UOB launches ‘high street’ branch to target half a million emerging affluent customers in Singapore

There are more than 476,000 emerging affluent consumers in Singapore, and that segment is expected to grow by 15% by the end of 2020, analysis showed.

UOB bank Source: Bloomberg

United Overseas Bank (UOB) has launched its first high street wealth banking branch in Singapore tailored for the country’s ‘emerging affluent customers’. Located at Faber House in Orchard Road, the location was chosen because the shopping belt is a common place those wealthy young individuals are found to spend their free time in, UOB’s research showed.

In a report from research firm GlobalData titled ‘The Global Wealth Market in 2017’, it revealed that there were more than 476,000 emerging affluent consumers in Singapore, and that segment is expected to grow by 15% by the end of 2020.

According to data from UOB, that targeted segment of consumers may have a can-do attitude in various aspects of their life, but they are less certain about growing their wealth through investments.

The bank determines those who are ‘emerging affluent’ as people who are between the ages of 25 and 44 years old and have between S$100,000 and S$350,000 in investible assets.

The initiative has a focus on an ‘omni-channel wealth creation journey’, and integrates the bank’s online and branch services to equip customers on investment knowledge so as to engage with them on a deeper level.

Based on a survey from UOB which polled more than 1,200 UOB customers, more than half of the bank’s emerging affluent consumers want to be able to speak with a financial advisor before making financial decisions.

“We want to help build the financial confidence of Singapore’s increasing number of emerging affluent consumers and to help them become more comfortable in achieving their wealth goals through investing,” said Ms Jacquelyn Tan, head of personal financial services Singapore, at UOB.

UOB Faber House Source: UOB Bank

The ‘emerging affluent’ banking experience

Customers who enter the branch at Faber House will receive personalized financial suggestions upon scanning their identification card at the self-help ticketing kiosk. The banking suggestions are filtered and sorted out through the use of artificial intelligence and data analytics.

UOB relationship managers can also provide advisory through a digital platform called the UOB Portfolio Advisory Tools, a service offered specifically to suit emerging affluent customers’ needs, said UOB.

UOB said it chose Singapore’s shopping belt Orchard Road as the first ‘high street’ branch for such a segment of customers because the area is one of the most frequently visited destination for emerging affluent customers. For the first six months of 2018, the bank said close to 100,000 of the bank’s customers visited Orchard Road, geospatial analysis conducted by the bank showed.

Explore the markets with our free course

Discover the range of markets you can trade on - and learn how they work - with IG Academy's online course.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
Bid
Offer
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Bid
Offer
Updated
Change
Bid
Offer
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Monday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.


IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

This information/research prepared by IGA or IGA Group is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

Please see important Research Disclaimer.