UOB to double wealth income by 2025, launches digital investment offering

The Business Times2021-06-24

UOB said on Thursday that it aims to double its wealth income and increase its assets under management (AUM) compound annual growth rate by double digits in five years, as part of its plan to ...

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精彩评论

JRenato
2021-06-25
JRenato
We shall see
Huathuat87
2021-06-25
Huathuat87
WH
Pucca
2021-06-25
Pucca
👍🏻
Philipoo
2021-06-25
Philipoo
Great news
Chris82
2021-06-25
Chris82
Great
- Jenn79:
  😃
PapaPanda
2021-06-25
PapaPanda
Oh see bee see

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This is up from the 10 per cent who do so currently, said Jacquelyn Tan, head of Group Personal Financial Services, UOB.\nIn a media briefing on Thursday, she announced that the bank will pump in more than S$200 million in digital innovation over the next three years to serve consumers.\nSimpleInvest is among UOB's suite of digital wealth solutions that will enable customers to choose from three portfolios on its banking app UOB Mighty called \"Liquidity\", \"Income\" and \"Growth\", in ascending order of risk.\nUnlike a robo-advisory, the portfolios will be actively managed. UOB had partnered UOB Asset Management to develop the \"Income\" and \"Growth\" portfolios which invest in funds selected by the bank, with funds actively managed by asset managers such as Allianz, Fidelity international, JPMorgan Asset Management, Schroders and UBS Asset Management. Meanwhile, the \"Liquidity\" portfolio will be managed by UOB Asset Management directly.\nThe \"Liquidity\" portfolio will invest in high-quality bonds, money market instruments and bank deposits, while the \"Income\" portfolio will invest in fixed income, equity and multi-asset funds. The \"Growth\" portfolio will invest in equity funds diversified across sectors and regions which are beneficiaries of structural growth themes such as healthcare, artificial intelligence, and sustainability.\nThere will be a 0.8 per cent sales charge deducted from the investment amount.\nMs Tan said that during the pilot, two in three customers were either millennials or those who parked money in a savings account and wanted to make their money work harder. One in three has also gone on to set up regular investment plans.\n\"While the barriers to accessing digital financial solutions have lowered, our research has shown that consumers can feel overwhelmed by a plethora of products,\" she noted. \"Our approach is to guide customers to the solutions that make the most sense for their financial goals and we use a combination of human expertise and technology to do so.\"\nUOB's SimpleInvest will be progressively rolled out across the other markets in the region over the next few years.\nWhen asked if UOB is slow to the game as rival banks and fintechs have already rolled out various investment products ranging from curated portfolios to robo-advisors over the past few years, Ms Tan only said that the bank focused on being \"very thoughtful\" in the way the product was structured.\n\"We really took the time to understand what is it, from a customer's perspective, is important to them, and how we can address it through simple solutions and transparency in fees,\" she said. \"It needs to fit in the strategic intent and a bigger story, otherwise we are just growing in parts.\"\nThis drive to expand digital wealth management solutions for customers is in line with UOB's omni-channel approach, said Ms Tan. She cited the bank's research which found that two in three customers still prefer face-to-face wealth advisory for more complex financial transaction.\nWhile the bank continues to ramp up digital investments, it is also constantly reviewing its physical network to better serve customers, added Ms Tan.\nThe bank has repurposed several of its branches over the years to include more space for wealth management advisory and offloading low-value transactions, with this trend likely to continue.\nShe believes that the bank's omni-channel approach to wealth management also puts it in good stead to fend off digital bank rivals that will start operations next year. \"Yes, we think we are well-positioned even with the digital banks coming in, because our transformation journey started many years ago,\" she said, adding that there will be more such innovations in the pipeline for UOB.","kind":null,"is_publish_news":false,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":126517865,"gmtCreate":1624578664557,"gmtModify":1634004202447,"author":{"id":"3583705322747279","authorId":"3583705322747279","authorIdStr":"3583705322747279","name":"JRenato","avatar":"https://static.tigerbbs.com/69d1d1158d9ad6393f946ff9486ab742","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3583705322747279"},"htmlText":"We shall see","listText":"We shall see","text":"We shall 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