Annual Report 2017

Group Retail

Group Retail provides Personal and Business Banking customers with financial solutions essential for them to achieve their financial goals and aspirations. Our products and services include deposit, insurance, secured and unsecured loans, investment, treasury and wealth advisory services. We also provide our Business Banking customers with loans, cash management and trade financing products to help them manage their business and to support their growth ambitions. Our customers can easily access our services across our global network of branches, automated teller machines (ATMs) and internet and mobile banking platforms.

2017 Highlights

Registered an 8.8 per cent year-on-year increase in operating profit, supported by strong growth in our credit card and wealth management businesses;
Helped more customers grow their savings faster and invest more wisely through the launch of innovative banking solutions:
  • The UOB Young Professionals Solution helps our millennial customers to invest by “sweeping” earned interest from their UOB One Account and rebates from spending on the UOB YOLO credit card into a low-risk unit trust. This first-of-its-kind solution gives customers a headstart in building their wealth;
  • The KrisFlyer UOB Debit Card and Account, another first in Singapore, enables customers to earn KrisFlyer miles on their savings and spending;
  • The UOB Stash Account, a saving account which rewards customers with bonus interest when they maintain or increase their account balance; and
  • The UOB One Account, which won the Deposit Product of the Year at The Asian Banker Excellence in Retail Financial Services International Awards 2017, was extended to our customers in Indonesia and Malaysia to help them achieve sustainable yield on their deposits.
Continued to lead the market in contactless payment and mobile banking solutions:
  • Worked with The Association of Banks in Singapore (ABS) to launch PayNow which enables people to transfer money through their mobile or internet banking with just the recipient’s mobile phone number or identification number;
  • First bank in Singapore to enable the use of PayNow via social media messaging apps through the launch of UOB MyKey, a customised mobile phone keyboard;
  • First and only bank in Singapore to enable customers to donate to charity through PayNow;
  • First bank in Asia to enable our customers to make contactless payments through Fitbit Payᵀᴹ; and
  • Increased the number of our Near Field Communication (NFC) contactless ATMs to 270 across Singapore.
Registered a 12 per cent increase in total wealth management assets under management (AUM) to $104 billion. Also recorded a three-fold increase in our Private Bank’s Discretionary Portfolio Management (DPM) service AUM;
First bank in Asia to tie up with SAP to offer SAP Business One, an enterprise planning tool, to small- and medium-sized enterprises (SMEs) through UOB BizSmart; and
Launched Business Banking service in Vietnam to support the growth of local SMEs.
2017 Performance
Personal Financial Services
UOB Private Bank
Business Banking