Bank on Digital

Very soon, ASEAN customers of Singapore’s leading bank United Overseas Bank (UOB) can enjoy digital banking. In a press release, the bank’s representatives seeks to target its ever growing ‘mobile first’ and ‘mobile only’ customers.

ASEAN presents itself as a key market for investors and businesses. Its people are foraying the online world for its multifarious uses and benefits. Thus, the Bank’s strategic plan to revolutionise banking experience thus comes at a key time. Through the Digital Bank, the Bank hopes to secure a five million strong customer base within the next five years.

A Customised Digital Banking Experience

Unlike banking of the past, users of the Digital Bank are assured a positive banking experience and personalised care. This is achieved by an “intuitive, transparent and engaging” digital experience for its customers.

“All out efforts are driven by what is best for our customers,” said the Bank’s Deputy Chairman and Chief Executive Officer, Mr Wee Ee Cheong. “We harness our technology, knowledge and experience gained across all markets to provide our customers with relevant, smart, simple and safe solutions wherever they may be. The Group’s Digital Bank is our latest initiative to deepen engagement with our customers, especially the mobile savvy.”

Digital user experience is all the rage now. It’s no rocket science. By empathising deeply with how customers interact with digital platforms, companies can deliver targeted results and retain customer loyalty. Every interaction point along the customer lifecycle are carefully considered.

Good Things Even If You Don’t Wait

The Digital Bank clearly advocates customer engagement. A data-centric business model powers the vision.  

 Data is generated as soon as an individual becomes a bank card holder, and consequently makes transactions. With each transaction made, the Bank gathers valuable insights after cleaning and analysing the data. Data collected will also be analysed based on locality for reasons of specificity in analysis.

Eventually the Bank will be able to predict their customer’s needs. Lag time between signalling on the ground, strategizing and execution will be eradicated. Resultantly, customers can expect tailored solutions on financial planning, spending and saving habits.

Overall, it is a win-win situation for the Bank and its customers. The unique offering will make it the first local bank to launch a digital banking service throughout all of ASEAN.

Seize the Power of Data

The Digital Bank depends on next-generation artificial intelligence, machine learning, data analytics, user interface design and smartphone capabilities. Head of Regional Digital Bank and Digital Banking, Dr Dennis Khoo explained, “UOB’s distinctive approach, unique purpose-built business model and out data-centric digital bank will enable us to seize this opportunity.” Without actively harnessing the rich data, the Bank will not be able to withstand the turbulences caused by technologically driven changes in the global retail banking industry.

To provide a dynamic Digital Banking service, the Bank will team up with its FinTech partners. Despite having its own digital technology innovations, the Bank hopes that the partnerships will elicit a buzz of new ideas and possibilities.

For example, from one of its partner’s credit assessment capabilities, the Digital Bank can access a broader ASEAN customer pool. Financially inclusion alongside other venture possibilities will hike up. From another partner’s artificial intelligence-based solutions, the Bank is enabled to spot trends and tease out salient insights from the wealth of transaction data harnessed. The partnerships will keep the Bank’s finger on the pulse. The Digital Bank design is promised to be “more innovative, responsive and responsible”.

A consumer launch of the Digital Bank will be announced in time to come.

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