UOB: Building purpose-built products for unparalleled customer experience

UOB: Building purpose-built products for unparalleled customer experience

Recognising the varied needs of customers across different life stages, United Overseas Bank’s (UOB) focus on customer centricity underpins its innovation drive.

The Bank’s focus on the customer has resulted in the launch of several initiatives, including a one-of-a-kind portfolio advisory tool, an accelerated miles programme and an AI-powered digital banking service. At the Digital CX Awards 2020 by The Digital Banker, UOB brought home 8 major awards, namely:

  • Winner, Best Technology Implementation - Front-End
  • Winner, Best Use of AI for Customer Experience
  • Highly Acclaimed, Best Product or Service Innovation
  • Highly Acclaimed, Best Customer Insight and Feedback Initiative
  • Highly Acclaimed, Best Digital Customer Experience in Wealth Management
  • Highly Acclaimed, Outstanding Customer Experience in Financial Inclusion
  • Highly Acclaimed, Best Digital Customer Experience in Life Insurance
  • Highly Acclaimed, Best Employee Experience

With these 8 awards, UOB is one of the most recognised organisations, standing out against the 200 nominations in various award categories received this year, The adjudication panel that helped select this year’s award winners are longtime subject-matter experts from companies such as Forrester, EY, Fuji Xerox, Bain & Company, Wipro Digital and KPMG.

“Our greatest accomplishments can only be measured by the impact and positive experience we give to our customers. These awards only help to strengthen our resolve to do just that. In UOB, we always anticipate our customers’ needs. If we can come up with a product or service that can enable our customers to track their finances effortlessly, which will guide them to relevant financial solutions that can help them meet their financial needs, then that will be our focus. We truly value our customers’ needs,” said Chung Shaw Bee, Managing Director, Head of Deposits & Wealth Management for Singapore and the region at UOB.

“Our greatest accomplishments can only be measured by the impact and positive experience we give to our customers. These awards only help to strengthen our resolve to do just that."

Award-winning Initiatives that make a difference

UOB Bond Explorer

UOB Bond Explorer is a first-of-its-kind bond portfolio analytical and comparison tool that contains innovative functionalities from online bond factsheets to interactive interest rate sensitivity analysis and performance analysis. It is a purpose-built digital advisory platform that allows UOB’s customers to make the most informed decisions about their bond portfolio.

With UOB Bond Explorer, the bank’s customer relationship managers can now perform sophisticated analysis and evaluation of portfolio of bonds in the presence of their customers, providing efficiency and convenience to customers.

UOB Mighty Insights

UOB Mighty Insights is Singapore’s first artificial intelligence (AI)-based digital banking service that makes it simpler for UOB’s customers to manage their personal finances. With this digital service, customers are provided insights to help them track their savings and expenses effortlessly and to be guided to relevant financial solutions that can help them meet their financial needs.

Since the launch of UOB Mighty Insights, the number of Monthly Active Users has increased 40% year-on-year, and the average login frequency has increased 20% year-on-year. Of 400 UOB Mighty customers surveyed, 83% stated that they were highly satisfied with their digital banking experience on the UOB Mighty platform – an increase of 16% since the introduction of UOB Mighty Insights.

UOB Mighty

KrisFlyer UOB Account

The KrisFlyer UOB Account enables customers to earn accelerated KrisFlyer miles when they spend on their KrisFlyer UOB card and save through the KrisFlyer UOB Account. The miles earned are credited directly to customers’ Krisflyer account with no conversion fee, making it seamless and effortless for customers to accumulate miles. This industry-first product provides a comprehensive banking solution to customers for whom travel is a lifestyle priority.

UOB Lady’s Card

The UOB Lady’s Card was relaunched on 8 Mar 2019 in conjunction with International Women’s Day and as part of UOB’s 30th Anniversary celebrations. Recognising the evolving and varied needs of women across different life stages, UOB Lady’s Card is the only Credit Card in the market to empower women with the freedom of choice to define how they want to be rewarded and have the flexibility to change their choice of reward category every quarter.

Since the relaunch, total card applications have exceeded the preceding month-on-month average by over 200%. Online card applications exceeded year-on-year performance by more than 300% during the campaign period. The continuous rise in card applications reflects the positive reception of the new UOB Lady’s Card.

