Asia: StanChart Malaysia targets to double priority customers in the next 3 years

Standard Chartered Bank (StanChart) Malaysia has set its sights on doubling its current number of priority banking customers within the next 3 years. The move comes after the bank has been experiencing a steady rise of its emerging affluent and affluent customer base.

StanChart Malaysia plans on redeveloping its services to better address the complex investment needs of its priority banking customers. Aaron Loo, StanChart Malaysia Country Head of Retail Banking said, “Managing client wealth is less about selling investment solutions and more about understanding the customer’s investment objectives to offer the right advice at the right time.”

The bank opened its first dedicated Wealth Centre at the Publika in June, which caters to its affluent and growing affluent customer base. The centre offers a wide range of wealth management advice and solutions where top-tier priority banking customers can receive personalised market insights from a highly qualified team of investment specialists.​

Among the affluent priority banking customers in Malaysia, there is an increasing reliance on financial advisors for advice. The focus on understanding the client’s needs and providing relevant advice is a step in the right direction.​

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