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

Topics discussed:

• How banks can convert deposits into investments as interest rates fall with personalised advice, transparent outcomes and frictionless execution.
• How to capture cross-border flows as Singaporeans increasingly bank offshore and inbound wealth deepens from Asian corridors and global giants.
• Why domestic banks lead in total wallet share, but international banks outperform among mass affluent segments.
• How relationship managers and a digital-first experience should interlock – quick, proactive digital moments for everyday tasks, with expert guidance for sophisticated needs.
• The rise of digital-only providers like MariBank and Trust Bank, and what their growing momentum means for incumbents.

Key insights:

• Around 70% of affluent assets in Singapore sit in deposits today, representing a significant opportunity for banks to migrate wealth into investment products as rates ease.
• About 39% of investment value is held with non-banks, with some domestic players showing notable leakage, underlining the need for integrated investment platforms and innovative features to reclaim AUM.
• Cross-border wealth is a defining feature of the segment, with around 45% of mass affluent assets held offshore. Singapore benefits from strong inbound flows from Asian markets, while outbound corridors to Malaysia, the US and China remain highly significant.
• Digital bank usage as a main banking relationship is behind other markets in Singapore (15-16%) in terms of main bank usage, compared to the UK (25%) and the US (30%).

High-Net-Worth (HNW) households account for one in 10 US households, yet they control a disproportionate share of the nation’s wealth. According to RFI Global’s MacroMonitor, the largest ongoing study of US household financial behaviour, HNW households hold 69% of all financial assets and 74% of investable assets, amounting to $50.2 trillion.

So how can financial institutions capture this opportunity?

In this episode of Banking Uncovered, host Charles Green and Luke Allchin, RFI Global’s US Research Director, explore what the data reveals about America’s high-net-worth households: how their wealth has been built, where it is held, and how their needs and expectations are evolving. They discuss how HNW investors allocate their wealth and the practical implications for banks and wealth providers. Luke explains the growing preference for mutual funds as a risk-diversification tool, alongside the recent surge in certificates of deposit (CDs) as HNW households seek more certainty during periods of elevated rates.

They focus on the Great Wealth Transfer, with an estimated $45 trillion set to move from US baby boomers over the next decade. Luke and Charles discuss why this transfer is already underway, the multiple inflection points at which assets are at risk of leaving incumbent providers, and why engaging spouses and heirs early is critical to retention.

They look at how AI is increasingly used as a first stop for financial discovery, offering speed and guideance, but why human advisors remain essential for complex decisions and long-term strategy. The conversation explores how banks and wealth providers should design hybrid advice models that combine the convenience of AI with the assurance of professional guidance.

Topics discussed include: 

• How HNW individuals invest, and how this has changed in response to market volatility
• The Great Wealth Transfer, and the $45 trillion opportunity this represents
• How and why HNW consumers use AI first as a soundboard, then seek human validation for big moves
• The role of risk-diversified mutual funds versus CDs as interest rates decline
• Designing hybrid advice models that marry convenience with compliance, and the need for more female advisors
• Tax-efficient withdrawals from retirement accounts and the right amount to sustain lifestyle without depleting capital
• Educating pathways that raise financial literacy for heirs before assets move

 And much more…

Key insights include: 

• HNW households hold 69% of all financial assets and 74% of investable assets in the US
• 88% of HNW households have a formal financial strategy, prioritising retirement, estate planning and tax efficiency
• As rates fall, CDs lose relative appeal; diversified portfolios regain momentum - especially for older HNW investors focused on preservation
• $45 trillion is set to move from Boomer households in the US in the next decade; 31% of HNW households will transfer wealth
• Trusts and estates are rising now, with around 1 in 10 older consumers plan to establish new structures within 12 months

And much more…

In this episode of Banking Uncovered, host Charles Green sits down with Brett King, world-renowned futurist, bestselling author, and fintech founder, to unpack the data behind the global decline of bank branches and what the AI-driven, digital-first future means for traditional banks and neobanks.

Drawing on data from Brett’s new book Branch Tomorrow and RFI Global’s research, the conversation explores how trust in banking is moving from physical presence to digital reliability, utility and security at scale. They discuss why banks without branches are winning on trust, transparency and speed and why incumbents must right-size and embed AI to remain relevant. Beyond technology, the episode addresses the social and regulatory realities, including the Community Reinvestment Act in the US, postal banking models in the UK and Australia, and the risks of financial exclusion when branches close too quickly.

Brett predicts that as AI becomes more competent, many services that once required a branch visit will be handled digitally. He foresees banks developing AI that can provide personalised financial advice and support, reducing the need for in-person interactions.

Topics discussed include:

• The global decline of branch networks and why trust is migrating to digital reliability, speed and utility
• How Chase exemplifies branch optimisation while spending $18B per month on digital
• Why neobanks scale faster: cloud-native stacks, cultural agility and freedom from legacy budget trade-offs
• China’s dual reality: low branch density yet near‑ubiquitous digital wallets and monthly usage and implications for ‘cashless’ economies
• The future role of branches: pop‑ups, billboard presence and boutique advisory centres supporting a digital-first core

Key insights include:

• The US is on track to have around 50% fewer branches by 2030 than at the 2008 peak
• The UK is projected to have fewer than 2,000 branches by 2030 and only a few hundred by the end of the 2030s
• China’s digital penetration: around 98% of citizens have access to a digital wallet and around 93% use it monthly; an average Chinese branch serves around 14,000 customers (vs higher density in the US/UK)
• Generative/agentic in action: AI for fraud detection, anti-money laundering and internal productivity and why customer‑facing AI must be rolled out carefully to preserve trust

And much more.