Through a variety of wealth management products and services, UOB Buana takes customers to maximize and enjoy service relationship while growing their wealth.
In UOB Buana, each customer is seen as a unique individual with different financial needs and goals. For that reason, the bank has appointed dedicated Relationship Managers for its customers. “This way we can thoroughly explore each of the customer’s goals and aspirations, thus enabling us to recommend the types of products that best suit the customer’s risk profile,” Suhaimin Johan, Personal Financial Services Director of UOB Buana, attests.
The role of a Relationship Manager is to help customers maximize their wealth with plans that cater to their financial needs and goals. “With the support of UOB’s product specialists, a Relationship Manager will advise the best possible financial solutions,” he says.
In providing the solutions, UOB offers a wide range of wealth management products and services. Besides investment, insurance and treasury products, the bank also offers mortgage and loans. These solutions are packaged in a priority service namely UOB Buana Privilege Banking.
The success of UOB Buana Privilege Banking lies in the division’s ability to provide the best tailored services to the bank’s prime customers. “Affluent customers have many needs and wants. But they all share one goal, which is to grow their wealth. So, we provide customized services that enable customers to make rational decisions in investing their wealth.
For instance, entrepreneurs will need to have liquid asset in order to secure their cash flow. However, this condition should not stop them from buying property. Therefore, one of the possible solutions is to have mortgage to finance their property investment,” Ari Lastina, Head of UOB Buana Privilege Banking, explains.
She further says that one of the main focuses of UOB Buana Privilege Banking is to provide each customer with combination of wealth management products.
There are now 12 Privilege Banking Centers in Indonesia. They are located in Jakarta, Surabaya, Medan, Semarang, Bandung and Solo. Conveniently located to provide a premium access for high-income individuals, a Privilege Banking Center allows customers to enjoy the bank’s wealth management services and facilities.
Ari adds that Privilege Banking customers are allowed to use facilities such as the lounge to conduct business meetings. “Our concept of wealth management is based on how we educate our customers to allocate their money into different types of products depending on their financial needs and aims. Whether it is for health care, children education, business expansion or retirement, customers need complete and thorough financial products so as to achieve their financial goals,” asserts Bambang Simon Simarno, Deposit, Investment and Insurance Division Head.
To fulfil customer’s transactional and short-term investment, UOB Buana offers exclusive saving product called High Yield Account (HYA), which gives higher return than a regular saving product. The uniqueness of this product lies in the interest rate pricing that takes into account the customer’s total deposit with the Bank, not just the balance within the High Yield Account. Bambang further says that customers with higher risk appetite often prefer to allocate their wealth into Foreign Currencies. “Therefore, to assist its customers, UOB Buana facilitates them with the bank’s Treasury Specialists, who are always ready to monitor customers’ portfolio and provide them with the latest market update.
He advises that those expecting good return with less risk should consider buying insurance policy and/or investment products such as mutual fund.
UOB Buana has partnered with Prudential Life Assurance to provide various types of insurance products. In addition, the bank distributes a wide range of mutual funds from reputable Fund Managers such as Schroder Investment Management Indonesia, BNP Paribas Investment Partners, Danareksa Investment Management, Batavia Prosperindo Asset Management, Mandiri Manajemen Investasi and Manulife Asset Management Indonesia.
“The assets can be invested in variety of assets from the safest class such as money market, to the more aggressive approach such as equity,” Bambang explains and adds, ”For conservative customers who don’t want to be exposed to risk, I would recommend our time deposits, which are available in various currencies and tenors.”
In maintaining the bank’s service excellence, providing the right product to the bank’s customers is just the first step. “What is crucial is the type of support provided after the customers have invested their asset in the bank in addition to the presence of our Relationship Managers, who always go hand in hand with the bank’s product specialists to help customers maximize their wealth,” Suhaimin remarks.
Despite the fact that more people are increasingly aware of what wealth management products have to offer, Suhaimin says that the number of those with investment savvy is still relatively small.
“But the number of Indonesians who are keen on exploring ways to grow their wealth is very considerable. So one of the primary objectives of the presence of UOB in Indonesia is to enhance customers with the wealth management knowledge required. This way they can keep up with the market trends, continue to grow their investment and achieve their financial goals,” Bambang concludes.
This advertorial was published in HighEnd Magazine, January 2011.