StanChart M’sia expects to double its Priority Banking clients in the next three years
KUCHING: Standard Chartered Malaysia is committed to investing in its Wealth Management business to capture the significant growth of the affluent and emerging affluent segment in Malaysia.
In Malaysia, the total affluent population is approximately 50,000 people while the estimated emerging affluent population stands at five per cent of the Malaysian population or 1.5 million people.
Supporting these statistics, the bank has seen a steady growth of its affluent and emerging affluent clients and is on track to double the number of its Priority Banking clients in the next three years.
With this, the bank has launched its first dedicated Wealth Centre at Publika on 1 June 2018 to serve the needs of the affluent and emerging affluent client base in the area.
The bank’s comprehensive range of wealth management advice and solutions are offered at the Centre. The top-tier Private and Priority Banking clients will have access to a team of highly qualified Investment Specialists who will provide personalised market insights and advice to help manage, protect and grow their wealth.
The specialist team will be at the Wealth Centre between 10am to 8pm daily, including the weekends allowing clients the flexibility of discussing their financial goals, investment and protection needs at the comfort of their free time.
Aaron Loo, country head of retail banking, at Standard Chartered Bank Malaysia said: “As we see a growth in the Priority Banking client base, the Bank is evolving its services to address the complex investment needs of this growing segment.
“Managing client wealth is less about selling investment solutions and more about understanding the customer’s investment objectives to offer the right advice at the right time. This is why the bank believes in developing deep relationships and trust with our clients and helping them grow and protect their wealth.”
Standard Chartered uses an advisory-led open architecture model to harness the collective intelligence of the industry and combining it with its own house view to generate market insights, advice and recommendations with relevant local insights.
Aaron added, “At Standard Chartered, our core differentiator is our best- in- class advisory capabilities, which we now offer through our dedicated Wealth Centre in Publika to our growing affluent and emerging affluent base.
“Our team of Investment Advisors are driven by the principle to serve our client’s investment needs to grow their wealth, protect their investments against risks and manage their wealth through the generations.
“This client-centric culture is deeply embedded in the Bank’s values and our brand promise – to be Here for good.”
The Wealth Management business is a major recipient of Standard Chartered’s three-year technology investment of US$3 billion. Investments are made into creating cutting-edge digital channels to complement the people-based advisory model and transform the client experience.
In Malaysia, Standard Chartered was the first bank to connect clients with wealth management advisors via video banking. Clients can also receive wealth management advice via online chat and over the phone in addition to the face-toface services at the branch or the Wealth Centre.