UOB Portfolio Advisory Tools

The UOB Portfolio Advisory Tool (PAT) is a first-of-its-kind purpose-built digital wealth management platform that provides customers with portfolio analysis and insights. The suite of digital tools has been designed to enable customers to monitor, manage and optimise their investment portfolios, empowering them to make well-informed decisions to achieve their financial goals.

Within the first three months of launch, the UOB PAT had benefitted more than 5,155 UOB wealth management customers. Out of the 5,155 customers, 1,458 had invested or rebalanced their wealth portfolios based on the review assessments by UOB PAT – this conversion rate of 30% is significantly higher than UOB’s usual closure rate for regular sales appointments, reflecting its relevance and effectiveness for customers.

UOB Fund Explorer

UOB Fund Explorer is the bank’s first-to-market, one-stop shop for reviewing funds. The fund analytical and comparison tool enables users to extract key information pertaining to funds, to analyse and to compare single funds and portfolio of funds across multiple risk parameters, exposures and performance indicators.

UOB Insurance Explorer

UOB Insurance Explorer is a market-first insurance advisory tool that empowers clients to make sound insurance decisions through providing a holistic view of one’s financial plan beyond a single-product perspective. It is an all-in-one digital platform that facilitates policy aggregation, cash-flow analysis, insurance coverage overview, gap analysis and coverage simulations.

Professional Conversion Programme (PCP)

UOB’s PCP is an initiative developed to strengthen the digital capabilities of UOB’s front-line staff. Introduced in November 2017, its aim was to prepare mid-career professionals, managers, executives and technicians (PMETs) for future roles and responsibilities in financial services, in line with the nation’s ambition to be at the forefront of technological developments.

The programme covered design thinking, customer journey design, channel management, and scenario analysis and planning, conducted through classroom learning, workshops and on-the-job training. These were supported through the learning journal initiative that involved participatory learning by the staff and coaching from supervisors.

UOB is the first local bank in Singapore expected to complete its PCP for 100% of its customer-facing staff by 2020. Currently. 80% of its branch staff have completed the journey and have been equipped with the right skillsets for their evolving work roles.

UOB is the first local bank in Singapore expected to complete its PCP for 100% of its customer-facing staff by 2020. Currently. 80% of its branch staff have completed the journey and have been equipped with the right skillsets for their evolving work roles.

 

Download the magazine print version of this article here.

Image: Dzerkach Viktar / Shutterstock.com

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Read more about the winners at the Digital CX Awards 2020 here.

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The State of Open Banking in 2020

The State of Open Banking in 2020

Open Banking has quickly leapfrogged from a mere concept some two years ago, to almost an inevitable reality today. In 2020, we expect a further acceleration of its adoption spurred by aggressive moves and consolidation by the dominant players in the banking industry.

What started with PSD2 regulation in Europe in 2018, Open Banking is now being adopted in various regions around the world such as Australia, several parts of Asia, Latin America and many other regions. PSD2 or the second Payment Services Directive, is designed by the countries of the European Union which aims to revolutionise the payments industry. Its goal is to break down the bank’s monopoly of their user’s data and allow third-party merchants to retrieve your account data – with your permission – for the purposes of providing better and more efficient customer experience.

What started with PSD2 regulation in Europe in 2018, Open Banking is now being adopted in various regions around the world.

As security is a key concern and one of the most important issues to be addressed for open banking to be truly successful, PSD2 requires stronger identity checks when paying online and will likely involve even more checks when high value transactions are involved. At this point, the specifics are still being ironed out and various countries are in various stages of implementation but suffice to say that it has now reached a stage when the early movers will reap the most benefits and the laggards will be left behind by their competition.

The State of Open Banking in 2020 2

Who Owns Your Financial Data?

In the age of digital banking, the open banking movement is raising a very important question, an answer to which spurs far-reaching consequences: Who owns banking data?

For the longest time, traditional banks have maintained custody of their customer’s banking data, putting up infrastructure and investing in resources to safeguard that data. Now that consumers have the ability to quickly move their money through so-called fintech apps, access to that data serves as a key enabler to make it happen. In the US, start-ups like Plaid and Teller are leading the charge.

According to reports, Plaid, a “San Francisco-based start-up, founded by two former Bain consultants, connects bank accounts to thousands of apps and helps consumers develop a complete picture of their financial data. The company, valued at $2.7 billion, has attracted investments from the venture arms of Goldman Sachs, Citi, Google and American Express.” Basically, it develops APIs to make it easy to share banking and other financial information.

