Following the launch of its latest virtual wealth advisory service in April amid the "circuit breaker" period, the bank recorded a surge in the sale of wealth management products online. A 45 per cent increase in sales was registered in the first 10 days of the launch on April 18, compared to the prior 10 days, said OCBC in a press release.
The range of wealth products sold include unit trusts, bancassurance products, structured investments, bonds, and foreign exchange products.
The internal virtual process was managed to ensure that it would still meet the standards of a "highly regulated" wealth advisory process.
OCBC said its encrypted video conferencing tool is used to ensure customers' privacy. E-signatures are accepted instead of paper signatures; PDF copies of FNA forms, product summary and term sheets, and product application forms are sent by encrypted email in place of paper documents.
"While many customers are still accustomed to face-to-face interactions with our bankers, even after the Covid-19 outbreak, this virtual process will become a new normal," said OCBC head of consumer financial services Sunny Quek.
"In the future, customers will have a choice at their convenience to decide the best mode of engagement for their financial needs," Mr Quek added.
With the virus outbreak, the resulting lockdown has accelerated the adoption of digital banking services among individual customers and corporates of the bank in recent months.
Since April 18, more than 1,000 OCBC financial and wealth advisers have been conducting meetings and sales advisory via video and screen-sharing facilities, in place of physical face-to-face interactions previously conducted at branches.
Compared with in January, there was a 14 per cent rise in current accounts and savings accounts (CASA) opened in April. Overall, one in three credit cards and 30 per cent of CASA are now acquired digitally, said OCBC.
As for wealth management, the digital adoption for wealth solutions continued to rise in the first quarter of 2020. The bank saw a 40 per cent growth in financial transactions year-on-year. About 60 per cent of unit trusts were purchased digitally in Q1, reflecting a 2.5 times quarter-on-quarter growth in value.
Similarly, Q1 investment amounts into OCBC's robo-advisory platform RoboInvest grew 60 per cent quarter-on-quarter, and 3.5 times year-on-year.
Overall, about 80 per cent of the bank's digitally-active customers now bank using their mobile phones; more than 90 per cent of the total volume of the bank's financial transactions in Singapore are performed digitally.
Consequently, there was a 60 per cent fall in average customer footfall at bank branches during the circuit breaker period which started on April 7. Twenty-four of OCBC's 46 branches had remained open.
OCBC chief Samuel Tsien had earlier told shareholders at the bank's annual general meeting that it will look to rejig its branch network strategy post-pandemic, in light of the growing uptake of digital services.
Its banking peer Standard Chartered Singapore also foresees digital to become the "mainstream banking channel" in future, and expects digital services to be a key growth driver of its retail banking business in 2020.
The 2020 Wealth Management in Vietnam Report
The Dragon Banker’s The 2020 Wealth Management in Vietnam Report is the most authoritative and detailed report on the current state and the future of Vietnam’s growing wealth management industry.
The report looks at the great potential of the market and the range of opportunities as the economy and private wealth continues to accelerate. It looks into the number of people who are considered affluent, HNWI and HNWI and evaluates into their asset allocation strategy.
The report also looks into the rising wealth management operations that are occurring in Vietnam along with the rise of client’s interest and knowledge. Product and service range are expanding, both for onshore and offshore. And foreign competition is rapidly increasing to help domestic clients in investing overseas, across Asia and the globe.
Table of contents
1. About The Dragon Banker
2. Forward & Introduction
3. The Dragon Banker Methodology
4. The HNWI Opportunities in Vietnam
5. Regulatory framework across Vietnam’s wealth management industry
6. The Psychological and Behavioural Make up of Vietnam’s HNWI individuals
7. The Current State of the Wealth Management Market in Vietnam
8. Volume, Wealth and Allocation Forecasts to 2024
9. Independent market sizing of Vietnam’s HNWI
10. Vietnam’s Affluent Class: People With Assets of $100,000 And $1 Million
11. Vietnam’s HNWIs: Asset allocation, growth trends and investment preferences
12. Current insights into the Drivers of HNWI Wealth
13. Current Competition Amongst Banks for HNWI Clients and SWOT
- Standard Chartered
- Saigon Asset Management
- The State Bank of Vietnam
- Joint Stock Commercial Bank for Investment and Development of Vietnam
- Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank)
- Tien Phong Commercial Joint Stock Bank,
- Mirae Asset Wealth Management Securities
- Manulife Asset Management
- Other Key players
14. Summary and Final Analysis
15. How to Leverage The Dragon Banker for IT firms & Financial Institutions
For more information, please contact Blake King-Blake.firstname.lastname@example.org
The 2020 Wealth Management in Oman Report
The Dragon Banker’s 2020 Wealth Management in Oman Report is the most authoritative intelligence on the wealth management industry in Oman.
