The move follows the success of next-generation programmes by OCBC’s private banking arm Bank of Singapore, the banking group said. As Baby Boomers pass on and a new generation rises, banks must work out how to transform this new cohort into clients.

Singapore bank OCBC has just launched its regional next-generation programme, OCBC GENesis, for the children of OCBC Premier Private Client (PPC) customers. The programme aims to entrench banking relationships with customers and start new ones with the next generation.

OCBC GENesis is available by invitation only, and its launch follows the success of the next-generation programme by OCBC’s private banking arm, Bank of Singapore, which has been running since 2012. Together, OCBC’s PPC and Bank of Singapore serve the full spectrum of OCBC Group’s high and ultra-high net worth customers, the firm said in a statement.

As the transfer of wealth takes shape in Asia, OCBC thinks that understanding what the next generation of HNW and UHNW clients want is important for driving future revenue growth. This challenge is mirrored in affluent countries worldwide. By 2030, an estimated $2.5 trillion in intergenerational wealth is expected to be passed on to the next generation in Asia, OCBC said. Established banks are facing increasing competition from a rising number of fintechs and digital banking models seeking to compete for this younger demographic, a point discussed by the editor of this publication. 

OCBC GENesis, piloted with children of PPC Singapore customers in 2019, has been officially launched this year following a Covid pandemic-induced break. For the first time, it includes children of PPC Malaysia customers. The bank also aims to expand the programme to PPC customers in other markets when the business model is established there.

OCBC GENesis was designed to give participants exposure to the skills needed to flourish in the business world. The inaugural run from 17 to 19 July 2024 brought together 21 participants aged 18 to 25 who are Singaporeans, Malaysians, Indonesians, Chinese or Australian. They comprised students and those who had just started work recently, with a number working in their family businesses.

OCBC GENesis complements PPC’s suite of products and services which includes setting up basic trusts for estate planning, more complex insurance products, and exclusive investment opportunities – solutions typically available at a private banking level. 

“We have noticed that our PPC customers are increasingly concerned about preserving their wealth across generations. It complements our existing suite of solutions for PPC customers and strengthens our proposition,” Sunny Quek, head of global consumer financial services, OCBC said.

“Through this programme, we are not only deepening our relationship with existing customers, but also seizing the opportunity to showcase our value proposition to a new generation of customers. They may be young students now, but one day they would need more sophisticated banking needs. We want to start building our relationship with them early,” Quek added.

(Participant Cyrus Chung, 25, Ms Susan Tan, Head of Segment, OCBC and other participants engaging in conversation at the end of the three-day long OCBC GENEsis.)