Plaid powers the majority of fintech apps in the U.S., including the popular app Venmo, and is rapidly expanding overseas. It is so successful that financial giant Visa, announced “a $5.3 billion acquisition of Plaid,” which was announced at the beginning of 2020.

One of Plaid’s competitors, Teller, has also embarked on the same open banking mission. According to report, the fintech start-up has “quietly raised $4 million in seed capital from a slew of U.S. investors.” It comes to a market with a better proposition saying that, “unlike Plaid, Teller’s technology is not built using screenscraping, and therefore is “more reliable and performant,” said Teller co-founder Stevie Graham in an interview with TechCrunch.

“The open banking movement is raising a very important question: Who owns banking data?”

Open Banking Around the World

The US is far more advanced though compared to other countries when it comes to open banking. While the UK and Europe has been the so-called frontrunners, implementation and compliance with set deadlines still remains a challenge. In other parts of the world, a softer, non-disruptive approach is being taken to ensure everything proceeds smoothly. Here’s a snapshot of what’s happening elsewhere in the world (source: Open Banking Report 2019)

Australia

The Australian Government had decided to phase in Open Banking - consumers can direct the major banks to share credit and debit card, deposit and transaction data from July 2020, and mortgage and personal loan data from November 2020.

Singapore

The Singapore Government is committed to an organic transition towards Open Banking, more than a coercive framework of deadlines. The Monetary Authority of Singapore (MAS) encourages financial institutions to adopt APIs as a key foundation layer for innovation. Along these lines, together with the Association of Banks in Singapore, MAS launched a Finance-as-a-Service API Playbook. With the Finance-as-a-Service API Playbook, banks have a common guide to identify and develop APIs.

Hong Kong

The monetary authority released a report on open APIs, a first step for the development of the ecosystem, with recommendations on standards and protocols, as well as an implementation schedule.

Japan

The government and industry are collaborating on a commitment set by Prime Minister Abe for at least 80 banks to establish open APIs by 2020. Amendments to Japan’s Banking Act in June 2018 established requirements for partnerships between fintech payment operators and financial institutions, aiming to formalise registration rules, standards, and the development of open API systems by June 2020. This focuses initial open API requirements on the payment industry, as part of a broader push to increase the role of non-cash payments in Japan.

Malaysia

In January 2019, the BNM (Bank Negara Malaysia) released its Policy Document on Publishing Open Data using Open API (the Policy Document), which set out the BNM’s guidance on the development and publication of Open Application Programming Interface (Open API) for open data by financial institutions. The BNM aims to encourage open banking through the use of Open API, which enables third-party developers to access data without needing to establish a business relationship with financial institutions. While not mandatory, financial institutions are encouraged to adopt Open Data API Specifications recommended by the Open API Implementation Groups for credit card, SME loans and motor insurance products.

Mexico

Implementation is not expected until the secondary dispositions of the fintech law are due in March 2020. Implementation will likely take place in phases, with the first phase requiring a regulatory sandbox to test Open APIs. Regardless, Mexico’s embrace of Open Banking pushes its fintech sector further ahead of most other countries in Latin America.

Switzerland, Indonesia, and China have also initiated moves towards Open Banking. However, adoption remains limited.

South Korea, Bahrain, Brazil, Canada, and Thailand are chasing closely behind as fast followers.

At the earliest stage of development are the US, Chile, Nigeria, Kenya, and Rwanda.

The State of Open Banking in 2020 1

Open Banking Initiative On A Bank Level

While several strategic initiatives are happening at a macro level, banks are taking their own initiatives to move ahead and win in a world where Open Banking is the norm. One of which is Taiwan’s Taishin Bank, Winner of Best Open Banking Initiative at the recent Global Retail Banking Innovation Awards 2019.

Taishin Bank’s Richart was developed as an open bank, which integrates all the services that customers need in one platform.

From account opening, saving money, investing, to foreign currency exchange, Richart and its partners created a user-centric digital environment to respond to users’ expectations, providing customers with more innovative and complete financial services with partners from different industries, including the telecom company, FinTech start-ups and insurance companies.

Through its strategy, Taishin Bank conquered three major pain points of its customers:

Information isolation

In the past, customers need to fill out replicated application forms when they apply for different financial services. To save time for customers, Richart used open API to transfer customers’ information between different partners and help customers fill out forms automatically. Once customers become Richart members, they will no longer need to fill out forms when they apply for other financial services on Richart App. By simply clicking a few buttons, customers can easily complete their application of various financial services such as insurance purchasing, foreign currency exchange, and investing.

