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With the RCBC Digital app, cardholders can convert their purchases into installments in real time, giving them greater financial flexibility.

One of the largest universal lenders in the Philippines, Rizal Commercial Banking Corporation (RCBC) has distinguished itself from other credit card issuers by providing distinctive features to all its cardholders, irrespective of their card type.

The bank is dedicated to emphasising inclusivity and customer empowerment, and this commitment earned it a Highly Commended mention in the Best Credit Card Initiative category at the 14th Annual Retail Banker International Asia Trailblazer Awards.

When it comes to credit cards, RCBC offers its cardholders a range of features and benefits that include flexible installment options, access to exclusive airport lounges, promotions for dining, shopping and wellness, an unrestricted rewards programme and a straightforward payment model.

Financial flexibility

For instance, the Unli Installment feature allows cardholders to convert straight purchases into flexible payment plans of up to 36 months. This feature is particularly useful when it comes to significant expenses such as medical bills, tuition fees and foreign transactions, where conventional POS-based installment options may not be available.

In addition, with the RCBC Digital app, cardholders can convert their purchases into installments in real time, giving them greater financial flexibility.

RCBC distinguishes itself further from its competitors by offering all its retail cardholders access to the exclusive Marhaba Lounge at the Ninoy Aquino International airport; other issuers generally offer this benefit only to premium cardholders. With an RCBC credit card, all retail cardholders can enjoy free travel insurance and purchase protection when travelling overseas. RCBC also provides a variety of dining, shopping and wellness offers to its credit cardholders, featuring deals from top offline and online merchants.

In addition to these offers, select customers can access targeted promotions based on specific categories, which helps provide added value and an enriched experience.

The RCBC credit card rewards programme provides unlimited rewards on all purchases, including bill payments, and stands out for its flexible redemption options. Cardholders can choose between points, air miles or cash rebates, and can redeem their earned rewards using a variety of options by having the peso value of their points credited to their RCBC savings or checking account.

UnliPay feature

In August 2022, RCBC introduced a new feature named UnliPay for their credit cards, enabling cardholders to use their limit to pay and transfer money to any bank account or e-wallet.

The feature’s user-friendly interface has been widely appreciated by customers, some of whom started testing and discussing the feature online from the soft launch phase itself. RCBC has gained recognition this year for providing exceptional credit card services and is fast becoming a prominent name in the industry.

Taishin International Bank has been recognised for its commitment to climate risk management and emphasis on sustainability and digital banking.

Taiwan-based Taishin International Bank has claimed the top spot in the Best Retail Bank – Taiwan category at the 14th Annual Retail Banker International Asia Trailblazer Awards. The win has placed the bank’s strategic initiatives, unwavering commitment to climate risk management, and emphasis on sustainability and digital banking in the spotlight.

Taishin International Bank’s commitment to sustainability is evident in its adherence to climate risk management principles. On 21 July 2022, Taishin Financial Holding Company, the lender’s parent company, became the third financial peer in Taiwan and the fifth in Asia to receive official validation from the Science Based Targets initiative (SBTi) for its science-based targets.

The bank also advocates for its ‘From Zero to Hero’ initiatives, urging the public to take sustainable actions in their everyday lives to counter the impact of climate change.

Wealth management

Taishin International Bank is a pioneer in strategic initiatives, offering a diverse range of wealth management services and products to cater to various customer segments. These offerings comprise:

Customised financial planning and consulting services
A combination of TWD (new Taiwanese dollar) and foreign currency deposits
Investment products
Short and medium-term insurance policies
Consumer loans
Comprehensive tax and asset allocation advisory services.

With its team of professional specialists, diverse product offerings and exclusive member privileges, Taishin International Bank has achieved consistent growth in its wealth management customer base.

The bank has achieved success with its universal banking strategy, exemplified by its acquisition of Prudential Life Insurance of Taiwan (POT) in 2021, which was subsequently rebranded as Taishin Life Insurance. This move aligns with the lender’s goal of providing customers with a broader range of financial products and exceptional services by integrating its banking, securities and insurance businesses.

Digital banking brand

In response to the growing trend of digital banking, Taishin International Bank introduced Richart, Taiwan’s inaugural digital banking brand, in 2016.

With Richart, the lender has established a cross-industry alliance and has collaborated with various partners to deliver innovative financial products and experiences to customers.

