UOB to expand wealth management services on mobile app

Consumers can expect more digital wealth management services on UOB’s mobile banking app in the next few months.

Ms Jacquelyn Tan, its head of group personal financial services, said customers who are more engaged tend to transact at a higher frequency with the bank and spend more with their cards.

“Payments drive transactions, frequency and loyalty, and create a deeper banking relationship as a whole,” said Ms Tan.

She noted that 45 per cent of UOB’s consumer banking customers make at least one transaction a month on its UOB Mighty mobile banking app or personal Internet banking platform.

The bank aims to raise this figure to between 45 per cent and 65 per cent by offering new services and improving existing ones, added Ms Tan.

UOB will launch a Simple Invest tool on UOB Mighty in the first quarter of this year, adding on to existing wealth management services in areas such as multi-currency investments, gold and silver.

The tool will be similar to its Simple Insure service that was launched on the app last month to offer cancer insurance that requires just a simple health declaration. Similar insurance plans will be offered in coming months.

The bank is also strengthening its partnership network.

Last year, it linked up with Visa to allow customers to add their cards securely into third-party apps via UOB Mighty without the need for a physical card.

Customers can already use this new service to add their Visa card directly to Fitbit Pay without having to enter their details.

Card holders will also be able to do this on the Fave, Grab and Shopee apps with their UOB Visa and Mastercard plastic later this year.

Ms Tan said that these initiatives have “helped us not only with the transfer of information, but also to build a seamless customer experience and increase the relevance of banking products” when people make purchases.

The number of UOB customers who used PayNow for the first time rose by more than 50 per cent from January to October last year.

However, customers still appreciate personal interaction despite their greater adoption of digital tools, and the bank is also retaining its human touch, said Ms Tan.

A UOB survey last year found that about 65 per cent of customers here say they value face-to-face interactions when it comes to financial planning and applying for loans.

“It’s not only about investing in our digital capabilities, but also in our omni-channel strategy to engage customers both online and offline,” said Ms Tan.

“This makes customer engagement even more meaningful, especially for longer-term considerations such as wealth planning.”

Prisca Ang

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