Episode 27: Inside Singapore’s mass affluent: How banks can grow share of wallet

Singapore is a regional hub for banking and wealth, and one of Asia’s most developed and dynamic markets. Its affluent segment is highly attractive and increasingly complex. Affluent customers typically maintain relationships with multiple providers, creating a fragmented landscape where competition for share of wallet is increasingly intense. While domestic leaders like DBS, UOB and OCBC dominate share of wallet, international players like HSBC, Standard Chartered and Citi gain a disproportionate share of affluent consumers’ wallets.

At the same time, digital is a fast-growing channel. Affluent consumers are asset-rich and time-poor. They expect instant control over their finances through mobile, with high-quality, personalised advice from relationship managers when decisions are complex or cross-jurisdictional.

In this episode of Banking Uncovered, host Charles Green sits down with Stefano Colombu, Managing Director of Asia at RFI Global, to unpack Singapore’s mass affluent market and what is driving their share of wallet allocations. Drawing on data from RFI Global’s latest share of wallet tracker, they explore where wealth is concentrated, where it is leaking and how banks can compete more effectively across deposits, investments, cross-border flows and non-bank challengers. They explore the growing role of digital channels, AI-enabled services and the evolving balance between human and digital engagement. And much more.