These partnerships have proven successful and have resulted in the development of unique offerings such as the ‘Time Deposit of Music’, which is an interest-bearing time deposit account, as well as a streamlined money transfer process for both landlords and renters.

Despite the challenges posed by geopolitical tensions and monetary tightening, Taishin International Bank has maintained a solid core business performance.

The bank’s expert knowledge and technological prowess have enabled it to offer market-leading products and services while achieving balanced corporate and retail growth. As of 30 June 2022, the bank’s total loans amounted to TWD1.4tn ($46bn) and total deposits reached TWD1.8tn.

Taishin International Bank also maintains a benign overall non-performing loan ratio of 0.14 per cent, with a coverage ratio staying above 900 per cent. These strong indicators attest to the lender’s dedication to sound risk management practices and insight into client requirements as well as shifts in the global market.

BDO Unibank has pioneered sustainable lending and access to financial services for the unbanked in the Philippines.

Philippines lender BDO Unibank’s commitment to sustainability has been recognised at the 14th Annual Retail Banker International Asia Trailblazer Awards, where the bank won the Best Advance in Sustainability Practices category.

The lender’s sustainability strategies are anchored on the UN’s 17 Sustainable Development Goals and have led to many achievements including 54 renewable energy projects.

Sustainable finance

In addition, BDO Unibank has embedded sustainability principles throughout its strategy, operations, risk management systems and corporate governance, and has pioneered sustainable finance and financial inclusion for the unbanked and underserved.

BDO Unibank has been a leader in sustainable finance in the Philippines for 12 years, with 54 renewable energy projects that account for almost 30 per cent of the country’s total renewable energy capacity.

The bank issued the first Blue Bond in Southeast Asia for funding water and wastewater management projects along with offshore wind projects at sea. It also issued the first Green Bond in the East Asia and Pacific region, which was earmarked for renewable energy, energy efficiency and green building projects.

Supporting energy transition

In September 2022, BDO Unibank announced its Energy Transition Finance Statement, committing to financing the transition to a low-carbon, environmentally responsible and socially inclusive economy.

In addition, the bank declared its support for the 2015 Paris Accord and the Philippines’ nationally determined contribution of a 70 per cent reduction in and avoidance of greenhouse gas emissions by 2040.

Digital banking innovations

BDO Pay, a payment app launched in March 2021, has attracted non-BDO depositors to open accounts with BDO Unibank and is primarily serving the unbanked sector, including consumers in rural and remote areas. By the end of 2021, the lender had recorded a 33 per cent growth in transactions through BDO Pay and the BDO website, with a total value of more than PHP1.5tn ($27,245bn).

BDO Cash Agad is another product that allows debit and prepaid cardholders to perform banking transactions through point-of-sale (POS) machines deployed to Cash Agad partner agents such as convenience and grocery stores in remote areas.

Committed to change

BDO Unibank recognises the importance of managing the risks of climate change and financing the enormous efforts needed to mitigate and adapt to its impact. As the largest bank in the Philippines, the lender has been using its resources, broad network and sphere of influence to lead the way in sustainable finance best practices for the banking industry.

BDO Unibank’s sustainability practices are commendable and show that banks can take an active role in achieving a sustainable future while providing top-notch products and services to their customers. The bank’s commitment to sustainability in finance has led to its win this year.

Standard Chartered Taiwan is dedicated to delivering superior customer engagement through advanced analytics and personalised tools.

Standard Chartered Taiwan has clinched the Best Application of Data Analytics award at the 14th Annual Retail Banker International Asia Trailblazer Awards. The accolade recognises the bank’s dedication to delivering superior customer engagement through advanced analytics and personalised tools.

Providing customised banking services requires a thorough understanding of customer preferences, which Standard Chartered Taiwan achieves by collecting data and tailoring its services to meet individual needs. The bank’s proactive approach to delivering data-led personalised services has set it apart from its peers.

Comprehensive analytics

Standard Chartered Taiwan has implemented comprehensive analytics tracking triggers that integrate seamlessly into the customer journey, resulting in meaningful data insights that inform targeted personalisation efforts.

The lender has built an advanced analytics foundation to identify key conversion behaviours and intentions, using in-house and partner data to create unique user segments. Moreover, it has embraced always-on optimisation, delivering highly relevant and tailored banking services.

