Standard Chartered Malaysia wants to double its mass affluent clients and bolster its digital service in the country.
As the affluent population increases Standard Chartered is aiming to double its priority banking clients in Malaysia. The London-based bank also plans to raise the rate of digital banking adoption in its client base there to 65 percent by 2022, according to a media statement from the bank.
«As we see a growth in the priority banking client base, the bank is evolving its services to address the complex investment needs of this growing segment,» said Aaron Loo, country head of retail banking, at Standard Chartered Bank Malaysia.
Digitalisation Results
The Knight Frank 2017 wealth report placed the total affluent population in Malaysia at approximately 50,000 people. The estimated emerging affluent population stands at 5 percent of the Malaysian population or 1.5 million people an Asia mass affluent 2015 banking survey reported.
Loo added that the portion of digitally active customers who use digital banking at least every two weeks and made online purchases in the last six months had grown significantly since 2014.
The bank, which makes the majority of its revenue in Asia, has rolled out technology initiatives across its wealth management and retail units putting digital investment tools into the hands of their high net worth private bankers.
