UNITED Overseas Bank (UOB) has launched its first high street wealth banking branch model at Faber House in Orchard Road to complement its online channels in a bid to better equip "emerging affluent" customers with investment knowledge.
The bank defines this group as those aged between 25 years old and 44 years old, with between S$100,000 and S$350,000 in investible assets.
According to UOB's analysis, the location was chosen as Orchard Road continues to be one of the most frequently visited destinations for emerging affluent customers with close to 100,000 of them visiting the shopping belt in the first half of 2018.
Upon entering UOB's Faber House branch, customers will receive a personalised experience through the use of artificial intelligence (AI) and data analytics, the bank said.
After scanning their identification card at the self-help ticketing kiosk, customers will obtain information on relevant financial solutions that could be of interest to them, as well as an eQueue number on their mobile phones within seconds, the bank added.
Separately, a relationship manager will receive the same set of information to serve the customer, and to answer any questions that the customer may have on these financial solutions during their meeting, UOB said.
Relationship manageers will also be equipped with a digital investment advisory platform to provide insights into building an investment portfolio that is aligned with the customer's risk appetite and wealth goals.
Jacquelyn Tan, head of personal financial services in UOB Singapore 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.
"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," added Ms Tan.
In 2018, there were more than 476,000 emerging affluent consumers in Singapore, and the segment is expected to grow by 15 per cent by the end of 2020, UOB said.