OCBC expands wealth management services tailored to customer needs
Industry data show that 59 per cent of wealth management professionals believe Indonesian customers are becoming more knowledgeable about investment.
Jakarta (ANTARA) – PT Bank OCBC NISP Tbk is expanding personalised investment solutions through the development of its wealth management business, as customers increasingly seek financial guidance tailored to their individual goals and risk profiles.
OCBC Diamond Stole’s Head of Wealth Management Advisory said affluent investors now want a broad range of investment solutions to be offered proactively by banks, alongside an adviser’s understanding of each customer’s financial objectives.
“Some 75 per cent of affluent investors today want advice tailored to their circumstances, while 70 per cent expect financial advisers to offer their views proactively, without always having to be asked,” Diamond said at the launch of OCBC Premier One in Jakarta on Tuesday.
Diamond said a wide range of investment solutions was important because customers’ needs could not be met with a single instrument. Personalised wealth management advice can map customers’ goals to relevant investment solutions.
That need has become more pressing as investor behaviour changes. Industry data show that 59 per cent of wealth management professionals believe Indonesian customers are becoming more knowledgeable about investment. However, more than 70 per cent of retail savings and investment balances are still held in deposits.
Globally, interest in alternative investments is also rising. Some 68 per cent of high-net-worth individuals (HNWIs) plan to increase their exposure to private equity. Even so, only 17 per cent believe their investment advisory experience has been integrated and personalised.
This points to scope for financial advisory services to help customers understand investment options and build more diversified portfolios. Recommendations should take account of customers’ risk profiles, investment goals, liquidity needs and understanding of the instruments selected.
In response, OCBC has introduced Premier One, a service combining personalised financial guidance, priority access to investment solutions, and regional and lifestyle benefits. It is designed around customers’ financial goals, life stages, risk profiles, liquidity needs, and family and business interests.
OCBC Premier Banking Segment Head Stephanie M Kristanto said Premier One strengthens wealth management services through expert guidance, access to selected investment solutions and support from OCBC’s regional network.
“With this approach, we want to be a partner supporting customers as they plan, manage, grow and protect their wealth in line with their individual goals,” Stephanie said.
Beyond transactional and investment needs, Beyond Banking factors also contribute to customer satisfaction. OCBC data show that 42 per cent of HNWI customers are satisfied with the bank’s ability to provide benefits supporting mobility, health, family and quality of life.
The development of personalised services positions financial guidance as part of a long-term relationship between the bank and its customers, with investment recommendations continuing to be based on product suitability and explanations of each instrument’s benefits, risks, costs and characteristics.