UOB unleashes digital bank for ASEAN mobile advance
United Overseas Bank (UOB) is using its name to the max and launching a digital bank to target ASEAN’s mobile users.
Age of digital empires
The bank says the usual stuff about the digital offer – such as opening an account and the word “customer” many times.
Wee Ee Cheong, UOB’s deputy chairman and CEO, states that this initiative is to “deepen engagement with our customers, especially the mobile savvy”.
The business model comprises five stages: acquire, transact, generate data, insight and engage (ATGIE).
No need to cite all of ATGIE, but for example, the onboarding will be localised to each market context. As customers interact more frequently, UOB says its digital bank will gain a better understanding of their preferences and behaviours.
The model is powered by artificial intelligence (AI), machine learning, data analytics, user interface design and smartphone capabilities.
These include UOB’s own solutions plus others with its fintech partners – such as its recent joint venture with Avatec and its investment and partnership with Personetics.
There are some specifics, as UOB’s digital banks aims to build a customer base of three to five million in the next five years, operating at a steady-state cost-to-income ratio of 35%.
The bank will announce the details of the consumer launch soon.
UOB will have competition of course in this digital domain.
OCBC Bank recently said it plans to make half of its bank tellers become “digital ambassadors” as it seeks to upskill its workforce.
We also did a case study on DBS and its edgy ambitions.
By the way, last month, UOB and Razer were collaborating to launch Razer Pay in Singapore, an “e-wallet designed for youth and millennials”.
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