SCB targets mass-affluent under ‘Prime’ sub-brand

SCB currently has a strong position in terms of financial advisory and personal lifestyle services for both its SCB Private Banking members, who have deposits and/or investments of Bt50 million and above with the bank, and SCB First members, who have deposits and/or investments of Bt10 million to Bt50 million.
Narong Srichukrin, SCB’s first executive vice president, head of Wealth Segment & Products and Retail Banking & Small SME Solutions, said the bank currently served more than 50,000 top-tier clients – members of SCB Private Banking and SCB First with combined AUM of over Bt800 billion.
The bank has, however, seen high growth in the number of clients with deposits and/or investments of Bt2 million to Bt9.9 million, he said, adding that there are an estimated 500,000 individuals in Thailand falling into the mass-affluent category.
SCB has around 30,000 customers in this segment, but targets some 100,000 SCB Prime members by the end of this year, of which 70,000 will be new to the bank and attracted to its offerings under the new sub-brand, the executive said.
Based on an initial deposit and/or investment of Bt2 million, the combined additional AUM of the targeted 100,000 customers will be significant for the bank, he stressed.
This group of customers consists of successful entrepreneurs, owners of small and medium-sized enterprises, start-ups, and young executives who are rising to the top of their organisations, he said, adding that they are proud of what they are currently achieving and ready to pursue their next step toward success. 
Hence, the bank should have a new segment to answer the growth of these mass-affluent customers under the concept of “Take Your Success Forward”, he explained.
The new SCB Prime product aims to boost client wealth and financial success “by allowing them to take bigger steps to success with various privileges that perfectly match their lifestyles”, Narong said. “Executed under a ‘Take Your Success Forward’ concept, each and every privilege offered will boil down to how we can inspire these clients to achieve bigger success. Whether through privileges to help them grow their wealth or strengthen their business, or privileges that match their lifestyle, we will prepare them in every dimension possible,” the first executive VP said.
The bank is highlighting three key privileges to members of SCB Prime, the first being Prime Lifestyle, including one free complimentary domestic air ticket annually, and access to Royal Orchid Lounge/Royal Silk and Coral Executive Lounges at domestic airports twice a year.
Second is Prime Wealth Management, which includes a financial advisory service covering financial-product management and advice, choosing the products that fit the needs and risks of each client, and a series of seminars conducted for clients to give them what they need to know to be more competitive in business and double the value of their assets, he said. 
In addition, the service provides access to knowledge about financial planning, asset allocation, investment, retirement planning, children’s educational plans, and tax plans, all on digital platforms geared to the lifestyles of today’s clients.
Third is Prime Banking Service, under which the bank will provide the next level of banking services, including express service at any SCB branch, SMS service with no fee charged to PromptPay accounts, and a bill-payment service through SCB Easy without fees for up to five payments a month.