Real-time access to relevant data sources enables Standard Chartered Taiwan to not only adopt a data-driven approach to customer engagement but also meet the ever-changing expectations of clients in the digital era.

Driving successful outcomes

The lender aims to support financial inclusion and develop strong ecosystems within which its banking services are available to customers regardless of their location or language. To this end, Standard Chartered Taiwan has revamped its public website with a focus on segmented target audiences and on providing personalised content and information that clients can easily comprehend.

This personalised digital experience has resulted in significant business benefits for Standard Chartered Taiwan, including an 81 per cent increase in traffic to product webpages and a 25 per cent decrease in bounce rate.

Staying ahead of the curve

In today’s competitive marketplace, providing contextual customer experiences is no longer optional.

To stay ahead of the curve, Standard Chartered Taiwan has overcome the challenges of delivering personalisation through robust data analytics, continuous refinement of use cases, and accelerated testing and learning. This approach has helped the lender build trust with its clients, leading to improved results and revenue for the organisation.

The introduction of the Agile delivery framework and analytics enabler has drastically shortened the turnaround time for content personalisation and has enabled new engagement channels.

As a result, the bank’s web page traffic for personal loans grew by 50 per cent, while effective leads from its own channels increased by more than 25 per cent in the span of two months.

Standard Chartered Taiwan’s data-driven approach to customer engagement and its commitment to delivering personalised experiences has set a new standard for retail banking in Asia, and is positioning the bank for continued success.

Standard Chartered Bank Vietnam has made significant strides in enhancing its digital acquisition capabilities, advancing financial inclusivity, and promoting economic growth.

The banking industry is fiercely competitive, with numerous financial institutions vying to provide top-quality products and services to customers. Standard Chartered Bank Vietnam has distinguished itself by winning the Best Retail Bank – Vietnam award at the 14th Annual Retail Banker International Asia Trailblazer Awards.

The bank caters to a broad spectrum of clientele comprising affluent, emerging affluent and mass segments, providing them with an extensive array of retail products including credit and debit cards, secured and unsecured loans, auto loans, liabilities, wealth management and bancassurance. Its client-centric, digital-first operating model prioritises client engagement and banking convenience, utilising technology and strategic partnerships to achieve this goal.

Digital capabilities

Standard Chartered Bank Vietnam has undergone a remarkable digital transformation. With almost all financial transactions being initiated digitally, the lender boasts an impressive digital activity rate of 78 per cent and a mobile penetration rate of 98 per cent.

The bank has also made significant strides in digital acquisition capabilities and continues to invest in creating a seamless digital banking experience.

Moreover, Standard Chartered Bank Vietnam’s strategic collaborations and partnerships have significantly scaled its operations and enhanced its value proposition. These include a co-brand partnership with Vietnam Airlines, an entrustment lending partnership with a leading non-banking financial corporation (NBFC), a fintech/payments joint venture with local payment services provider Payoo and a digital invoice financing partnership with a leading enterprise software solutions company.

The bank’s entrustment lending partnership is fueling its aspirations to promote financial inclusivity and economic growth by empowering consumer access to financing.

Supporting foreign investment

Standard Chartered Bank Vietnam supports foreign investors who are looking to invest in the Vietnamese market, fostering robust relationships with property developers and investment agencies to build an ecosystem that enables convenience for its clients.

The bank’s expertise in advising on and facilitating overseas transactions, coupled with its foreign exchange execution capabilities, has established it as a leading player in the retail foreign investment market, with a market share of about 25 per cent.

It then comes as no surprise that Standard Chartered Bank Vietnam has been awarded the Best Retail Bank Vietnam accolade for digital innovation, promoting financial inclusivity and fostering economic growth. The bank has also been highly commended in the Best Strategic Partnership category for forging partnerships that have led to business growth and added value.

These recognitions reflect Standard Chartered Bank Vietnam’s dedication to delivering the best banking solutions and services to its clients, as well as its commitment to excellence in the industry.

Outlining the key success factors fuelling Standard Chartered Hong Kong’s ascent.

Stephen Man, managing director and head of consumer, private and business banking, discusses the key strategies that have enabled Standard Chartered Hong Kong to emerge a winner in the face of increasing competition.

How has Standard Chartered Hong Kong transformed itself through digital banking and innovation?

