One in three emerging affluent customers surveyed by UOB Bank said they lack the confidence to invest despite wanting to do so. UOB has launched its High Street Branch model to address their concerns.
Last year, UOB surveyed more than 1,200 of its customers to understand their preferences for investing. The bank found that one in three of their emerging affluent customers had wanted to invest, but lack the confidence to do so despite the availability of online tools and information.
Using insights from its survey, UOB has designed an omni-channel wealth creation journey that integrates the bank’s online and branch services to equip customers with the knowledge needed to make investment decisions confidently.
«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,» said Jacquelyn Tan, Head of Personal Financial Services Singapore at UOB in a media statement.
Offering Digital Advisory
UOB launched a new high street Wealth Banking branch model to complement the Bank’s online channels. Its first high street Wealth Banking branch model is on Orchard Road.
Upon entering the branch, customers receive a personalised experience through the use of Artificial intelligence (AI) and data analytics. Bank customers simply need to scan their identification card at the Self-Help Ticketing Kiosk.
Within seconds, the customer receives information on relevant financial solutions that could be of interest to them, as well as an eQueue number sent to their mobile phones.
Relationship Manager Uses AI and Analytics
A relationship manager also receives the same set of information to serve the customer and to answer any questions that the customer may have on these financial solutions. The speed with which personalised content is sent to the customer is powered through AI and data analytics which the Bank uses to develop different customer profiles and corresponding suggestions.
Relationship managers are also equipped with a purpose-built digital investment advisory platform to provide deeper insights into building a Risk-First investment portfolio to meet the customer’s wealth goals. Known as the UOB Portfolio Advisory Tools, this is the first such digital service offered specifically to emerging affluent consumers by a Singapore bank.
Drawing Upon Historical Data
The UOB Portfolio Advisory Tools draws upon more than 12 years of historical market data to simulate the expected performance on an investment portfolio against various economic scenarios such as a bullish market cycle or an economic downturn.
By using data visualisation to illustrate the potential performance of the investment portfolio based against these scenarios, customers gain a better understanding of how their investments may perform over time.
