Established in 1995, UOB Privilege Banking provides wealth management advisory and solutions to high-net-worth individuals with minimum SGD$350,000 of assets under management, with client advisors covering five key markets, including Singapore, Malaysia, Thailand, Indonesia and North Asia.
The bank’s new service transformation programme SOAR (for Service, Ownership, Accountability, Responsibility) enhanced the customer service proposition with wellness, optimised counter-utilisation with AI, and introduced new service rewards, recognition and streamlined service processes, resulting in better NPS ratings, reduced wait times, more customer compliments, and increased business revenue. For these results, UOB won the Outstanding Customer Service Innovation by a Retail Bank award at the Global Retail Banking Innovation Awards 2024, hosted by The Digital Banker in Singapore.
It also picked up the award for Outstanding Omnichannel Integration by a Retail Bank for employing a strategy that emphasises on customer centricity through enhanced digital capabilities, transformed banking experiences and fostering deeper customer engagement across all touchpoints.
Transforming customer experience
In early 2023, customers were facing long wait times and frustration at UOB’s Privilege Banking Centres, in part due to change of new notes for Chinese New Year, as well as placement/renewals of fixed deposits. With overwhelmed staff managing queues, inquiries and transactions, this led to increased complaints on customer experience and service-related issues due to which the bank launched a new Service Transformation Programme named SOAR in June 2023.
SOAR sought to elevate customer experience by providing efficient, innovative and personalised service to customers, through upskilling its people and modernising operations to meet dynamic market conditions and evolving customer expectations.
As part of the transformation, the bank embedded new metrics into its service rewards and recognition programs, launched new service challenges with service star awards given out at service-themed townhalls, and established a new Hall of Fame for service excellence.
The bank also developed and deployed an AI-powered data-driven model and system to optimise the utilisation of service counters and manpower deployment in Privilege Banking Centres. It introduced an industry-first wellness proposition to value add to the Privilege Banking customer service proposition, including a wellness survey to collect wellness interests of customers and curate relevant wellness events and engagement booths in Privilege Banking Centres to address their wellness needs.
The SOAR programme resulted in marked improvement across the board, including a 55% reduction in average wait times at Privilege Banking Centres, an improvement in NPS, and a 22% increase in the number of compliments received by UOB Privilege Banking staff.
It also positively impacted the business and revenue of Privilege Banking, with increases in assets under management due to increased onboarding efficiencies, in wealth activation (customers buying wealth solutions for the first time), and in overall revenue.
An effective omnichannel strategy
Keeping customers at the heart of what they do, UOB customer journey focuses on understanding and anticipating the unique needs of each customer. Through its global network, UOB gleans meaningful customer insights through face-to-face and digital interactions. Leveraging analytics and technology, the bank delivers customised engagements and solutions to deliver seamless online-to-offline experiences via their preferred service channels.
UOB’s flagship ASEAN Consumer Sentiment Study (ACSS) 2023 found a 17% increase in bank branch usage region-wide and a preference for an offline or a combination of channels for more complex transactions. These indicate that consumers value face-to-face interaction as a complement to the multitude of digital channels available. The effectiveness of the bank’s omni-channel strategy is evident as it tracks engagement with these customers.
To design a robust omnichannel integration within its retail bank, UOB was guided by the following objectives: Keeping customers at the centre by personalising their experience and staying true to its organisational commitment.
As part of its people strategy, UOB deploys a comprehensive training regime to empower its employees to navigate complexity and deliver exceptional customer experience. It also launches annual thematic programs in collaboration with educational institutes. One such experiential program includes helping staff spot and manage scams, including malware and deepfake scams, which are growing in prominence. With the rise of deepfake technology, frontline colleagues need to be even more aware on how to spot and verify, instead of just relying on what they hear. This program is aligned with the bank’s promise of being right by its customers.
Over the last few years, UOB also developed new roles to complement its network transformation to meet customers’ expectations. The bank continues to create new future-proof roles enabling its people to stay relevant and to keep up with the changing banking landscape. Some of these new roles include Branch Analyst, Customer Experience Manager, Digital Champion, Digital Advocate and Wellness Manager.
UOB TMRW, one of the most highly rated apps on mobile app stores, is the bank’s main digital channel to engage customers across the region and round the clock. Leveraging the latest technologies, including proprietary in-house and external artificial intelligence and machine learning models, the bank developed and rolled out new capabilities to enhance customers’ digital experience, making banking, investing, and enjoying rewards simpler and smarter.
In September 2021, UOB invested up to SG$500 million to bring together the innovation of its digital bank TMRW with the scale and product depth of its mobile app UOB Mighty on one platform dubbed as UOB TMRW. With this, UOB has progressively rolled out UOB TMRW across its key ASEAN markets.
Its suite of intelligent and personalised insights enables customers to be in control of their money, through timely reminders, alerts and notifications. As the bank learns more about their behaviours and preferences, it continually introduces new insights such as market outlook and proactively serves products and valuable recommendations relevant to them to enhance its value proposition. This move illustrates the bank’s focus on data-driven model in creating hyper-personalised digital experiences for its customers.
Equipped with cards self-serve capabilities, including card activation, UOB TMRW effectively facilitates a smooth onboarding experience for both new and ex-Citi customers in the region. On top of that, it further deepens and customises engagement with customers seamlessly across the region through consolidated rewards across four markets.
This comprehensive approach has ensured that UOB remains responsive to customer needs, establishing a truly outstanding omnichannel integration that fosters loyalty and satisfaction.
Customer centricity at its heart
With customer’s expectations and behaviours evolving, UOB aims to remain committed to be number one in delivering unparalleled customer service. As a pivotal part of its strategy, UOB Group Channels and Digitalization (GCD) is dedicated to establishing the bank as the number one choice for customers by fostering a culture of empathy and understanding.
The unique selling proposition of its strategy lies in its comprehensive and integrated approach that seamlessly combines a people-centric culture, operational efficiency, and innovative processes to create an unparalleled customer experience.
By empowering employees through continuous training and recognition, UOB fosters a motivated workforce that prioritises empathy and effective communication. Coupled with its commitment to proactive problem-solving and data-driven insights, the bank ensures swift and consistent service delivery that not only meets but anticipates customer needs. This distinctive blend of engagement, efficiency, and innovation positions the bank as a leader in customer service within the banking sector.
For implementing a well-thought-out strategy that elevates its customer service to the highest standard, UOB received its third award for the Best Customer Centric Business Model.
