OCBC Bank (Malaysia) Berhad (OCBC Bank) is setting for itself the goal of becoming the wealth management bank of choice in Malaysia on the back of its newly upgraded wealth platform, comprehensive suite of wealth offerings and multichannel service platform designed to cater to the unique needs of each client segment, from retail to high-net-worth individuals.

According to OCBC Bank Managing Director and Head of Consumer Financial Services Ms Anne Leh, growing consumer sophistication means there is a greater need for cutting-edge wealth management services to play a role in the personal wealth of clients as the nation moves towards attaining the status of being a high-income society.

“We play to our strengths. We have the right capabilities and platform. We see not only an opportunity to grow but also a real need in the market which we can meet. While one can certainly rely on fixed deposits or property investments to accumulate and preserve wealth, having a broader view and access to alternatives will undoubtedly enrich the approach, and that’s why we’re here — to help our clients make informed decisions and build a well-thought-out portfolio. We want to make the concept of wealth management transparent and accessible to everyone,” she says.

At OCBC Bank, clients can expect a range of wealth solutions, from deposits and credit cards to wealth protection, investment and financing to help grow, protect and preserve their wealth based on their unique aspirations and appetite for risk.

And in support of the ideals of the sub-areas of sustainability — environmental, social and governance (ESG) — OCBC Bank is guided by its group sustainable investment framework when it comes to advisory and investment product recommendations. It also works alongside independent ESG data research providers to ensure its investment offerings are developed and distributed appropriately and according to the latest agreed taxonomies and standards.

“We are attentive to changing trends and values. With greater environmental and social concerns, we see investors adopting a more responsible approach to investing that incorporates socio-environmental considerations,” Ms Leh adds. “We will continue to grow the proportion of sustainability-linked investments on our product shelves to about 90% by 2025.”

At OCBC Premier Private Client and OCBC Premier Banking, clients are availed a single regional wealth platform known as the OCBC Wealth Account, which can support an expanded suite of wealth product offerings.

Head of OCBC Bank’s Premier Private Client segment Ms Jessie Lim says, “The unique wealth infrastructure we have today is the result of the OCBC Group Wealth Platform initiative, the culmination of years of experience across three OCBC Group entities, namely Bank of Singapore, OCBC Bank in Singapore and OCBC Bank in Malaysia. The new capabilities are poised to raise the Group’s regional wealth management standing and reach across geographies.

“We strive to bring the innovation, insights and knowledge we gain from serving the high-net-worth segment to all our clients with wealth management needs. As a bank, we want to be with them all the way as they move along the wealth continuum.”

Through the introduction of the OCBC Wealth Account, affluent clients can now experience several private banking features that were previously not available to the segment and that sets OCBC Premier Banking apart from the rest in the country.

A subsidiary of one of the largest banks in Southeast Asia with 90 years of history, OCBC Bank draws from the sound capabilities of its research team to provide comprehensive insights across major asset classes, from simple plain vanilla to complex investment products.

Additionally, clients will be glad to know that OCBC Bank’s frontliners are supported by a specialised team of wealth management experts with over 200 years of investment experience combined.

“Known as the Wealth Panel, they also publish periodic market insights and regularly speak at our specially curated market outlook seminars and webinars about trends, opportunities and risks our clients should look out for to weather the challenging times. We’re not here just to offer products and services, but also impactful thought leadership,” Ms Leh says.

As every individual has his or her own personal goals and preferred investment style, OCBC Bank’s frontline team is trained to follow a 3-step personalised advisory programme — listen first, be clear and simple, and help clients get closer to their goals.

From planning for their children’s education or retirement funds, to preserving or transferring wealth, clients can have a financial assessment done through the structured approach of the OCBC Life Goals which offers a comprehensive financial assessment and broad customisable wealth solutions on how to move forward.

One of the key differentiators that OCBC Bank believes it brings to the table is service excellence. Its frontline team goes through a well-designed training programme to upskill them to be professional and holistic bankers. To date, more than 300 of OCBC Bank’s Premier Banking relationship managers have undergone training with the Asian Banking School (ABS). ABS and OCBC Bank teamed up six years ago to raise the bar on the mastery of the complexities of wealth management through a 13-module training programme.

Service excellence also means keeping up with changing client expectations and availing clients access to banking services not just through conventional bank branches but also across a diverse range of digital channels, so they can have the flexibility to choose the way they want to do banking.

Head of Personal and Premier Banking Ms Fanny Low says, “One important lesson learnt from the pandemic is that disruptions can happen any time and we need to be always prepared to tackle all situations. Today, we synergise our bricks-and-mortar branches with technological innovations. Our frontliners are equipped with state-of-the-art digital tools such as OCBC RM Chat to take a wide range of instructions, including investment transactions, from clients without their needing to walk into the bank branch.

“Also, new generations of clients will expect their banking needs to be taken care of in a way in which they are intuitively at ease, which means we are expecting a shift in banking behaviour, which sees our clients wanting greater freedom in managing their finances through self-service and assisted digitalisation channels. With that in mind, we launched Online UT last year where clients can now invest in a range of unit trust funds with a small amount through OCBC Mobile Banking.”

The landscape for wealth management is constantly evolving as individuals become more global in their outlook, more connected than ever before, and with needs that are more complex than ever before.

“We want to be our clients’ partner for growth,” Ms Leh says. “At the heart of community financial services is the mission to place our clients in a position of advantage, so they can meet their financial goals. We will continue to differentiate ourselves and stay ahead of the curve by aiming higher with the best products and service standards, along with pragmatic digitalisation, greater governance and protection for investors. And we will do so by putting our clients first.”