Syed Abdull Aziz Syed Kechik
KUCHING: Despite subdued economic growth projected for this year, OCBC Al-Amin Bank Bhd (OCBC Al-Amin) foresees great opportunity in expanding its premier banking and Islamic banking services in East Malaysia.
Following the opening of a branch in Sibu late last year, the banking group is eager to serve the local community, especially affluent individuals, through its diverse product offerings.
Its chief executive officer (CEO) Syed Abdull Aziz Syed Kechik is optimistic that the bank’s premier banking services will be tailored to the growing number of affluent individuals whom their needs are required to be served specifically.
He said, “Premier banking is really a model of banking catering specifically to the needs of this segment of affluent individuals.
“In striving to meet their needs, bankers have traditionally provided a range of wealth management products and services together with specialists to support relationship managers in offering tailored advisory services.
“According to Datamonitor, a market intelligence source for market analysis, the number of affluent individuals in the country has been growing, and the trend is expected to continue.
“In Malaysia, the annual growth rate has been steady at about six per cent annually, from 388,000 individuals in 2011 to 492,000 this year.
“This means a growth rate of almost 27 per cent in the five-year period, a clear indication that there is a healthy and growing segment of affluent individuals in the country.”
He added, “We are eager to be part of the growing affluent community here in Sibu and are pleased to offer our expertise in Islamic banking products and services in a bigger way to the locals.
“We continue to expect further growth in terms of our premier banking offerings and we see Sibu as key to reaching the surrounding markets here in Sarawak,” he told The Borneo Post in an e-mail interview recently.
Syed Abdull Aziz explained that its regional wealth platform leverages on the strength of OCBC’s group wealth expertise which includes fund management, insurance, private banking, treasury and stock broking.
He added, within the group, the bank established the OCBC wealth panel with its most senior staffs and 150 years of collective experience.
He noted that their expertise covers all investment asset classes globally and the team formulates their views and ideas for the bank’s clients monthly.
“The expert view of the OCBC wealth panel is an important basis for the investment ideas and products offered to our clients.
“Market updates are also used in our engagement with clients, along with specialists who support the relationship
managers.
“We believe it is important to have conversations centred on investment advice based on our clients’ needs and properly supported with investment views from the experts.
The team structure consisting of specialists and relationship managers is designed to enable such conversations.
Meanwhile, OCBC Bank (Malaysia) Bhd’s (OCBC Bank) premier banking and branch distribution head Anne Leh said, “We are also expanding to cater to the needs of high-net-worth individual (HNWI) customers with Premier Private Client where we bring in specialists from both our consumer and business banking disciplines to support our customers’ personal, family and business banking needs.
“We will also be enhancing our statements to customers to give them a holistic view of, and reminders and update on, their accounts.
“OCBC Bank is pleased to have rolled out the country’s first metal credit card, featuring several previously unavailable travel and lifestyle benefits for our premier banking customers.
“Through OCBC Premier Voyage we are now able to accord our customers with unrestricted lifestyle privileges.
“The first-of-its-kind OCBC Premier Voyage was launched as an enhancement to OCBC Bank’s premier banking lifestyle proposition for its current and future members.
“OCBC Premier Voyage offers unrestricted privileges with redemption of Voyage Miles on any airline any time with no blackout dates and expiry to any destination the customer desires.
“OCBC Premier Voyage also allows customers to enjoy spending overseas without any foreign exchange mark up.
“It represents a distinct movement – an evolution of sorts – from premier banking services being centred almost exclusively on wealth management and personal relationship management propositions to now encompass lifestyle trends as well that are important to this segment,” she explained.
When queried on the increasing competition by other banks, Leh replied, “It is imperative that banks move away from transactions that are price-led to embody something more relationally holistic.
“The current banking environment is very competitive with banks offering attractive rates and products.
“However, the main challenge relates to winning the confidence of customers as some might feel that banks are simply out to sell investment products.
“Thus, at OCBC premier banking, we focus on building a strong holistic customer relationship through our solid pool of relationship managers as they are the anchor between the bank and our customers, “ she pointed out.
Asked on the challenges faced by OCBC Al-Amin, Syed Abdull Aziz said, “The current volatile economic conditions remain a challenge.
“However, we remain confident of being able to rise above these challenges,” he believed.
He added, “We will continue to exercise our usual attention to prudence in our activities.
“Within this framework, we will continue to innovate and move ahead with our plans for developing Islamic banking in Malaysia,” he said.