In response to changing client banking behaviour, we at Standard Chartered Hong Kong have shifted our sales and service model to become more digital. Today, we have an active digital population of more than 1 million clients, with both the digital-active ratio and mobile-active ratio above the market average.

More than half of the bank’s retail product sales are acquired digitally and a growing proportion of our cards are now sourced digitally. In addition, more than half of our time deposits are set up online and their number has grown significantly.

To make wealth management more convenient for our clients, we introduced the myWealth feature on our mobile app in October 2022; this provides clients with 24/7 access to personalised portfolio recommendations and chief investment office views based on their risk ratings and holdings.

We have now also enabled clients to open funds and securities accounts through our app, making it easier for them to start their wealth management journey. This channel has contributed substantially to investment account openings.

Additionally, we have enhanced ‘My RM’, which is an in-house digital platform that allows relationship managers to communicate with clients and hold advisory conversations. Today, the digital channel accounts for more than 90 per cent of our wealth transactions.

We are also optimising our branch network to meet clients’ needs better. For example, we now understand that branches serve as a channel for customers to learn about our digital banking services, and we have therefore introduced the Green Branch; this aims to offer customers a unique banking experience using a paperless journey, and is set to boost digital transformation and elevate banking experience.

What are some environmental initiatives that the bank has recently launched?

Standard Chartered Hong Kong has taken several steps to support environmental, social and governance (ESG) initiatives, and was the first bank in Hong Kong to launch the Sustainable Payroll Account in September 2022. Since then, nearly half of all our payroll accounts have been set up as Sustainable Payroll Accounts.

In addition, between June and August 2022, we worked with Disney to launch the ‘Love Nature Sustainable Savings Promotion’; this programme encourages clients to support sustainability while enjoying preferential rates. Our co-branded Standard Chartered Hong Kong Disney debit card is now available as a carbon-neutral option. Prior to this, in October 2021, we launched the Green Mortgage initiative, which offers a mortgage scheme for residential buildings with a valid Gold or Platinum rating under the BEAM Plus Existing Buildings criteria.

It must be noted that retail investors in Hong Kong have shown a growing interest in sustainable investments in recent years, and Standard Chartered Hong Kong onboarded two sustainable funds to meet this demand in 2022.

Describe the main factors behind the bank’s deposit balances growth over the past few years.

Standard Chartered Hong Kong has successfully built its retail deposit balances year after year, which has enabled us to earn higher interest rates. As a result, despite increased competition in the market, we have been able to grow our new funds significantly. Two key factors drove this success:

Acceleration in client acquisition
Introduction of new product propositions.

In 2021, we established a strategic partnership with Hong Kong flag carrier Cathay Pacific, which allowed us to tap into the growing demand for travel and spending. As a result, we saw an almost three-fold increase in Standard Chartered Cathay Mastercard approvals by the final quarter of 2022.

In the same year, we digitalised our Marathon Savings Account (MSA), a hero savings product that clients can set up with just a few clicks.

The minimum deposit amount is as low as HK$10,000 ($1,274) and clients can withdraw funds at any time while still earning a higher interest rate the longer the deposit stays in the MSA. Since its launch in October 2022, about half of our new funds have come from MSAs.

The launch of the Sustainable Payroll Account in September 2022 can also be seen as another key milestone in Standard Chartered Hong Kong’s rapid growth.

What were the critical factors involved in improving Standard Chartered Hong Kong’s Net Promoter Score among clients?

The Net Promoter Score is a widely used market research metric on customer satisfaction and Standard Chartered Hong Kong was able to achieve a best-in-class score in this category in the first half of 2022.

Our approach is centred around our clients and, as a result, we place greater emphasis on providing an end-to-end customer experience. By staying connected and responsive to client feedback through surveys and quick follow-ups with our teams, we have succeeded in creating a best-in-class experience.

In addition, to encourage a culture of excellence, we have introduced a service reward programme that rewards individual employees and branches that bring in the highest customer satisfaction scores and the most compliments. We have also launched the INSEAD Wealth Academy programme, in partnership with renowned business school INSEAD, to equip our relationship managers and wealth specialists with product knowledge and client servicing skills.

How is the bank facilitating business growth and employee development now that travel between the mainland and Hong Kong has resumed?

The Greater Bay Area is a strategic agenda of primary importance to Standard Chartered. Accordingly, we have been ramping up our efforts to seize the opportunity the Chinese market offers and have opened our first GBA banking centre in Causeway Bay; this centre is set to provide clients a full range of cross-boundary wealth management and international banking services.

