Taishin Bank: Reimagining CX With State-of-the-Art Digital Offering

Taishin Bank: Reimagining CX With State-of-the-Art Digital Offering and Wealth Management Services

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One of the countries which repeatedly finds itself a spot in the top 10, in the wealth index in Asia, is Taiwan. While this may come as a surprise to many, according to some statistics, 20% of Taiwan’s population had net worth over one million U.S. dollars in 2019. Leading the way in supporting and guiding these individuals is Taishin Bank, one of the leading providers of wealth management services coupled with top-notch digital capabilities. In 2019, wealth management accounted for 36% of bank’s Net Profit. Taishin bank is uniquely positioned to offer wealth management services to a wide range of customers right from young individuals, families, businesses to HNWIs.

Taishin Bank’s wealth management solutions won two awards at the Digital CX Awards 2020 by The Digital Banker. The two titles that the bank won are “Excellence in Next Generation Customer Satisfaction” and “Best Customer Service in Alternative Wealth Management”. In addition to the award wins, Taishin Bank was honoured with Highly Acclaimed: Excellence in Omnichannel Customer Experience and Highly Acclaimed: Best Private Bank for Customer Experience. These award wins and acclaims demonstrate the Bank’s ability and commitment to enhance customer experience in wealth management, while ensuring a seamless digital and real-time experience.

20% of Taiwan’s population had net worth over one million U.S. dollars in 2019. Leading the way in supporting and guiding these individuals is Taishin Bank, one of the leading providers of wealth management services

Now in its second year, the Digital CX Awards 2020 received more than 200 nominations across various awards categories. To be able to stand out in each category and win the awards the bank has truly displayed use of technology, omni-channel experience and demonstrated how customer experience was enhanced keeping in mind metrics such as use of data, efficiency of processes, etc. The judging panel that includes subject-matter experts known for their integrity and unbiased judgment from companies such as Forrester, EY, Fuji Xerox, Bain & Company, Wipro Digital and KPMG.

Enhanced CX in Wealth Management

Following a customer centric approach in banking has led banks and financial institutions to revamp products and services. The approach has become more focused on customers rather than profits and Taishin bank leads from the front. The bank’s approach to reaching out to customers starts from “Client Tagging”. Through this, the bank invites the interest of its existing customers by analysing data and clients are tagged and segregated by segment, behaviour, channel preference etc. Armed with this information, the bank introduces new products to existing wealth management customers and invites interest from others. In addition, the data analysis also enabled the bank to tag potential family-based clients for its wealth management services.

Alternative Wealth Management with Richart and Robo-King

Mr. Oliver Shang, President, Taishin Bank

Mr. Oliver Shang, President, Taishin Bank

Using data to understand clients and their spending and saving habits is key for Taishin Bank’s wealth management services. To combine data knowledge and insights with a complete digital offering enables the bank to set itself apart from its competitors in the region. The bank’s digital offering – Richart is an award-winning app which carters to all the bank’s clients. Built with the aim to become “Bank of Young People”, Richart provides wealth management services such as saving options, fund investments starting at TWD 10, artificial intelligence investing options, and loan offerings. Richart, taking a customer centric approach has also unveiled products such as annuity insurance which can be availed in under 5 mins and sub-accounts which helps customers save and achieve small goals. “To allow customers to manage their assets better, Richart provides innovative product combination designs to allow customers manage their finances in a more comprehensive way, encouraging them to diversify their assets in different products”, commented Mr. Oliver Shang, President of Taishin Bank.

Another powerful digital wealth management service that Taishin bank offers its HNWI is “Robo-King” which focuses on investment portfolio forecast, customer investment participation and is also a market monitor. The bank analyses international markets for its customer to invest in every month providing qualitative and quantitative indicators with a comprehensive risk profile. Customer can also reach out to the bank’s financial experts and aid in decision making and all this occurs in real-time. One of the bank’s latest investment product is “U.S. Stocks ETF” which was added to Robo-King in the third quarter of 2020.

Growth Amidst the Pandemic

In the pandemic, to manage customer expectation all the while ensuring a seamless customer experience – Taishin Bank introduced video-conference calls with their wealth management clients. The bank financial advising team kept clients abreast of new market trends and products. Mr. Oliver Shang, President of Taishin Bank said, “Under the digital financial trend, Taishin Bank is actively integrating financial services with new technologies, hoping to accelerate services through technology, warm up services, and further add value to the profession.”

Under the digital financial trend, Taishin Bank is actively integrating financial services with new technologies, hoping to accelerate services through technology, warm up services, and further add value to the profession.

Richart’s Maji Score is a unique scoring system which aids the Richart in disbursing loans and determining the rate of interest for the loans. For consumers to get a high score, they need to interact and transact on the digital platform. For every 10 Maji points, the rate of interest reduces by 0.1% which has made this offering popular in the pandemic. Richart loan application increased by 4% in the pandemic as customers aimed to avail loans at lower interest rates.

In addition to the above, Taishin Bank provides its customers an omni-channel experience where customers can avail support from Video Teller Machine (VTM) during non-business hours. The VTM is equipped features such as Facial recognition withdraw, consultations by teller, apply credit card, etc. Taishin Bank also introduced Loyalty Program 2.0: Taishin Points, to enable “better customer experience and grow consumer loyalty.” Launched during the pandemic, the bank encouraged its customer to increase online transaction and earn Taishin Points. Bill payments, shopping online, auto debit transactions would be collected in the form of Taishin Points and this could be redeemed against various offers such as cash credit, travel, hotel voucher, Starbucks coupons, gift cards. Wealth Management clients received VIP perks and exclusive benefits from Taishin Points.

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>> 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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