Service isolation

Taishin Bank provided customers with a service that meets all their needs in one versatile platform. Customers in Taiwan usually have 5 or 6 different accounts to manage different services such as insurance, foreign currency, investment etc. – but with Richart, they only needed one account. Customers no longer need to memorise several different accounts and passwords. In addition, they are able to manage and keep track of different financial products in one App and one account.

Channel isolation

Taishin Bank has also extended Richart’s financial services to LINE, the most popular instant messaging APP in Taiwan, allowing more than 6 million customers to enjoy its services more easily and conveniently. With this breakthrough, customers can now enjoy financial service to check their transactions and reach out to Richart customer service through a common channel they use every day without logging in the banking App.

Through the competitive and integrated products Richart provides with its partners, they have attracted more than 1,400,000 applications for Richart’s saving accounts – more than 70% of them are aged 35 or under, and more than 74% of them are first-time customers for Taishin Bank.

Also, via the partnerships with FinTech startups and companies from different industries, they were able to provide their customers a more complete financial services without building up a whole new system. Costs related to system infrastructure, maintainance, and labour have been reduced by 30%.

As such, Richart has become the most popular digital bank in its market. According to a 2018 customer satisfaction survey, over 95 % of its customers showed high satisfaction and strong willingness to continuously use Richart and recommend it to their friends.

Open Banking Will Make You Win

The old rules of banking don’t apply anymore. As digital banking grows and fintechs continue to introduce innovation to the market at a breakneck speed, embracing this brave new world of open banking will prove to be a long-term win, even for traditional banks.

According to a survey by Accenture, 90% of bankers believe open banking will boost organic growth by up to 10%. That does not mean though that it will be a smooth ride. Indicators coming out of European banks reveal that resistance among incumbent banks will be great and that change might come slower than what’s ideal or is required. The onus will be on those banks who can see the future before it happens and are bold enough to take action, now. The future is open. Wide open.

90% of bankers believe open banking will boost organic growth by up to 10%.

>> 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.

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The Highs and Lows of Artificial Intelligence (AI) in Banking

The Highs and Lows of Artificial Intelligence (AI) in Banking

The Age of AI is finally upon us. Arguably the single biggest technology revolution of the 21st century, artificial intelligence (AI) is now coming to full maturity with many companies and organisations racing fast to harness its full potential. And the financial industry is currently leading the charge.

This technology, which enables machines to provide human-like intelligence on a quantum level in order to augment human intelligence and decision making, is now being used to cut costs, improve compliance, increase revenue and improve customer experience.

Its business value is so huge that anyone who fails to put a solid strategy behind it is expected to be edged out by competition. In fact, the business value that could be gained through the use of artificial intelligence in the banking industry is forecasted to grow significantly in the next 10 years.

According to industry forecasts, by the year 2030, the use of AI in the banking industry will generate around 99 billion U.S. dollars in value in the Asia Pacific region alone.

 

Fig. 1: Business value derived from artificial intelligence (AI) in banking industry worldwide
2018 to 2030, by region

 

 

Business value derived from artificial intelligence (AI) in banking industry worldwide 2018 to 2030, by region

Source: Statista

AI is set to have a truly positive impact to people – but it won’t come without its own set of challenges. As of late, we see many banking organisations launching their respective AI initiatives in order to be more efficient. By implementing intelligent automation, manual repetitive tasks are being reduced, interactions with customers are being improved, and sustainability initiatives are getting further along. The key challenge has always been the know-how, and to a certain degree, people’s biases around AI, mainly due to lack of understanding and wrong impressions propagated through media and other forums.

AI is set to have a truly positive impact to people – but it won’t come without its own set of challenges.

AI in 2020

Whether we like it or not, AI is here and will continue to impact people’s lives. It will bring new opportunities for businesses and the workforce alike. It will create new experiences for customers that are more aligned with their expectations. Some of the notable trends we see in 2020 are:

Open source frameworks will grow

Thanks to open source software, the barrier to entry in AI is lower than ever before. Nowadays, there are a number of open-source tools to choose from, including Keras, Microsoft Cognitive Toolkit, and Apache MXNet. Before these, Google has already warmed the market with it released its TensorFlow machine learning library as an open source back in 2015.

