AmBank to debut DIY Wealth service early next year


AmBank Group plans to launch its Do-It-Yourself (DIY) Wealth service by early next year which would allow new and young investors to book their wealth online and have the bank propose a portfolio.

Ambank Group MD Jade Lee (picture) said the service would make it more convenient for consumers to manage their portfolio, as currently wealth products require customers to go to the bank.

“We have simplified it so that customers can book their wealth online. Once that is completed, we will be able to make simple portfolios rather than full-fledged portfolios for younger investors to adopt,” she said at the launch of Malaysia’s first virtual customer service assistant, Amy, yesterday in Kuala Lumpur.

The capability will be introduced to allow customers to also invest and manage their unit trust portfolio online.

She said the service will enable customers to book wealth themselves, with a little bit of human advisory services involved.

“After that, there will be packages, such as ‘People Like Me’, which means investment products and services for people of similar demographics will be made available, in terms of age and interests,” she said.

Group CEO Datuk Sulaiman Mohd Tahir said the way the company does advisory services is through profiling of its customers, which helps with the customisation of products and services’ recommendations.

“We ask our customers 20 to 30 questions, in terms of preferences, so that we can programme this into Amy, our newly launched virtual assistant and she can later recommend the products,” he said.

Currently, Amy is integrated into AmBank’s AmOnline mobile banking application to assist users on credit card services.

“Customers can expect to see Amy’s repertoire expanding to more credit card and non-credit card services in the upcoming releases of AmOnline.

“Although currently she is only available in English, we hope that through frequent uses, we will be able to programme a more natural language for locals in the future for Amy,” Lee said.

Sulaiman said the group has targeted an increase in AmOnline user to one million users by March 31, 2019.

As for Budget 2019 that will be tabled on Friday, Sulaiman said the group would like to see more government-backed reliefs for private learning.

“As you can see, private learning means tuition and almost every parent will send their kids for tuition. Therefore, higher relief makes it easier for both the parents and their children, and this will increase the accessibility of education, which is important,” he said.

He added that lower GDP growth at 4% to 4.5% is expected for the coming year.

“This is a phenomenon expected among emerging countries, in order to allow for higher growth in the coming future.

“So for now, any further allocation to boost the efficiency of small and medium enterprises, and educat ion should be highly prioritised,” he said.

AmBank Research recently said the upcoming Budget 2019 should provide strong and clear policies that will help the economy ride out the current challenges.

Its group chief economist and research head Dr Anthony Dass said the budget is unlikely to contain short-term populist measures such as providing subsidies, grants and easy government-led financing.