• Lu Global has put a premium on customers’ engagement with their app and continue to explore new ways to address the needs of specific markets
• The company has seen greater interest in private equity and debt over the past year
• The focus through 2020 is on Southeast Asia, and on engaging partners to develop greater local customisation

Amidst geopolitical uncertainty and challenges in financial markets, Singapore-based wealth management platform Lu Global has continued to grow. Chief executive Kit Wong has revealed that to date, the platform has over 300,000 registered customers and 19,000 active users.

Wong attributes the company’s sustained success to customer focus, which he calls the key to growth. “We spent time interacting with customers who signed up and are transacting to understand pain points, what they are searching for. The key product innovations are in line with customer feedback”, he said.

The sign-up process is a good example of this. Singapore’s know-your-customer (KYC) requirements tend to make the sign-up process a tedious one. Lu Global addressed this with the use of Singapore’s MyInfo for validation, making onboarding simpler and easier.

Using engagement to build familiarity

Wong also puts a premium on customers’ engagement with the Lu Global app. The underlying principle behind this is that the more engagement there is, the more familiar and comfortable customers become with the products. After a range of engagement opportunities, many reach a comfort level and become active on the platform.

“We engage customers in the app with questions, notifications. We keep reminding customers, giving them updates of things that are happening on products, and explanations of a product”, Wong said.

Lu Global is also constantly testing new models and “trying slightly different things” to drive greater engagement. Wong stresses the ...

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