Predictive maintenance algorithms will gain traction

Cost pressures will continue to drive many companies to find ways to save millions of dollars in unexpected failures. As such, predictive maintenance algorithms, which constantly collect data to predict equipment failures before they occur, will gain traction. With continued drop of sensor costs and increasing availability of required skillsets, investments in this area will grow dramatically.

Auto claims processing and settlement will improve

In the past, humans manually analyse accident images and review driver behaviour based on available documentary record. This will change. With many insurers and fintech companies now using AI to compute a car owner’s “risk score”, expect the whole system to be overhauled resulting to faster claims processing and better customer experience.

Language translation will become more responsive to business needs

Natural language processing for the purpose of language translation accurate enough to respond to business needs has always been a challenge. Thanks to companies such as Google and Baidu, this might be a thing of the past. With much resources being poured into improving translation frameworks, expect great improvements in language capabilities, allowing wider adoption across industries.

Proactive cyber threat monitoring

The financial industry has been rocked with multiple cases of breach in cybersecurity. It resulted to an immeasurable amount of loss in revenue, not to mention the trust and confidence of many customers in these institutions. With advancements in computing power, proactive hunting of threats using machine learning is now possible and will continue to grow as more businesses realise its intrinsic value.

Proactive hunting of threats using machine learning is now possible and will continue to grow as more businesses realise its intrinsic value.

The China Factor

By now, China’s ambition to lead the world in the area of artificial intelligence is no longer a secret. It is determined to outpace not only the US but every global economy in AI. According to Kai-Fu Lee, a known AI expert and a Taiwanese-born American computer scientist, businessman, and author, China is now producing more than 10x more data than the US. By all indications, China looks set to catch up to the US by 2025 and lead the world by 2030 in terms of technical capabilities, available talent and most of all, data.

Most of these capabilities are coming together, thanks to China’s big tech companies who are bringing their AI capabilities to the global marketplace - Baidu, Alibaba and Tencent (collectively called BAT).

These three Chinese big tech companies combined are positioning themselves to be the AI platform of the future, giving its American counterpart, GAFA (Google, Amazon, Facebook and Apple) a run for its money.

The Highs and Lows of AI in Banking 2

With its breadth of resources, Baidu, Alibaba and Tencent are now able to compete with US tech giants for global AI talent. Reports reveal that “Baidu USA was offering a base salary of $130K to $175K per annum for a machine learning engineer…according to a petition filed with the US labor department for non-immigrant workers. (For comparison, Google was offering around $110K for an ML engineer, although experience levels and job requirements likely vary.)”

In addition, many of the BAT’s AI products are competing directly with what GAFA are working on such as smart speakers, AI in e-commerce, autonomous vehicles and more.

But what’s interesting to note is that Baidu, Alibaba and Tencent has strong support from the Chinese government. According to CBInsights, “China wants to be a world leader in AI in the next decade, and BAT is crucial to helping it get there.”

The Chinese science ministry announced that “the nation’s first wave of open AI platforms will rely heavily on Baidu for autonomous driving, Tencent for AI in healthcare, and Alibaba for smart cities. Government support for and intervention in AI development will likely have an immediate impact on the fast-growing Chinese tech market (where an entire city is being built from scratch around AI-centric solutions),” the report said.

While Baidu, Alibaba and Tencent are operating on a much bigger scale, the number of AI startups  and corporations making headways in various sectors continue to climb. Recent figures reveal that the number of AI corporations in Beijing amounted to 422 while the number for Shenzhen totalled 167 as of May 2019.

In addition, there are a number of well-funded Chinese AI startups 2019. As of June 2019, SenseTime received total funding amounting to around 2.64 billion U.S. dollars, holding the top rank as the most funded artificial intelligence (AI) startup in China. Among the top five most funded AI startups were Megvii, UBTech Robotics, AIWAYS, and Horizon Robotics.

Across many industries, China, and by extension, Chinese AI companies, are emerging as a formidable force in artificial intelligence globally.

By all indications, China looks set to catch up to the US by 2025 and lead the world by 2030 in terms of technical capabilities, available talent and most of all, data.

How Banks Can Win Through AI

Every bank, in some shape or form, has been impacted by AI. Be it back, middle or front office, nothing has been left untouched. It’s probably common for many banking customers to have interacted with a customer service chatbot but what may not be as apparent is that many financial institutions have probably used complex machine learning to detect money launderers or sifted through mountains of data to ward off fraud and other anomalies before they wreak havoc, which is much more difficult to control.

