In the age of digital banking, physical branches see growing demand for wealth advisory services

As digital banking becomes increasingly widespread, footfall at the physical branches of Singapore's three major banks continues to decline, quietly reshaping their role. Once focused on routine banking transactions, branches are gradually becoming platforms for wealth management, financial planning and professional advice, meeting consumers' growing demand for personalised financial guidance.

In an exclusive interview with Lianhe Zaobao (LHZB), Bob Ng, OCBC’s head of Personal and Premier Banking in Singapore, said the number of customers visiting the bank's branches for wealth management advice has been rising each year, with appointments growing by about 10% to 15% year on year.

He said customers have different preferences for transaction channels depending on the financial products they are buying. Products such as precious metals and travel insurance are mostly purchased through digital platforms. For more complex needs, such as financial planning and cash flow management, consumers prefer to seek professional advice from financial advisers face to face.

Using unit trusts as an example, one in four transactions in the first half of this year was completed at a physical branch. On average, nine in ten bancassurance transactions were conducted at branches.

Ng said the average investment amount for unit trust transactions conducted at physical branches was 5.5 times that of online transactions, indicating that customers still prefer to invest in person when committing large sums.

OCBC is the only bank in Singapore offering Sunday banking services, with ten branches currently open seven days a week.

Ng said customers visiting branches at weekends tend to be younger. A quarter are aged 40 and below, including young adults in their 20s and those aged 30, with many making appointments to seek wealth advice.

DBS and UOB have observed similar trends.

Last year, the volume of financial planning and advisory services provided at DBS and POSB branches rose by more than 40% year on year. Customers aged 31 to 60 recorded the largest increase in financial planning appointments, while visits by customers aged 60 and above remained stable.

Calvin Ong, head of Consumer Banking at DBS Singapore, said older customers value face-to-face assistance and the peace of mind it brings, while younger customers and families seek professional advice to plan for their long-term financial goals. This reflects how customers of different ages use branch services according to their needs.

DBS currently has 11 branches in Singapore that offer both self-service facilities for customers' everyday banking needs and dedicated spaces for in-depth discussions with wealth planning managers about personal financial goals and wealth management plans.

Data provided by DBS to LHZB showed that walk-in visits for financial planning advice and related services rose by 35% last year compared with 2024.

To make personalised financial planning more accessible to customers in general, DBS has extended its personal Wealth Planning Manager (WPM) service to 3.8 million retail banking customers, or about 80% of its retail customer base.

Ong said the number of customers proactively contacting wealth planning managers in the first quarter of this year rose significantly from the same period last year.

Benny Chan, head of Group Channels and Digitalisation for UOB Singapore, said many branches are gradually becoming wealth management and small and medium-sized enterprise service centres. Meanwhile, more customers are visiting branches to open Supplementary Retirement Scheme (SRS) accounts and seek advice on investing idle funds, among other services.

He said many customers still prefer face-to-face discussions with financial advisers so they can ask questions, clarify concerns and explore different financial options. Branches are ideal for such conversations because they offer a high degree of privacy, allowing customers to discuss their personal finances with assurance.

As Singapore strengthens its position as an international wealth management hub, UOB expects demand for wealth management advice, personal financial planning and business banking services at physical branches to continue rising over the next few years.

Chan said UOB plans to begin progressively upgrading the service capabilities of all its branches in the near future to provide these services.

Meanwhile, as the financial sector accelerates its digital transformation, footfall at bank branches has fallen markedly.

Visits to DBS branches have fallen from about 5.6 million in 2018 to about 2.3 million currently, a decline of about 59% over eight years.

Over the past three years, footfall at UOB branches has fallen by about 15%, while over-the-counter transaction volumes have dropped by about 20%. Visits to OCBC branches have declined by about 30% over the past five years.

In terms of branch numbers, DBS currently has about 70 retail branches in Singapore. OCBC has 28 branches, as well as three youth-focused FRANK branches.

UOB currently operates a total of 42 branches, Privilege Banking centres and Private Bank lounges in Singapore.