How Taipei Fubon Bank Handles Wealth Management in the Digital Era

Taipei Fubon Commercial Bank won six major awards in The Digital Banker’s 2nd Annual Global Retail Banking Innovation Awards, reaffirming the bank’s commitment to customer service and excellence in digital banking innovation.

One of the top banks in Taiwan, Taipei Fubon Bank is well-known for creating innovative products and has been a leader in using AI, mobile, digital and blockchain technologies to improve banking customer experience. The Digital Banker and co-judges from PWC, KPMG, Forrester and Xerox, selected Taipei Fubon Bank as a winner for Best Customised Mobile Banking, Outstanding Machine Learning Initiative, Outstanding IT Transformation and Excellence in Customer Privacy & Protection.

The Bank also received “Highly Acclaimed” for Excellence in Digital Wealth Management and Outstanding Digital Innovation in SME Banking. Roman Cheng, President of Taipei Fubon Bank said that “our goal is to keep learning from customers, business partners as well as from competition”.  He hopes that this discipline of learning helps his team in designing products and services suitable for customers and this process is the primary underpinning of Taipei Fubon Bank’s Digital Transformation success.

“Our goal is to keep learning from customers, business partners as well as from competition.”

Customised Mobile Banking

The above culture led the bank to re-launch Fubon Mobile Banking in mid-2018 and was immediately endorsed by strong customer response, transforming it into the leading and the most comprehensive mobile banking app in the Taiwan market.  The bank also offered high level of customisation to mobile banking users under the theme “My Screen, My Way”, “My Account, My Way” and “My Family, My Way”.

The design of this mobile app was based on exhaustive user interviews and user-experience workshops with the frequent mobile banking users. The findings of this study revealed several behavioural insights that were then used to design the mobile banking platform.  Examples of unique services are ‘Goal-Based Savings’ and ‘Life Accounting’ for Gen-Y customers.

AI and Machine Learning

Taipei Fubon Bank is also a leader in Big Data Analytics, optimising its operations as well as enhancing its customer service using predictive models.  It has successfully implemented Machine Learning Predictive Modelling that leverages data from several internal and external sources. The model has already proven its strong predictive power by forecasting next-best-product for wealth management customers.

Taipei Fubon Bank is using Digital & Data to not only enhance customer experience but also to improve security & privacy of its customers.

Wealth Management for the Digital Era

 Taipei Fubon Bank has been actively developing financial technologies and products to service the rapidly changing needs of the digital generation. It is also leveraging efficiency of digital channel to deliver superior financial services to mass market customers.

The bank collaborated with Europe’s largest online asset management firm – Nutmeg, to launch “Nano Investment”. This platform enabled access to WM services to Younger as well as low-ticket size investors.  Investors with as little as USD100 may commence their investment journey and build a portfolio customised to their individual needs.  The simplicity and control this wealth management platform provides to customers has been widely acclaimed and an increasing number of customers are joining the Nano platform.

Customer Privacy & Protection

 Taipei Fubon Bank is using Digital & Data to not only enhance customer experience but also to improve security & privacy of its customers.  A strong example of this is “Automatic Personal Data De-identification Platform“ implemented in 2018 to ensure highest level of security to customer’s private information.  Taipei Fubon Bank is among a few banks in Asia and the first in Taiwan to have implemented such innovation for customer data protection.

 

>> To read more about this story and other exclusive features about the digital banking landscape, download the latest issue of The Digital Banker Magazine HERE.

 

Image: TK Kurikawa / Shutterstock.com

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                  The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

                  COVID-19
                  Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

                  Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

                  The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

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