UOB lures the privileged
Malaysia - In a bid to better connect with its high net worth customers UOB Bank has enhanced its Privilege Banking platform with a new logo, personalised services and a newly launched lifestyle card.
UOB will now be rolling out a its new UOB Visa Infinite Card, where the bank will invite target clients, who have reached a total of RM1 million in Assets Under Management (AUM) with the bank, to come onboard as the new service users.
Kevin Lam, managing director and country head, personal financial services told A+M that the renewed Privilege Banking service will be promoted through lifestyle events and the bank intends to leverage on the credit card customers in further introducing its new services and boost client interaction.
A Julius Baer Wealth Report for Asia in 2011 showed that the level of affluence in Malaysia was rapidly increasing, with the number of Malaysia's High Net Worth Individuals expected to increase from 32,000 currently to 68,000 with their net worth rising from RM430 billion to RM997 billion by 2015.
Based on this UOB Malaysia's, CEO Chan Kok Seong said: "Given the growing potential of the affluent segment, there was a great need for us to re-evaluate wether the services that our clients were reciving were relevant against what is perceived to be the new normal."
The card which had its soft launch in Malaysia will offer privileges such as invitations to exclusive clubs and events, forums and seminars named as ‘UOB Privilege Insights and UOB Privilege Conversations' as well as personalised services known as UOB Privilage Concierge where clients can make request to the bank for special concert tickets or help in planning events for them.
The card is already made available in Singapore.
The Privileged Banking service for the bank was introduced in 1998 and has since grown to a base of over 22 000 clients.
Under the enhanced Privilege Banking platform, individuals with more than RM500,000 in Assets under management or AUM with the bank will be invited to join the new service, this is an increase from its RM300 000 AUM requirement previously.
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