UOB receives coveted Trailblazer of the Year Award leveraging digital competencies and high-impact initiatives
By The Digital Banker
The state of the retail banking industry remains at an inflection point as is the case with the wider financial services industry. The post-pandemic transition has only served to reinforce the broader acceleration towards digitisation as a means to reduce the costs to serve within a challenging economic climate. Traditional customer engagement models with retail banking clients now stand permanently disrupted with new technologies and platforms revolutionising the entire customer journey. Retail players are looking towards use of technology to address existing service and infrastructure gaps as benchmarks for superior customer experience evolve and demands for sustainable finance arise.
Financial performance, technology investments and job redesign shape UOB’s year
Amid this dynamic backdrop, Singapore based UOB Bank has responded well to uncertain operating conditions in the 2021-22 period by registering strong financial performance, coupled with effective deposit mobilisation and client acquisition. Importantly, its digital banking proposition through TMRW has resonated across key client segments in ASEAN based markets with innovative and targeted propositions that is driving new-to-bank client growth, reducing acquisition costs and facilitating overall customer recommendation.
UOB emerged as the recipient of the “Trailblazer of the Year” and “Best Digital Bank in South-East Asia” among other awards received at the Global Retail Banking Innovation 2022 Awards Gala held at the Andaz Singapore on the 10th of November 2022. Janet Young, Managing Director & Head, Group Channels & Digitalisation, UOB was in attendance to share the Bank’s perspectives in a keynote address on what has truly been a transformative year for UOB.
Importantly, UOB has made technology investments in further streamlining operational processes, particularly with regards to branch automation and self-service banking, while leveraging advanced analytics to enable enhanced customer experience across channels. The Bank has been equally progressive in its thinking, redesigning job roles and responsibilities, with a view towards future-proofing the organisation from disruption and enabling the organisation to remain competitive, agile, and adaptable to new opportunities and threats.
Lenders dominate with differentiated product sets and innovation in service delivery
Regional leaders across Asia-Pacific, Europe, Middle East & Africa and the Americas equally demonstrated unconventional approaches in terms of new product development, re-engineering of operational processes and re-imagining customer engagement to drive loyalty.
A key standout is Standard Chartered Bank whose myRM platform deployed in select markets driving portfolio and investment idea generation has caught the attention of its affluent clients and garnered the “Bank Best Client Experience for HNWIs,” while its SmartStocks initiative in Malaysia facilitating access to off-shore equity markets and Trade FX platform empowering its clients, ensured the Bank’s accolades for “Best Equity Trading Platform” and “Best FX Trading Platform” respectively.
Similarly, the SCB Smart Credit Card embedding dynamic risk-based pricing for the BNPL based card offering enabled the Bank to “Best Credit Card for BNPL” reflecting the value creation for clients in terms of cash flow management and financial planning. Intriguingly, the Bank is also one of the first to make customer onboarding via the Metaverse possible helping Standard Chartered Bank also be recognised for “Outstanding Client Onboarding and Account Opening”.
Likewise, Malaysian lender CIMB’s OctoSavers Account has demonstrated the importance of ease of use and convenience with a five-step instant account activation process that has materially impacted the growth of the Bank’s customer base and importantly build-up of account balances with the Bank being recognised as the winner of the “Best Pure Play Digital Account”. Reinforcing CIMB’s digital acquisition strategy has been its development of a high-performing sales funnel with data-driven analytics facilitating sales conversion enabling the Bank to be awarded “Outstanding Retail Sales Across Digital Channels”.
Deep personalisation and transparency remain relevant drivers of engagement
Greater customisation of products as well as embedded optionality in service continues to play an integral role in successful customer journeys. UAE based Emirates NBD’s Personalisation at Scale strategy has helped the Bank provide customers with uniquely tailored experiences as relevant and relatable customer messaging contributed to the Bank’s lead generation and click through rates ensuring with the Bank winning “Best Marketing Personalisation Across Channels”.
Importantly, for institutions providing customers with the requisite visibility of on personal wealth and financial transactions is equally critical. A case in point is the “Best Savings Account” winner, Together Savings solution powered by Thailand’s Kept (Krungsri – Bank of Ayudhya), which underscores the importance of ensuring transparency and visibility of financial health through combined savings, while promoting collective money management and savings necessary for achieving important life goals and spending objectives.
Furthermore, Singapore-lender OCBC’s Financial OneView initiative provides users with a holistic view of their financial profile through consolidation of account balances and investment holdings with the Bank being recognised for “Best Mobile Banking Initiative”. The initiative is a timely one as open finance makes inroads across key jurisdictions and broader “platformisation” through super-apps gains ground requiring further integration across the digital value chain.
View Awards Gala Gallery: https://bit.ly/3hRkHQu
The Global Retail Banking Innovation Awards is organised by The Digital Banker and this year’s awards gala was held on 10 November, 2022 at Andaz Singapore. The Global Retail Banking Innovation Awards are accolades of excellence and distinction, attributed to outstanding players; and aim to be unbiased objective benchmarks for the industry. They exist to celebrate the world’s most cutting-edge retail banks, SME Banks and wealth management units that are pioneering unrivalled standards and capabilities and transforming the industry by setting new milestones in service delivery, digital innovation, product development, payments, technology, and customer experience. The Global Retail Banking Innovation Awards are the world’s most authoritative and transparently judged awards program, and received more than 520 entries from 63 plus participating institutions during the 2022 awards cycle.