Here are the areas where banks can win big today through AI.

Customer Experience and Front Office Support

Client’s customer support expectations are always evolving. While many Millennials will not visit a brick and mortar bank branch for anything, their expectations of its digital representative is a different story. Artificial intelligence has brought on a lot of these changes. With AI-enabled chatbots and voice assistants, information sought by customers can now be dispensed faster, cheaper and more accurately. We’re also seeing AI helping biometric authorisation as well as ‘physical’ help for those who fancy an occasional bank branch visit through an AI-enabled robotic assistant.

AML and KYC Compliance

AI can help detect fraud, identify patterns and “find the needle in the haystack”, in a manner of speaking. It can help in: transaction monitoring (identify non-obvious connections between individual transaction chains); entity resolution (creates a single unified view of a customer across local and international databases); identifying ultimate ownership (extract information to identify who has ownership or management stake); and media monitoring (categorise news articles and generate a match relevance score).

Risk Management and Lending

AI has the capability to objectively assess information and come up with equitable credit underwriting. By achieving a credible credit scoring and lending efficiently, AI can help banks assess and manage risks and how they build and interpret contracts. This is good news as there is a tremendous upside in this proposition in terms of new business opportunities and promoting people to do higher value work engagements.

Outstanding Machine Learning Initiatives

As they say, it is not a matter of if, but a matter of when and how. Many notable banking institutions are now in the thick of implementing machine learning initiatives as part of their overall artificial intelligence strategies. From stories about automation and how it would augment human capabilities, to fintech collaborations, to how banks are now using machine learning to provide frictionless, 24/7 customer interactions, there are plenty of case studies to learn from.

Taipei Fubon Bank

Taipei Fubon Bank has 4.11 million regular account holders and around 390,000 wealth management customers. Every year, some 1% of regular deposit customers get “promoted” to wealth management status through various methods and gain access to the services afforded to wealth management customers. To come up with a more efficient and scientific method to identify the potential value of customers and boost their activity with the bank (leading to higher status), Taipei Fubon Bank resorted to machine learning technology to predict customer value.

Because the value of customers has been underestimated, many customers were not cultivated by the wealth management team and only had access to the services and experiences made available to regular account holders, focused primarily on online services such as online banking and mobile banking. They did not receive personalised wealth management services or investment recommendations.

After the value of customers was identified more accurately, the customers who were promoted to wealth management status received priority treatment in offline (branches) and online channels. Offline, they were offered exclusive financial planning services supported by dedicated financial consultants, received invitations to VIP events, and receive gifts when visiting a branch. Online, they were sent regular newsletters with the latest investing, product and market information. They also received personalised product recommendations, wealth management perks and special offers. These multitude of online and offline activities and benefits forged a powerful omnichannel VIP experience for customers.

Taishin Bank

When it comes to enhancing customer engagement, relying only on traditional, structured customer data, from demographics to transaction history, has its limits. Unstructured conversation data from call centers reveal opportunistic life transitions, such as starting a family and buying a house are defining moments of the human experience, that would complete the whole personalised customer journey.

Beginning as a cross-business-unit collaboration, Taishin Bank developed and applied speech-to-text and text-mining technologies across business units – from call center to business intelligence development, digital banking, payment services, and information technology. They leveraged speech-to-text and text-mining technologies to create a hybrid data source, composed of static and dynamic, structured and unstructured data. Collectively, the bank increased work efficiency at the customer call center through the automation of call type labeling. They’ve also enhanced customer experience of Taishin’s web and mobile applications by resolving trending issues in customer calls. Furthermore, the monetisation of hybrid data is increasing due to its life storytelling marketing strategies by proactively reaching out to each customer at the point of their life transitions.

Bank of Ayudhya Public Company Limited (Krungsri Bank)

“Analytics-Based Decision Platform” is an initiative of Krungsri Bank that brings in the most efficient approach for providing the best recommendation tailored for each Krungsri customer. Leveraging on machine learning algorithm, the platform produces smart prediction and consistent recommendation for interacting with each individual customer across all touchpoints. With the efficiency of this data-driven platform, Krungsri has developed a positive customer experience that ultimately wins the customers’ long-term engagement.

As behaviours and lifestyles of each customer will change over time, they need a bank that is capable of learning and adapting to their needs. This platform was built to continuously learn from all customers and produce insights required to meet and go beyond customers’ expectations.

Image: Sean Xu / Shutterstock.com

>> 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.

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