United Overseas Bank (UOB) is mixing the physical and the digital with a new tech-packed branch focussed on Singapore's large "emerging affluent" class.
Defined as customers between 25 and 44 years old with over $100,000 of investable assets, the "emerging affluent" are surprisingly keen on the human touch when it comes to managing their money, with half supplementing online research with trips to their bank branch.
With this in mind, UOB is stepping up its omnichannel approach as it seeks to capture the lucrative demographic of nearly 500,000 people.
The bank has created a wealth banking branch with a strong digital emphasis. Upon entering, customers receive a personalised experience through the use of AI and data analytics, beginning with a scan of their identification card at the self-help ticketing kiosk.
Within seconds, they receive information on relevant financial products that could be of interest to them, as well as an eQueue number to their mobile phones. A relationship manager also receives the same set of information to serve the customer and to answer any questions during their meeting.
Relationship managers are also equipped with a purpose-built digital investment advisory platform to provide deeper insights into building an investment portfolio to meet the customer’s goals. The platform draws upon more than 12 years of historical market data to simulate the expected performance on an investment portfolio against various economic scenarios.
Jacquelyn Tan, head, personal financial services, Singapore, UOB, says: "More than half of our emerging affluent consumers want to be able to speak with a financial advisor before making an investment decision. As such, we designed our wealth creation journey so our customers would know the range of investment options available to them and also enable us to engage with them at a deeper level."