Riding the wave of Asia’s wealth evolution: DBS Bank Hong Kong unveils cutting-edge Treasures Centre
- Bank’s intelligent advisory service aims to help clients navigate market opportunities to achieve their financial goals
- DBS is leveraging digital and AI capabilities to merge physical and digital channels to improve client experience
The shifting dynamics of the high-net-worth (HNW) demographic across Asia is reshaping the demand for wealth management services in Hong Kong. As one of Asia’s leading financial centres, the city is witnessing an unprecedented demand for innovative financial solutions.
DBS Bank Hong Kong is recognising this transformative trend, and has launched its new DBS Treasures Centre in the city. This state-of-the-art facility, which leverages modern technology and intelligent advisory tools to elevate the customer experience, offers a comprehensive suite of wealth management services and solutions tailored to HNW individuals and families both in Hong Kong and mainland China.
Amy Kwan, head of business planning, customer segment and ecosystem, consumer banking group and wealth management, DBS Bank Hong Kong, highlights the investment being placed by the lender in post-pandemic Hong Kong for its HNW customers: “Hong Kong is an international financial centre. Our new world-class facility will allow us to elevate the banking experience of our customers in Hong Kong and mainland China by extending our advisory services to address different customer needs beyond wealth.”
Asia’s wealthy population is poised for remarkable growth, underlining a significant shift in global wealth dynamics. According to the World Wealth Report 2023 by global consulting firm Capgemini, which collects intelligence on technology services and digital transformation, there are nearly 20 million HNW individuals with assets of between US$1 and US$5 million globally, holding more than 43 per cent of HNW wealth. More than 30 per cent of those individuals are located in Asia-Pacific.
Projections by the Hong Kong Private Wealth Management Report 2023 indicate mainland China remains the biggest market for growth in the number of HNW individuals, and is poised to be a key driver of the wealth management sector in Hong Kong.
Mainland Chinese residents boast a savings-to-GDP ratio of up to 47 per cent, which coupled with the sluggishness of the mainland real estate market in recent years, leaves a significant amount of wealth in China awaiting investment.
Given this evolving landscape, DBS, which in 2023 was named the world’s “safest bank in Asia” for the 15th consecutive year by Global Finance magazine, is gaining a share of the region’s affluent market. In the fourth quarter of last year, its wealth assets under management reached S$365 billion (US$272 billion), a 23 per cent increase from the previous year. In line with this, the bank is innovating its services, including the addition of its Treasures Centre, to meet the needs of its wealthy clients.
Merging physical and digital services for a seamless experience
Maggie Yung, head of treasures and distribution for consumer banking group and wealth management, DBS Bank Hong Kong, emphasises the banking industry’s transition to an era where physical and digital channels merge: “We have prioritised improving our clients’ journeys by reimagining our services, bringing experience centres to customers.”
Over the last five years, DBS has been scaling up its artificial intelligence (AI) capabilities across its divisions. Key areas of focus include employing AI to drive productivity and efficiency, generate new business segments and market opportunities, and improve customer engagement and propositions – with the goal of creating more strategic value for clients.
The new DBS Treasures Centre, says the bank, offers a cutting-edge banking experience. A team of relationship managers and wealth management experts, empowered by data and AI technology, is available to offer personalised financial advice and solutions to clients.
“With our technological innovation, we ensure our customers have a seamless online to offline (O2O) experience,” Yung says, adding that this includes appointments via smart check-in and upgraded digital capabilities that enable borderless engagement between the bank and its clients.
“These endeavours exemplify our unwavering commitment to continue enhancing service excellence and exceeding customer expectations throughout their wealth management journey with DBS,” she adds.
Client-centric design
The 15,000 sq ft centre at 18 Queen’s Road Central boasts a modern and upscale design, strategically located in Hong Kong’s central business district for convenient customer access.
The facility adopts hospitality-level design elements to help create a unique customer experience. They include an atrium, a multifunctional lounge that can be reconfigured to a space suitable for conferences or communal events, and circular “meeting pods” on the upper main floor. The bank’s trademark red is featured throughout the interior.
Client privacy is a priority: walls contain acoustic soundproofing, while the meeting pods are fitted with glass doors that transition to a frost setting when client meetings are in progress.
Other features include a new generation of automated teller machines (ATMs) designed by DBS, which conceal the sound of cash being dispensed, and open-concept counters that offer greater privacy.
DBS is committed to success through innovation, leveraging digital and AI capabilities to meet the emerging needs of the region’s growing affluent class. Combined with its reputation as one of the world’s safest banks, and its enhanced HNW service excellence in Hong Kong and mainland China, “the bank is paving a sustainable path to a secure future”, says Kwan.
