Building and Deepening Long-term Relationships / Personalising the Experience for Every Customer

Personalising the Experience for Every Customer

Susan Hwee

Head of Group Retail

With the successful integration of Citigroup’s consumer banking businesses in Indonesia, Malaysia, and Thailand — along with Vietnam on track for completion in 2025, we now bank 8.4 million customers. The expanded franchise has strengthened our position in ASEAN and momentum for growth.

2024 was a year of growth and excitement.

With the successful integration of Citigroup’s consumer banking businesses in Indonesia, Malaysia, and Thailand — along with Vietnam on track for completion in 2025, we now bank 8.4 million customers. The expanded franchise has strengthened our position in ASEAN and momentum for growth.

One in two of our customers was acquired digitally, and UOB TMRW, our digital bank app, will continue to be a key growth engine. Powered by artificial intelligence (AI) and machine learning (ML), UOB TMRW anticipates customer needs and provides personalised recommendations, helping customers make confident financial decisions.

Beyond digital, we also want to add value to our customers in person. Our expanded regional footprint gives customers access to an extensive network of more than 400 branches, wealth management and private banking centres, and a shared¹ global automated teller machine (ATM) network of close to one million across ASEAN. This omnichannel strategy has been successful. Customers who engage with us both online and offline hold 44 per cent more products, transact 19 times and generate revenue per customer 1.8 times that of their traditional counterparts² in 2024.

Our robust omnichannel strategy and comprehensive solutions enabled us to facilitate and capture wealth and spend flows across our expanded regional network. Overall, we saw strong growth of 30 per cent in wealth management income³. In addition, our award-winning UOB Private Bank discretionary portfolio has consistently achieved top-quartile performance. We also saw an 18 per cent increase in gross card fees, reinforcing our position as the top consumer credit card issuer in terms of billings in ASEAN⁴.

Our unparalleled footprint and customer franchise allow us to form strategic, first-of-its-kind regional partnerships. We leveraged these partnerships to offer exclusive access to unique privileges and experiences, such as the Taylor Swift | The Eras Tour in Singapore and the Ed Sheeran: +-=÷× Tour in ASEAN⁵.

Customer security remains a key priority. In 2024, we launched a new Money Lock feature in Singapore that allows customers to lock up funds within existing accounts to prevent unauthorised digital transfers. We also leverage data analytics and ML to sharpen our real-time fraud surveillance and detection capabilities.

Our strategy to scale our franchise while looking after our customers has proven to be successful and we will continue to build on this momentum as we approach 2025.

1

Includes both owned and shared ATMs.

2

Traditional customers are customers who use only physical channels such as branches and call centres or onboarded via offline means for those without channel activities.

3

Comprises wealth management fees and customer-related treasury income.

4

As of December 2024, based on Mastercard and Visa.

5

Indonesia, Malaysia, Thailand and Singapore.

We are driven by our ambition to become the bank of choice for aspiring consumers in ASEAN. By putting our customers at the centre of all that we do, we will serve the growing aspirations of our customers across the wealth continuum. With personalised AI-driven insights, card and wealth solutions that cater to every lifestyle and life stage, our omnichannel strategy will help add value to our customers’ lives both digitally and in person.

Key achievements

Customer Base

8.4 million

Current accounts and Saving accounts (CASA) balance

+19%

year on year

Customer loans

+4%

year on year

Digitally-enabled customers⁶

80%

of customer base

Gross Card
Fees

+18%

year on year

Wealth Management Income⁷

+30%

year on year

Our expanded ASEAN franchise has enabled us to advance our position as a leading regional bank. Following the integration of Citigroup’s consumer banking businesses in the region, we have made significant progress on multiple fronts – CASA penetration has grown to 64 per cent in December 2024 from 57 per cent a year ago, while wealth penetration rose to 37 per cent from 34 per cent over the same period.

On the cards front, our extended customer base enhances our ability to secure more exclusive partnerships and privileges for our cardholders, reinforcing our position as the leading cards issuer in the region. We ranked top in consumer credit card billings for two consecutive years⁸, with healthy year-on-year growth in our five key pillars of shop, dine, travel, e-commerce and our latest jewel, entertainment. In Singapore, we are also the top in billings for Visa consumer and commercial credit cards.

Appreciating partners who have made us stronger at UOB Partners’ Gala

6

Digitally-enabled customers refer to customers with user ID and password for UOB TMRW and/or Personal Internet Banking account.

7

Comprises wealth management fees and customer-related treasury income.

8

As of December 2024, based on Mastercard and Visa.

Leveraging our strategic partnerships to offer unique lifestyle experiences and capture cross-border payments

Strategic partnerships resulting in more than

1,000

deals regionally

Cross-border Billings

+16%

year on year

Market Share

Cross border scan-to-pay

>30%

Peer-to-peer

>65%

To reinforce our leadership position in offering unique experiences to our ASEAN customers, we continually strengthen our partnership ecosystem, working with leading partners in various sectors to offer exclusive privileges in the key pillars of dine, shop, e-commerce, travel and entertainment.

In 2024, we inked a first-of-its-kind tripartite collaboration with the Singapore Tourism Board and Marina Bay Sands to introduce world-class programming and exclusive offers around the Marina Bay precinct, driving quality spend and enlivening the bay as a premium lifestyle destination. We also signed a pioneering reciprocal card partnership with South Korean card company Woori Card to offer cardholders from each company privileges from the other in their respective key operating regions. Teaming up with Disney Cruise Line through a strategic collaboration, we are the first regional bank to offer special benefits to our cardholders when they make bookings for the Disney Adventure, the first Disney cruise ship to homeport in Asia, starting 15 December 2025.