With the return of regular travel, Hong Kong’s economy will receive a boost, particularly in industries such as retail, tourism and hospitality. This will increase demand for cross-boundary banking and wealth management services. As the number of mainland clients visiting branches increases, Standard Chartered Hong Kong anticipates a surge in interest in Wealth Management services. We also have a dedicated GBA team to serve clients in the area.

Standard Chartered Hong Kong is responding to changing trends by offering flexibility through new ways of working, empowering its staff and creating added value for clients. The resumption of travel to and from Hong Kong has facilitated the exchange of talent and reinforced the city’s role as a ‘super-connector’ between the mainland and global markets.

Standard Chartered Hong Kong has been recognised for its efforts to become the ‘best digital bank with a human touch’.

Standard Chartered Hong Kong was named the Best Retail Bank – Hong Kong at the 14th Annual Retail Banker International Asia Trailblazer Awards 2023. The lender received recognition for its commitment to build and strengthen the retail banking franchise and become the ‘best digital bank with a human touch’.

In response to changing customer behaviour and to increase its digital footprint, Standard Chartered Hong Kong has enhanced its sales and service models. New services and features are now being offered to clients that focus on automation, digitisation and simplification.

Balanced growth

Standard Chartered Hong Kong’s continued efforts have resulted in a balance of solid growth and new client-focused propositions. The lender has seen a consistent increase in its retail deposit balances, even in the face of increasing competition.

New client acquisitions and the introduction of new product offerings, such as the bank’s partnership with Hong Kong flag carrier Cathay Pacific, have driven this growth, which helped achieve an almost three-fold increase in Standard Chartered Cathay Mastercard approvals by the last quarter of 2022.

With the introduction of the Marathon Savings Account (MSA), Standard Chartered Hong Kong now offers clients the flexibility of making withdrawals at any time as well as the option to earn higher interest rates the longer the deposit stays in the MSA account. In addition, MSAs can be set up via online banking or the mobile app, with a low threshold of HK$10,000 ($1,274).

The bank has also responded to client demand for sustainable banking options by launching the Sustainable Payroll Account, becoming the first bank in Hong Kong to offer such a proposition. This type of account supports green activities when clients invest in environmental, social and corporate governance (ESG) funds and green mortgages.

Digital sales and services

Standard Chartered Hong Kong’s shift towards a digital sales and services model has not only helped the bank meet customer expectations but also the demands of a dynamic and evolving market.

With more than 1 million clients now considered digital, the bank is witnessing steady growth in both digital-active and mobile-active clients. In addition, it has made wealth management more accessible with the launch of the myWealth feature on its mobile app. With this option, clients have 24/7 access to personalised portfolio recommendations and chief investment office views based on their risk rating and holdings.

Other initiatives by Standard Chartered Hong Kong include optimising its branch network and piloting the Green Branch, which offers clients a unique digital and paperless banking experience.

The bank has also improved its net promoter score, which is a widely used market research metric that measures customer satisfaction. This enabled the lender to achieve a best-in-class score in the first half of 2022. It also demonstrates the bank’s commitment to its ‘Here for Good’ goal, which aims to empower young people to fulfill their potential, increase participation in the economies of core markets, and transform lives and communities.

Malaysia’s RHB Bank has won top honours for its multi-currency debit card and MyHome app.

Malaysia-based RHB Bank’s financial products have been lauded at the 14th Annual Retail Banker International Asia Trailblazer Awards, with the lender’s multi-currency Visa Debit Card/-i and MyHome app winning top honours. The convenience and accessibility of the bank’s financial products have resulted in multiple wins this year.

RHB Bank won the Best Debit Card Initiative award for its multi-currency Visa Debit Card/-i, which enables users to transact and shop in up to 16 foreign currencies. The competitive currency conversion rates offered by these multi-currency debit cards have made them an optimal choice for travellers, online shoppers and businesses seeking cost-effective and efficient payment solutions. Users can also avoid additional currency conversion costs when making international transactions with this card.

Boosting efficiency

RHB Bank/RHB Islamic’s multi-currency account supports this debit card, offering an interest-bearing account that can handle up to 24 foreign currencies. This feature boosts the efficiency of e-commerce transactions, term deposits and inflation hedging.

