Maybank Privilege: Financial Solutions for the Emerging Affluent

Maybank Privilege is a client value proposition that serves the emerging affluent customer segment. The clientele of Maybank Privilege are the financially savvy, with demographics ranging from young and mature professionals to active seniors, and with Assets Under Management (AUM) of between S$50k and S$300k.

Adopting the Universal Banking Model, Maybank Privilege clients are served by Personal Financial Advisors (PFAs) who possess relevant competencies across wealth and financing solutions to provide a one-stop service for all their wealth management needs. Priority services are made available at all branches, complemented with digital banking services to provide ease of banking access and complete the value propositions for Maybank Privilege to serve clients in the early wealth continuum.

Recently, Maybank Privilege has been recognised for its unwavering commitment to delivering cutting-edge financial solutions for the emerging affluent, receiving the award for Best Emerging and Mass Affluent Banking Offering at the Global Retail Banking Innovation Awards 2022 organised by The Digital Banker. The award recognises the company’s dedication to providing innovative and relevant financial solutions for its emerging affluent clients, and its efforts to continuously improve and adapt to the changing needs of the market.

“Maybank Privilege places a strong emphasis on creating pleasant and memorable experiences for its clients. The company strives to share information and engage with its clientele through various channels, including digital, physical and experiential events,” said Nirav Patel, Managing Director at The Digital Banker.

Helping clients achieve their financial aspirations

Maybank Privilege was launched in 2018, with the objective of helping clients achieve their financial aspirations with a suite of enhanced financial solutions. This initiative’s unique selling proposition is enabling clients to have access to priority banking services and to enjoy preferential client experience as well. What further differentiates Maybank Privilege from its competitors is its unwavering focus on providing continually enhanced business solutions and capabilities for their clients.

Mr Lim Kok Boon, Head of Retail Wealth & Branch Distributon of Maybank Singapore, said, “The success of Maybank Privilege is clearly evident since its launch in 2018 - a record stellar growth of 18.4% (CAGR) in client base and 16.9% (CAGR) in total assets as of 2022. Investment assets have also increased by 43.6% (CAGR) to-date with a growing investor base, which can be attributed to a compelling ad holistic suite of investment solutions and wealth advisory services.“ It is clear that this initiative has had a positive impact on the retail bank’s overall business performance with great potential to grow further in the next five years, aligned with growth in the region.

The overall strategy behind introducing the Maybank Privilege initiative was to capture clients’ wealth continuum within Maybank Group Wealth Management by offering access to wealth management products and services at a lower wealth quantum.

Focus on Service Quality

Maybank Privilege places a strong emphasis on service excellence. The company keeps its clients fully engaged and well-informed of campaigns and activities through an integrated, multi-channel approach. This includes utilising SMS, emails, push notifications, the Maybank Treats App, social media platforms, and personal engagement with Personal Financial Advisors (PFAs). These efforts aim to increase client satisfaction and deepen the company’s wallet share.

The benefits of the initiative to customers include service excellence, with clients kept fully engaged and well-informed on the array of campaigns and activities through an integrated, multi-channel approach. Additionally, the initiative strives to constantly enhance communication means, such as the introduction of the Video Conferencing Wealth Advisory in 2020, which allowed clients to review their portfolios and engage with PFAs on their financial needs, despite the restrictions of movement due to the pandemic situation, in the comfort of their own homes.

In 2020, the company introduced the Video Conferencing Wealth Advisory service, which allowed clients to review their portfolios and engage with PFAs on their financial needs. Despite pandemic challenges, the company’s Net Promoter

Score (NPS), Customer Effort Score (CES) and Empathy Score achieved positive results in all areas, indicating high levels of customer satisfaction in FY2021.

With a commitment to continuously improve and innovate, Maybank Privilege is poised to become the preferred wealth management partner for the emerging affluent.