The investment products and wealth advisory services offered by Maybank Privilege have contributed to a big increase in the lender’s assets.
Maybank Singapore has won the 14th Annual Retail Banker International Asia Trailblazer Award in the Excellence in Mass Affluent Banking category. The bank was awarded the trophy for Maybank Privilege wealth management as well as its remarkable growth in the emerging affluent client segment.
By adopting the Universal Banking Model, the bank has been able to provide clients with comprehensive wealth and financing solutions. This includes priority services at all branches, complemented with digital banking, which further enhances the client experience.
Additionally, dedicated personal financial advisers are appointed to serve clients across their wealth and financing needs. These advisers provide a one-stop service, enabling ease of banking access and complete value propositions to better serve clients in the early wealth continuum.
Priority services
Maybank Privilege offers comprehensive wealth solutions specially tailored for clients with a certain financial standing. It serves the emerging affluent client segment, which is generally a financially savvy group that ranges in demographics from young professionals to active seniors. These clients typically own assets ranging from S$50,000 ($37,114) to S$300,000 ($222,681) in value.
Maybank Privilege’s complete suite of investment products and wealth advisory services contributed to an increase in investment assets by 43.6 per cent.
Maybank Privilege has led to impressive growth in the bank’s client base, which has increased by 18.4 per cent since the programme’s launch in 2018, as well as in the lender’s total assets, which have risen by 16.9 per cent. As a result, Maybank Singapore now manages more than S$9.1bn in assets for more than 67,000 emerging affluent clients.
Strategic planning
Maybank Singapore’s success in the mass affluent banking category is attributed to its ability to serve a growing market segment. The bank has strategically developed a complete suite of investment products and wealth advisory services to meet the needs of financially savvy clients.
Its commitment to providing excellent service and keeping clients fully engaged with various events and completely informed through an integrated, multi-channel approach has differentiated Maybank Privilege, which continues to contribute to the bank’s success.