Client Profile

The United Overseas Bank (UOB) has charted steady growth over the years to establish itself as one of Singapore's leading banks. It has grown from strength to strength and is today the largest bank in Singapore, and a dominant player in the Asia-Pacific region. As at 31 December 2002, UOB Group had total assets of over S$107 billion and shareholders' funds of S$12.7 billion. It also achieved a net profit after tax of S$1,064 million for 2002 and its ROE (excluding goodwill) stood at 9.8%.

The UOB Group provides a wide range of financial services: Commercial and corporate banking, personal financial services, private banking, trust services, treasury services, asset management, corporate finance, capital market activities, venture capital management, proprietary investments, general insurance and life assurance. It also offers stock broking services through its associate, UOB-Kay Hian Holdings.

Management Challenge

The Bank was looking for a comprehensive product to serve as the foundation of its Wealth Management platform. The system would facilitate the Bank in providing a higher level of personalized services to its valued customers in achieving their wealth preservation and accumulation objectives.

The system will hold customer financial planning information and provide functionality for cash flow and risk profiling, wealth management planning, portfolio and product recommendation, reports and financial calculators. On top of these basic functionalities, the system must allow the Bank’s Financial Advisors the flexibility practiced in real-world situations, and not institute fixed processes that may limit their innovativeness.

Our Solution

Firium was able to meet UOB’s requirement by implementing the Avantrade FP. The Avantrade FP allows the advisor manage his customers and sales; perform housekeeping functions to organize his day-to-day practice. The Financial Planning module assists the Financial Planner in gathering and accumulating information over multiple planning sessions to form a complete and
up-to-date financial profile of the customer. This way, the planner has easy access to relevant information relating to the customer in order to provide appropriate recommendations and advice.