We continue to make waves in the entertainment arena by bringing forth the biggest names in Western entertainment, the K-pop scene and Mandopop royalty, the most dramatic theatre productions and the hottest music festivals to our ASEAN customers.

“We are thrilled to embark on this pioneering reciprocal card partnership with UOB. We strongly believe that this strategic alliance will increase our customers’ satisfaction as they enjoy various merchant privileges at their favourite travel destinations, provided by UOB.”

Andrew Park

Chief Digital Officer and Head, Group of Platform Business, Product Innovation and IT, Woori Card

UOB was the regional Presenting Sponsor of the Ed Sheeran: + − = ÷ × Tour in ASEAN.

UOB was the presenting sponsor for the music and water extravaganza – WATERBOMB SINGAPORE 2024.

Powering growth and engagement via UOB TMRW to increase customer lifetime value

We are building the digital future of our retail bank
with UOB TMRW. Our digital bank app is the top-ranked app in Apple’s App Store and Google Play Store¹⁰. Our digitally-enabled customer¹¹ base grew 9 per cent in 2024, making up 80 per cent of our total customer base in ASEAN, up from 77 per cent in 2023.

One in two customers interacted with our customised insights and nudges. Reminders to top up funds to help customers to achieve higher interest is one of the most popular insights on UOB TMRW. Other personalised insights that empower customers to stay on top of their finances like fraud detection, duplicated transactions and new big-ticket transactions, remain the top favourites.

Our smart insights and nudges to help customers save, spend and grow their wealth in a simple and intuitive way.

Using our AI-powered merchant recommender model, we curate local and regional deals based on customers’ spending patterns on Rewards+ in UOB TMRW. One in four users who logs in to our app accesses Rewards+ for the more than 1,000 deals and rewards. In 2024, we also delighted our customers with more than one million coupons served up on UOB TMRW.

New linkages were made available in UOB TMRW to enhance cross-border payments. Customers using scan-to-pay and peer-to-peer payment functions surged over four times and two times respectively, further solidifying our presence in the regional markets. We saw a 42 per cent growth in transaction value as the ease of using UOB TMRW for payments drove digital payments volume.

Rewards+ on UOB TMRW allows customers to access more than 1,000 deals across the region, view curated deals based on their location and track their rewards earned.

9

Based on data in Singapore.

10

Ranked top app in Singapore and top 3 in Malaysia and Thailand (Apple App Store and Google Play) and top 3 for Indonesia (Google Play) as of December 2024.

11

Digitally-enabled customers refer to customers with user ID and password for UOB TMRW and/or Personal Internet Banking account.

Being the trusted advisor for wealth matters at every life stage across the continuum

AUM

$190b¹²

(+8% year on year)

Wealth Management Income¹³

$1.1b

(+30% year on year)

Our wealth products and solutions are designed to serve the growing aspirations of our clients across the wealth continuum. From wealth and privilege to private banking, we leverage our regional network, onshore presence and comprehensive digital platform to grow our clients’ wealth.

We enhanced our wealth management experience on UOB TMRW to make investing and portfolio management more intuitive and simpler. Clients can get a consolidated view of their portfolio, access more than 100 funds and buy and sell funds easily via the app. Relevant insights are also served to help investors capture timely market opportunities. One in two new-to-wealth customers in Singapore was digitally acquired and we are on track to roll out digital wealth capabilities in Indonesia by the second quarter and Malaysia by the third quarter of 2025.

Retail investors can now gain access to Private Bank Chief Investment Office (CIO) research, insights and investment capabilities through the United CIO funds. At the end of 2024, the United CIO funds exceeded $1 billion in AUM.

On the private bank front, we continue to scale through strategic growth, expanding organically and through new wealth opportunities in Asia. In the past two years, 15 per cent of our clients were new to the bank and they contributed to a net fee income growth of 35 per cent year on year.

Our award-winning discretionary portfolio consistently achieves top-quartile performance and outperforms global benchmarks. In addition, our efforts in helping families succeed across generations were recognised by Euromoney, who awarded us Asia’s Best Private Bank for The Next Generation.

For private bank, we are guided by two key levers to drive quality growth. Firstly, we scale through our One Bank approach, where we combine the Bank’s resources, networks and capabilities to provide a holistic and integrated offering. Secondly, we deepen our client engagement through innovation and technology, where our digital advisory and relationship manager productivity tools leverage advanced data analytics to identify clients with the right profile and deliver personalised portfolio propositions. This ensures our clients’ wealth is safeguarded and positioned for long-term growth.

UOB Privilege Conversations Investment Forums and Private Bank’s Investment Outlook are among the thought-leadership events to share insights on the macroenvironment and investment landscape.

Customers can track and manage their consolidated portfolio in a single view on UOB TMRW.

12

Refers to Privilege Banking and Private Bank.

13

Comprises wealth management fees and customer-related treasury income.

Building and Deepening Long-term Relationships

Partnering Business To Unlock Regional Growth Opportunities

Personalising the Experience for Every Customer

Enabling our People to Build Long-term Careers through Achieving Purpose and Balance

Doing Right by Our Communities

Partnering Business To Unlock Regional Growth Opportunities

Financial Highlights

Corporate Governance

Financial Highlights

Five-Year Ordinary Share Capital Summary

Our Highlights of the Year

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