The dramatic growth of the fintech sector has been on full display over the past couple of years. Industry estimates put the global fintech market to grow at a CAGR of around 20% between 2020 and 2025. This dramatic improvement in fintech innovations has been embraced by Taipei Fubon Bank, making it an important pillar in its growth strategy. Currently, Bank has 4.60 million regular account holders and more than 400,000 wealth management customers with access to over 700 financial consultants. To effectively manage its different wealth management segments, Taipei Fubon Bank turned data analytics to streamline the data search process and optimise its decision making to a level where it can bring the greatest impact.
It is only fitting that Taipei Fubon Bank has been awarded Winner, Best Data Analytics Initiative at the recent Global Retail Banking Innovation Awards 2020 (GRB Awards) by The Digital Banker.
“Taipei Fubon Bank continues to promote and apply cutting edge technologies to product management, client journey monitoring, client relationship management, and the tracking of client spending patterns. Its accomplishments in data analytics are truly one of a kind. Digital innovation is clearly embedded in Fubon’s corporate DNA,” said Nirav Patel, Managing Director at The Digital Banker during the awards presentation.
Strengthening performance and customer stickiness
Fubon ventured to create a dynamic online sales support system and management dashboard called “Dynamic Minority Report – Sales Dashboard”, that provides tools needed to manage financial consultants and optimise the wealth management client base. It compiles massive amounts of Bank data into an interactive data visualisation interface that gives managers at all levels the information they need through a company computer – and even a mobile phone – to quickly set strategies and manage their businesses, anytime, anywhere.
Working with the help of customer relationship, product and channel department resources, the team came up with a system that provides interactive indicators to eliminate blind spots in managing performance. A mobile phone version of the performance monitoring system has been developed for managers to stay on top of branch activity. Ultimately, the weekly and monthly business review meetings of the past have been streamlined into daily or real-time checks of information on client journeys in different dimensions.
The Dynamic Minority Report – Sales Dashboard system also enabled users to set different levels of authorisation, so that managers at varying levels of the organisation can get access to specific ranges of information they need to manage and adjust their strategies accordingly. This 360° interactive model for sharing information contributed to Taipei Fubon Bank’s growth in assets under management, loans under management, total revenue and the number of high-net-worth clients in the first half of 2020 despite the challenges brought about by COVID-19.
“The dramatic improvement in fintech innovations has been embraced by Taipei Fubon Bank, making it an important pillar in its growth strategy.”
The results are nothing less than stellar. The real-time monitoring capability of the online sales support dashboard made it possible to observe changes in how financial consultants manage their client relationships and strengthen performance and customer stickiness. After the system was introduced in the early part of 2020, the Bank experienced significant growth in 1H 2020 in the following areas (YOY):
- Assets Under Management: Up 8.9 per cent
- Loans Under Management: Up 7.6 per cent
- Total Revenue: Up 2.9 per cent
- Number of High Net Worth Clients: Up 5.8 per cent
As results and performance can be observed in real-time through the dashboard, if any data point trends lower, the online sales support system reacts immediately, triggering an actionable response. In addition, the information in different dimensions can be called up at any time, dramatically reducing the time needed to check information and generate statements, resulting in much more robust decision-making capabilities.
“As results and performance can be observed in real-time through the dashboard, if any data point trends lower, the online sales support system reacts immediately, triggering an actionable response.”
This phenomenal outcome only strengthens the fact that the role of data is changing in the era of big data and digitisation. Once used in a supporting role to review or check operating results, data has now become an integral part of the decision-making process. Taipei Fubon Bank’s Dynamic Minority Report – Sales Dashboard helped generate valuable real-time data in Taiwan’s financial services sector and empowered managers to develop data-driven wealth management business models.