Private wealth has seen significant growth in the last few years across Oman, as domestic and UEA banks are targeting the rising wealthy population that consists of not only native Oman populations but also other wealthy Arab and African populations residing there.
We predict that due to the rapid rise of personal wealth in Oman, competition between domestic, regional and global banks will continue to intensify over the next few years, forcing banks to innovate new products, services, and to continue to develop deeper and more intimate relationships with their clients.
Analysts at The Dragon Banker expected an acceleration of compound annual growth rate of investible assets to increase significantly in the next few years, along with asset allocations changing in the light of this.
This report explores the growth of the high-net worth class (those with assets of at least $1,000,000 USD) and HNWI (those with assets of at least $30,000,000million USD), the sources of wealth generation and an analysis on how foreign banks that have already entered the market are doing. This report also provides financial firms who are interested in entering the country, an objective view on the market potential along with the latest regulations in the sector.
Table of Contents
1. Introduction of The Dragon Banker and Middle East private banking research
2. The Dragon Banker’s research methodology
3. HNWI’s opportunities in Oman
4. The current state of the private banking market in Oman
5. Current Insights into the Drivers of Oman’s HNWIs’ Wealth
6. Note on Regulations Impacting Oman’s private banking Sector
7. The Psychological and Behaviour Makeup of The Oman’s HNWIs
8. Market Sizing of Oman’s HNWI
9. Growth Challenges for Banks in Oman’s Wealth Management Industry
10. Business and wealth succession in Oman, and the best to worst banks
11. The number of HNWI in Oman and projections to year 2025
12. The number of UHNWI in Oman and projections to year 2025
13. Current Competition and benchmarking Amongst Banks for HNWI Clients and SWOT
National Bank of Oman
Alliance Housing Bank
Al Madina Financial & Investment Services
L. Other key wealth management firms in Oman
14. How to leverage The Dragon Banker for IT firms and Financial
The Thailand Wealth Management Report 2019
The Dragon Banker's The Thailand Wealth Managment Report 2019 is the most authoriative and comprehensive report on Thailand's wealth mangement industry.
The unique report sheds insightful views and research on the competition of wealth management in the market, the growth of the industry, and an analysis of the key players and their strategies based on interviews with key decision makers throughout Thailand's financial instittuions along with global financial firms operating in the market.
Why invest in this report?
This report is a key document for any financial institution that is planning or plans in the near future to work in Thailand's wealth management market. The report's data and information is done by our analysts best of the ability, which derives from more than 25 interviews with executives and key managers working in Thailand's wealth management market.
Fresh data from the bank showed that digital sign-ups for credit cards surged 71 per cent year-on-year for the first four months of 2020, while wealth and investment-related transactions more than doubled.
Overall, there was a 30 per cent year-on-year jump in the volume of digital transactions made in March 2020, while active mobile banking users grew by 42 per cent over the same period.
StanChart said it has made investments into improving its digital banking and investment platforms. Most recently, the bank made all service requests available on its digital platforms.
Product sales on digital platforms in the first quarter of 2020 comprised almost half of the bank's overall sales - an almost two-fold increase from the same period last year.
StanChart said it is the only bank in Singapore to facilitate new-to-bank online trading account sign-up simultaneously with instant account opening. This had contributed to a 13-fold year-on-year increase in online CASA volume in Q1.
The volume of time deposits taken up online also increased nine-fold, thanks to the enabling of "dynamic rates" for time deposits online, said the bank. This means that, for example, a priority banking customer will be able to enjoy more attractive rates than a regular customer.
Over at the bank's wealth management arm, the number of transactions and volume of digital investment platforms grew over 200 per cent year-on-year, while the number of monthly digital transactions on the online mutual funds platform surged 238 per cent since the start of 2020.
In April, StanChart's online trading platform saw a 129 per cent spike in client applications, compared with the average monthly rate in 2019.
Some 430 webinars reaching out to more than 6,000 clients were conducted by its investments specialist team since April to keep clients updated on market developments and investment strategies, said the bank.
More than 1,500 one-on-one online client consultations were also carried out by the bank's investment and insurance specialists since April.
"There is no doubt that client behaviours and habits have shifted in the past months, and we will see sustained levels of clients opting to go digital as much as possible," said Dwaipayan Sadhu, StanChart head of retail banking in Singapore.