UOB Taps Digital Innovation to Grow Wealth Franchise

The bank aims to double its wealth fee income by 2026, which translates to a compound annual growth rate of over 15 percent over the next five years.

UOB is hoping get more of its customers to kickstart their investment journey by expanding its digital wealth offerings and investing in digital innovation, particularly as customers in the region are increasingly affluent but still underserved.

On Thursday, the bank launched «SimpleInvest» on its UOB Mighty app, which aims to help customers grow their wealth via Liquidity, Income or Growth solutions that places their funds in either UOB Asset Management’s United SGD Money Market Fund, or a basket of actively managed funds by renowned international asset managers such as Allianz, Fidelity International, J.P. Morgan Asset Management, Schroders and UBS Asset Management.

The digital self-serve solution was developed to lower the barriers first-time investors encounter when starting their investment journey, Jacquelyn Tan, UOB’s group head of personal financial services, said at a media launch.

According to the bank’s, many of its customers who are new to investing think it is difficult and require significant sums, or do not have the knowledge or confidence to do.

The bank is also hoping that the personalization of wealth management for each customer, such as by providing them information and insights that are relevant to their needs and lifestyle choices, based on their banking patterns, will enable them to have the confidence they need to make wiser financial decisions.

To reach its wealth management targets, UOB will be investing S$200 million ($148.74 million) in digital innovation over the next three years.

It will also be progressively rolling out its suite of digital wealth solutions across the region, and targets one in four of its customers across the region to tap on its digital wealth solutions.