Thursday, 25 April 2024

Best Foreign Bank in Malaysia is UOB

5 min read

By The Asian Banker

UOB Malaysia demonstrated outstanding performance in this year’s The Asian Banker Malaysia Awards 2022 in building a sustainable, customer-centric and profitable franchise in the country. By focusing on two areas of growth, in current account and savings account (CASA) deposits and wealth management, and actively engaging and empowering its customers through its omni-channel network, UOB Malaysia saw an increase in CASA balances by more than 70% year-on-year in 2021 with 55% of all new CASA accounts opened via e-channels. “We liked that UOB Malaysia treated its deposits and wealth management businesses and products not in silos but as closely interrelated propositions. UOB excelled in a systematic customer engagement journey from onboarding, engagement to cross-selling over the full life-cycle of a customer," said Chris Kapfer, Research Director - TABInsights, The Asian Banker. The bank engages its customers through money management tools and artificial intelligence (AI) driven insights, while allowing digital cross-selling of simple investment and insurance products via a secure virtual face-to-face platform.  This saw a 28% growth in new insurance sales in 2021.   At the same time,  it has re-purposed a substantial proportion of its transactional branch network into wealth advisory centres, making wealth planning more accessible to a growing middle class.

Best Foreign Bank in Malaysia is UOB 

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