United Overseas Bank (UOB) announced that it is introducing a digital bank for ASEAN’s increasing base of mobile first and mobile only customers.
Image: UOB launched digital bank for ASEAN increasing base of mobile first and mobile only customers. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.
UOB’s Digital Bank will be deployed in its key Southeast Asian markets as the Group accelerates and broadens the growth of its regional customer franchise.
UOB’s Digital Bank customers across the region will enjoy a fully digital experience which is intuitive, transparent and engaging – from the moment they apply to open an account through to their everyday lifestyle needs.
Every interaction will be designed to deepen the customer relationship through meaningful conversations and personalised engagement.
UOB’s deputy chairman and CEO Wee Ee Cheong said: “All our efforts are driven by what is best for our customers. 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. It will also help scale up our customer franchise across Southeast Asia and positions us well for the future.”
At the heart of UOB’s Digital Bank customer engagement approach is its unique data-centric business model. This model is designed to address the entire customer life cycle comprehensively, ensuring the quality of each encounter to deepen relationships. The business model comprises five stages: Acquire, Transact, Generate data, Insight and Engage (ATGIE).
Through ATGIE, the customer experience starts with swift and simple onboarding which is localised to each market context. As customers interact more frequently, UOB’s Digital Bank will gain a better understanding of their preferences and behaviours.
UOB’s ATGIE business model is powered by next-generation artificial intelligence, machine learning, data analytics, user interface design and smartphone capabilities. These include UOB’s own digital technology innovations as well as solutions provided through its collaboration with FinTech partners such as its recent joint venture with Avatec.ai and its investment and partnership with Personetics.
United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions.
UOB is rated among the world’s top banks: Aa1 by Moody’s and AA- by Standard & Poor’s and Fitch Ratings respectively. In Asia, UOB operates through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia and Thailand, as well as branches and representative offices across the region.
Source: Company Press Release