Singapore-based lender United Overseas Bank (UOB) has launched a new high street wealth banking branch model to serve emerging affluent consumers in the country.
The branch is located at Faber House on Orchard Road. The site was selected as it is one of the most frequently visited destinations for emerging affluent customers.
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UOB wealth banking branch
With the new branch, UOB aims to target customers within the age group of 25-44 years with investible assets between S$100,000 and S$350,000.
The branch will leverage artificial intelligence (AI) technology and data analytics to offer personalised services to the customers.
At the branch, the customers will receive information about relevant financial solutions after they scan their identification card at the self-help ticketing kiosk.
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Simultaneously, the respective relationship manager will also receive the same information set. Accordingly, the relationship manager will address all their financial queries in the meetings.
Additionally, the relationship managers are provided with a digital investment advisory platform to offer customers deeper insights.
UOB Singapore head of personal financial services Jacquelyn Tan said: “In the last year, we surveyed more than 1,200 UOB customers to understand their preferences for investing.
“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.”
According to a report cited by UOB, there were around 476,000 emerging affluent consumers in Singapore last year.
