In a region where many premier banking propositions remain narrowly focused on high balances or investment products, Rakbank has built a model designed to grow with clients as their wealth evolves. Through its Select and Elite propositions, the bank has created a structured pathway that serves affluent professionals, entrepreneurs and emerging high-net-worth (HNW) clients – segments that are often underserved by traditional private banking models.
At the centre of this strategy is the bank’s Select-Elite framework, a two-tier structure designed to support clients as their wealth evolves. Select serves the mass-affluent segment, providing early access to premium banking services and forming the entry point to Rakbank’s wealth proposition. Elite represents the next stage of that journey, extending a more sophisticated suite of lending, investment and lifestyle services within a single relationship-led model.
Rather than separating customers across multiple branded propositions as their wealth grows, Rakbank maintains continuity between the two tiers. Clients can enter the Select segment through salary or balance thresholds and progress into Elite as their financial profile evolves.
That continuity is reinforced by a strong relationship manager (RM) model. Every Elite client is assigned a dedicated RM from the outset, responsible for coordinating everything from everyday banking and lending to investments and mortgages. As client complexity increases, RM expertise evolves accordingly, ensuring that wealthier customers receive more specialised advisory support while maintaining the same relationship framework. This approach has also created notable client stickiness: around 70% of clients have been with the bank for a decade or more, with many relationships developing alongside the same RMs over time.
We speak the language our clients care about. Whether it’s investments, mortgages, cards, FX or loans, they want everything in one place and that’s exactly what we deliver, simply and with a human touch
Shehzad Hameed
The proposition also reflects Rakbank’s distinctive position as one of the UAE’s leading SME banks. Many affluent clients are business owners who require both personal and commercial banking support, and the Elite model allows the bank to serve those needs holistically. “We speak the language our clients care about,” says Shehzad Hameed, managing director, retail banking. “Whether it’s investments, mortgages, cards, FX or loans, they want everything in one place and that’s exactly what we deliver, simply and with a human touch.”
Digital capabilities have become another defining element of the proposition. Clients can open accounts, execute investments, buy digital gold, apply for mortgages and access lending products through the bank’s mobile platform. Crucially, these digital journeys remain relationship-led: when a client initiates a journey digitally, their relationship manager is kept informed and can step in if required. This “digital with a human touch” model reflects the bank’s broader effort to combine technological convenience with personal advisory support.
Rakbank has also introduced product innovations tailored to affluent clients. Its Home in One mortgage, for example, links a client’s current account to their home loan so that balances held in the account offset the loan amount used for interest calculations, potentially reducing or eliminating interest costs. The bank has also developed a digital gold account that enables customers to buy or sell gold instantly through the app, with the option to convert their holdings into physical bars.
These innovations have translated into strong growth momentum. Over the review period, Rakbank reported a 42% increase in Elite clients, while investment income rose by 34% year-on-year. The bank also recorded growth in customer deposits and total assets as clients deepened their relationships with the franchise.
Beyond the domestic market, the bank is also responding to the growing number of globally mobile clients connected to the UAE. Its cross-border Elite onboarding framework allows non-resident clients to complete KYC and open accounts remotely through approved representatives in their home countries, enabling them to access premier UAE banking services without needing to travel to the UAE.
By combining a scalable relationship model, digital innovation and a holistic banking proposition, Rakbank has built one of the Middle East’s most distinctive and effective premier banking platforms for affluent and emerging HNW clients.
