ABN AMRO launches STP system for Singapore unit trusts

The Dutch bank reaches retailers with online statements, account maintenance and query handling.

ABN AMRO's unit trust holders in Singapore can now access their investments online through a new system that the bank says provides straight-through-processing for customers. The system promises better customer service and faster turnaround times due to its web environment.

The bank's customers can view a monthly consolidated statement showing their total unit trust holdings invested with ABN AMRO including investments in cash, SRS or CPF savings. They can also set up different accounts such as accounts for retirement planning and ones for education planning, and then monitor the status of these online.

"In the wealth management category, customers are both time-sensitive and demanding," says Andrew Liew, executive director of ABN AMRO's consumer bank in Singapore. "To compete effectively and to differentiate our offerings, we need a system that is web-based and straight-through processing enabled. The new system has these critical requirements as well as features unique to this market."

ABN AMRO has been making an aggressive assault on the Singapore unit trust market since October 1999 when it was awarded its full bank license. The bank now distributes more than 150 funds from a dozen fund managers. Last year, it rolled out a financial planning tool called Wealth Manager that allows customers to plan for their retirement needs, their children's education or to build their wealth.

The straight through processing platform, which was developed by eInvestore, helps to achieve its unit trust ambitions by streamlining processes and increasing operational efficiencies. A second phase of the system is now under development.