. “This stability is invaluable for clients seeking to hedge against economic volatility in their home countries,” she states, “The Isle of Man’s robust regulatory environment enables clients to navigate complex financial landscapes effectively, ensuring their assets are well-managed. The regulatory system prioritises transparency, security and stability for clients’ investments. This is particularly important for high-net-worth individuals looking to safeguard their wealth in stable currency and political environments as Adam has mentioned.”
Lifestyle and Community Appeal
Beyond its financial benefits, the Isle of Man offers a high quality of life that enhances the overall human experience. Its scenic landscapes, rich cultural heritage, and strong community spirit make it a desirable place for clients to live, work and visit to maintain balance. Mulenga notes, “
The island’s strong community focus and emphasis on quality of life is second to none. Having recently moved to the Island from Zambia, it’s clear that the local culture fosters a sense of belonging, making it an attractive and welcoming destination for visitors and residents alike.”
Adam adds, “Moreover, the Isle of Man community provides a wealth of professional expertise that clients can leverage for their financial needs.” Highlighting the importance of having knowledgeable professionals on the ground who can deliver tailored advice, he explains, “This local expertise ensures clients receive comprehensive support, allowing them to make informed decisions aligned with their long-term goals.”
Commitment to Africa
Standard Bank Offshore is deeply committed to fostering growth within African markets. Adam reflects on his dedicated service in financial services, saying, “My commitment to Africa and its growth has been my motivation. I believe in building long-term relationships that can help clients achieve their goals.” His dedication to nurturing connections and supporting Africa’s financial landscape underpins his approach to wealth management.
Mulenga shares a similar passion, with a focus on financial literacy, “Having worked out of Zambia, and across the sub-Saharan continent, I have seen how financial education and inclusion can transform lives,” she says. “I am passionate about ensuring our clients receive not just the best financial advice but also support in their personal journeys.”
Adam remarks, “The beauty of our truly international business is that our global footprint brings different perspectives which allow us to approach client relationships holistically, ensuring we address the varied needs of our diverse client base. This collaborative dynamism ensures clients receive comprehensive support from experts in country and further afield.”
Future Developments in Wealth Management
Both leaders agree that the future of full-suite financial services, which Standard Bank Offshore offers, will rely on finding the sweet spot between embracing technology and maintaining personal connections. As Adam summarises, “Whilst technology will enhance banking and wealth management services, the need for human empathy and trust will be more important than ever to ensure nuanced needs are met. The coalescence of these approaches is going to be both interesting and exciting to see unfold.”
Standard Bank Isle of Man Limited is licensed by the Isle of Man Financial Services Authority. Registered in the Isle of Man No. 4713C.
Standard Bank Offshore Group Limited registered office is at Standard Bank House, 47-49 La Motte Street, St Helier, Jersey JE2 4SZ. Registered in Jersey No 43694.
Standard Bank Offshore Group Limited is a wholly owned subsidiary of Standard Bank Group.