With the ability to store multiple currencies in a single account, customers have the flexibility and convenience of executing commercial transactions and cross-border trade. Additionally, they can use the debit card to withdraw funds from the account during trips abroad, with the added convenience of selecting a card limit up to their available balance.

Dedicated home finance

RHB Bank also won the Best Mortgage Offering category at the 14th Annual Retail Banker International Asia Trailblazer Awards for its mortgage offerings through the RHB MyHome app. This app provides a dedicated platform for clients to apply for mortgages remotely, receive real-time status updates, check eligibility and simulate payments, take pictures of documents for submission and receive personalised services from a dedicated RHB mortgage consultant.

In addition, it offers a variety of mortgage products including residential and commercial property financing for both under-construction and completed properties, as well as refinancing options.

In research conducted to identify critical pain points in the mortgage application process, RHB Bank found that customers needed help assessing their mortgage eligibility and completing their applications online. Additionally, they had to go through a time-consuming and frustrating manual application process with multiple banks to find their best possible rates and eligibility. As a solution, the lender leveraged the latest digital technologies to enable the RHB MyHome app to provide customers with a superior experience that addresses the pain points associated with mortgage applications.

Seamless digital experience

The RHB MyHome app offers a simple, fast and seamless experience, which had resulted in more than 124,000 downloads from the app store and 67,000 user registrations as of September 2022. Additionally, the platform has facilitated 49,000 approval-in-principle applications within the same time period. RHB Bank’s mortgage business has experienced strong traction, with the RHB MyHome app contributing to 50.3 per cent of mortgage business originations year-to-date as of September 2022. Within the same period, the lender approved 12,000 mortgage applications, with 9,700 of these being accepted by the applicants.

The RHB MyHome app reflects the bank’s dedication to utilising cutting-edge digital technologies to offer value to its customers. In the ever-changing mortgage industry, the app has the potential to revolutionise the sector and offer customers an unparalleled mortgage application experience.

RHB Bank has received accolades for its seamless and efficient small and medium enterprise digital financing platform.

Malaysia’s RHB Bank has been awarded the Excellence in SME Banking trophy at the 14th Annual Retail Banker International Asia Trailblazer Awards.

The award recognises the lender’s commitment to provide the latest digital financing solutions.

RHB Bank’s small and medium enterprise (SME) digital financing platform allows customers to interact with the bank remotely, apply for financing through the website and mobile apps and simplifies the underwriting process by employing a rule-based process engine.

Convenient solutions

The digital financing platform also offers remote interviews and site visits with geotagging capabilities, making it more convenient for applicants to interact with the bank in a secure environment.

By incorporating technologies such as AI and machine learning, RHB Bank has streamlined processes and improved decision-making capabilities, resulting in faster loan application turnaround times and higher acceptance rates.

The lender extended about RM34.4bn in various forms of payment assistance to retail and SME customers during the Covid-19 pandemic, serving more than 240,000 individuals and 4,700 SMEs.

Small business lending

Since its launch in 2018, RHB Bank’s SME online financing segment has experienced tremendous growth in its small-ticket business lending portfolio, reaching RM840m in 2021, up from RM65m in 2018. This upward trajectory has continued, with the portfolio growing to RM1.2bn in 2022.

The average turnaround time to approve a loan was also reduced to an average of three days in December 2022, from an average of 21 days the year before.

Mobile app features

In addition to these initiatives, the lender’s RHB Financing (SME) mobile app has character recognition capabilities that allow it to extract and analyse bank statements, reducing the manual work involved in the credit hub. This has increased the average monthly turnaround time from submission to approval by 80 per cent, improving the productivity of the bank’s operations. RHB Bank has also introduced two additional digital capabilities: Smart Interview and MyKad Verification.

Risk management

The Smart Interview capability allows the lender to perform virtual site inspections and interviews, with geolocation capabilities that enable it to pinpoint the customer’s location for better risk management.

Meanwhile, the MyKad Verification capability enables RHB Bank to digitally verify a business owner’s identity by combining facial recognition capabilities with a landmark verification ID check that authenticates the Malaysian Identity Card.

RHB Bank’s commitment to offering SMEs a seamless and efficient digital experience as well as supporting them with financing solutions that leverage technology to enhance processes and im-prove the customer experience has positioned it as a leader in the SME banking space.

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.