In a rebuke to digital wealth management in Singapore, a string of banks have opened new premises for their private and premium customers. Private Banker International looks at some of these new bedecked branches.

Standard Chartered

private banking branches
Standard Chartered at the Takashimaya Shopping Centre

Having conducted a series of staff and client interviews, Standard Chartered found that branches remain “a key client touchpoint” despite launching new online tools. Many clients – especially the wealthier ones – prefer more personable services.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

However, Andrew Chia, head of Retail Banking, for Standard Chartered Bank Singapore, said the physical branch needs to blend online offerings: “Our clients have increasingly shown a preference for digital banking, and this doesn’t change when they step into a branch.”

Standard Chartered’s new branch in Singapore’s Takashimaya Shopping Centre has therefore been designed with physical touchpoints to complement online and mobile services. But just as importantly, aesthetics have been incorporated into the new branch so priority and personal customers feel comfortable when talking money.

UOB

private banking branches
UOB Wealth Banking at Faber House

The opening of UOB’s new Wealth Banking branch in February was also underpinned by research.

A behaviour survey of UOB clients last year found that one in two customers “said they will supplement their online research with a visit to a branch to seek the advice of a relationship manager”.

The new branch not only provides personable services though, artificial intelligence and data analytics are employed. “UOB customers simply need to scan their identification card at the Self-Help Ticketing Kiosk,” the bank said. “Within seconds, the customer receives information on relevant financial solutions that could be of interest to them.”

A relationship manager receives the same set of information and benefits from ‘UOB Portfolio Advisory Tools’ a digital service offered specifically to emerging affluent consumers.

HSBC

private banking branches
An artist’s impression of the HSBC Claymore branch’s Jade Centre entrance

HSBC’s Jade service provides investment services to individuals depositing at least S$1.2 million (US$890,000).

Not only will these clients receive concierge services alongside financial advice, but they will also have the use of two Jade Centres being opened in Singapore this year: one in Orchard and another in Changi Airport’s upcoming ‘Jewel’ terminal.

“Given these customers are typically frequent travellers who will leverage Changi Airport’s excellent international flight connectivity as a stopover destination, having a presence within the airport will make it easier for them to bank with HSBC,” the bank said.