Monday, 22 July 2024
OCBC launches next-generation programme for high-net-worth clients
OCBC has launched its regional next-generation programme, OCBC GENesis, for the children of OCBC premier private client (PPC) customers.
This specially curated programme seeks to entrench banking relationships with customers and start new ones with the next generation. OCBC GENesis is by invitation only, and its launch follows the success of the next-generation programme by OCBC’s private banking arm Bank of Singapore, which has been running since 2012. Together, OCBC’s PPC and Bank of Singapore serve the full spectrum of OCBC Group’s high and ultra-high-net-worth customers. As the transfer of wealth takes shape in Asia, understanding the new and evolving needs of the next generation of high-net-worth individuals has become critical. By 2030, an estimated $2.5 trillion in intergenerational wealth is expected to be passed on to the next generation in Asia.
OCBC PPC was launched to serve the needs of high-net-worth individuals, similar to a private banking model, in 2018. From Singapore and Malaysia, OCBC PPC serves high-net-worth individuals in the region. OCBC GENesis, piloted with children of PPC Singapore customers in 2019, has been officially launched this year following a COVID pandemic-induced break. For the first time, it includes the children of PPC Malaysia customers. To be run annually, the programme will be expanded to PPC customers in other markets when the business model is established there.
OCBC GENesis was specially curated to give participants exposure to the skills needed to flourish in the business world. The inaugural run from 17 to 19 July 2024, brought together 21 participants aged 18 to 25 who are Singaporeans, Malaysians, Indonesians, Chinese or Australian. They comprised students and those who had just started work recently, with a number working in their family businesses.
Over the three days, participants took a personal profiling assessment to understand how they best interact with others, learned about the basics of investing and legacy planning, and underwent a crash course in design thinking to solve problems innovatively. They visited MasterCard to learn about the future of payments. They also met third-generation business owners, such as Winnie Chan and James Quan of luxury leather and stationery brand Bynd Artisan, and wine merchant Clinton Ang of CornerStone Wines, who shared about the opportunities and challenges in innovating and furthering a family business. Throughout the programme, participants were given opportunities to network with one another and build new relationships for future business opportunities.
OCBC GENesis complements PPC’s already comprehensive suite of products and services which includes setting up basic trusts for estate planning, more complex insurance products, and exclusive investment opportunities – solutions typically available at a private banking level. This is in line with OCBC’s strategy to capture opportunities from the rise of Asian wealth.
Sunny Quek, head of global consumer financial services, OCBC said: “Our customers may start off as retail customers, and move to premier, premier private client or even Bank of Singapore over time. We see this as a wealth continuum, and we want to be able to support them well at every stage. To do that, we must be targeted and deliberate with the services that we offer. That means adjusting or adding to our offerings according to changing needs. OCBC GENesis is one such example. We have noticed that our PPC customers are increasingly concerned about preserving their wealth across generations. It complements our existing suite of solutions for PPC customers and strengthens our proposition.
Through this programme, we are not only deepening our relationship with existing customers, but also seizing the opportunity to showcase our value proposition to a new generation of customers. They may be young students now, but one day they would need more sophisticated banking needs. We want to start building our relationship with them early.”
Cyrus Chung, 25, strategic project manager at Sarawak conglomerate TSG Group, said it was his first time attending such a programme. He said: “I can see myself applying many of these new insights to the workplace. I especially enjoyed the chance to meet new people. While these connections could be useful for business in the future, what I liked most that we got to meet a number of people in a similar age group from different parts of the world, all charting their own paths. It was inspiring to learn from them.”
Re-disseminated by The Asian Banker
