Maybank Private banks on human touch and Asean touchpoints to grow wealth business
On-the-ground presence and wide range of services are enablers of holistic approach to advisory practice
Lee Kim Siang
TECHNOLOGY has transformed banking, but Maybank Private is focused on maintaining a human touch. Maybank’s mission is “humanising financial services”, says Alice Tan, Maybank’s head of group wealth management. “Our bankers are trained to go the extra mile and to expand their capabilities in providing holistic solutions to clients – being resourceful, nimble and agile.”
Tan, who is responsible for driving Maybank’s group wealth management business to encompass private, retail and Islamic wealth segments, has over 27 years of experience in asset management, portfolio management and investment consulting.
In her time in the industry, she has seen significant transformations driven by technological advancements, regulatory changes and evolving client expectations.
“We can expect a shift towards more personalised technology-enhanced services that provide clients with greater control and immediate insights into their portfolios on the go,” she says.
For Maybank Private, that shift has meant harnessing technology to give client advisers (CAs) a better understanding of client needs.
The bank has deployed software from Avaloq, for instance, that integrates front-, middle- and back-office systems. The platform gives CAs a complete overview of any client’s banking relationships – enabling a more holistic approach when managing clients’ financial needs.
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Such technology is only part of the solution, though. “Our CAs have to be very customer-focused and be solutions driven,” Tan says. “That is why we give our CAs a longer gestation period to understand our business, build their portfolio and foster the relationships with clients through needs-based advisory.”
“We also invest resources and time in training our CAs, and mentoring them to unlock their full potential and grow their career with us.”
Another key challenge is ensuring CAs stay up-to-date with the skills and knowledge required to service new customers and address evolving needs.
“We ensure they receive continuous training through comprehensive programmes,” Tan says. These might cover topics such as regulatory compliance or new industry trends in managing family offices.
“Additionally, equipping our CAs with the knowledge to leverage new technologies and platforms to enhance client service and streamline operations is essential. Furthermore, we focus on refining their soft skills, such as communication, empathy, and relationship building.”
This focus on the human touch has paid off for the bank, Tan adds. “Many of our clients have remained with us for a long time, supported by our long-service CAs… which attests to our ability to retain good staff.”
“Our commitment to maintaining a stable team of CAs ensures continuity and a deep understanding of each client’s unique needs and goals. This fosters strong and trusting relationships between our clients and their CAs, allowing for more personalised services and tailored financial advice that goes beyond the transactional.”
Asean presence
Maybank Private – the private banking arm of Malaysia-headquartered Maybank – was established in 2013 to provide a holistic wealth management proposition to the bank’s clients.
As Maybank has grown, so has the range of services that Maybank Private can offer to its clients – it is one of the few universal banks with on-the-ground operations in all 10 Asean countries.
To ensure it is adequately tapping this Asean advantage, Tan says Maybank has implemented a “regional CA” model. CAs are encouraged to refer and onboard clients in any country, which helps remove any territorial mindset and has resulted in the successful onboarding of new assets from existing clients.
“Our robust Asean network is very valuable to our private clients as it gives them unparalleled access to investment opportunities, strategic partnerships and expert guidance from us,” Tan adds.
Clients can access cross-border lending services, investment specialists in various locations and localised business opportunities, for example.
“Many of our clients are entrepreneurs who own businesses and are keen to look for a bank that can help them expand and grow their business in the region.”
As Singapore and Malaysia finalise plans for a special economic zone that will facilitate cross-border flows of financial and human capital between both countries, Tan says Maybank is well positioned to support this project.
“Our clients may also seek migration and relocation services for their families. Maybank has the network and expertise to help them establish their second home in countries such as Malaysia via the Malaysia My Second Home programme”, she adds.
Asean has also become an important centre for Islamic banking – a trend Maybank has helped to drive and continues to support. “Roughly a quarter of all Islamic finance assets are concentrated in South-east Asia,” Tan says.
One reason for the growth in Islamic finance is increased awareness of environmental, social and governance factors in investing – factors that have long been core to Islamic banking principles.
Maybank Singapore has been a regional offshore hub for Islamic wealth management since November 2023 and serves to extend the group’s position beyond Malaysia and Indonesia, Tan says.
“We ensure our CAs undergo rigorous training and certification so they can understand the values-based principles to effectively communicate their benefits and distinctions to clients.”
Global outlook
Beyond Asean, Maybank has operations in the key financial markets of London, New York, Beijing, Shanghai, Hong Kong and Dubai.
“As synergies across the Maybank franchise continue to broaden and deepen, Maybank Private will be further differentiated from its competitors and bring greater value to clients through its unique expertise, connections and opportunities,” Tan says.
“This is aligned with our vision of being a true-to-label regional private bank specialising in the Asean-plus region, but with a global outlook.”
The bank has set its sights on becoming one of the top 20 private banks in Asia-Pacific, and is looking to double its CA headcount – from close to 100 – over the next few years.
“When we first started Maybank Private in November 2013, we focused the first five years on developing our business through initiatives such as the onshore boarding of our Singapore clients and upgrading our client segment from Maybank Premier to Maybank Private,” Tan says.
The bank established three booking centres – in Singapore, Malaysia and Hong Kong – and then started to expand into the likes of Indonesia and Greater China.
In its next phase of growth, Tan says Maybank Private will collaborate closely with other group entities – such as Maybank Asset Management and Maybank Investment Banking – to provide the expertise and insights necessary to grow client wealth.
“We will continue to expand our wealth management footprint and offerings within Asean, and invest and leverage digital capabilities such as artificial intelligence and data analytics to gain insights into clients’ investment inclinations,” Tan says.
“Even as the wealth management and private banking sectors steer towards greater digitalisation integration, we will continue to emphasise personalised client services to build and maintain strong trust-based relationships.”
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