Taipei Fubon Bank: Using ‘Robo’ to Help Clients Boost their Wealth

Taipei Fubon Bank Using Robo to Help Clients Boost their Wealth

In this day and age, every company in the finance industry knows that a smart approach is to leverage the power of fintech to be able to provide premium services while boosting the bottom line. However, only a few companies have the combined technical proficiency and unwavering grit to do it. Taipei Fubon Bank is one of them – and does it with flying colours. Because of this, Taipei Fubon Bank was awarded Winner, Best Customer Experience – Social Media; Highly Acclaimed, Best Robo Advisory Experience and Highly Acclaimed, Best Use of Data and Analytics at the Digital CX Awards 2020 by The Digital Banker.

Emerging triumphant among the more than 200 nominations in various awards categories received this year, Taipei Fubon Bank’s win is no small feat considering  the  top calibre line up of judges at  this year’s  awards ceremony. Among them are seasoned professionals from companies such as Forrester, EY, Fuji Xerox, Bain & Company, Wipro Digital and KPMG.

“Within our organisation, we always strive to provide better service for our customers. One of the most significant actions we took was to leverage fintech and ETFs with low cost to boost our business and serve our customers better. We feel absolutely honored to receive this award as it is a clear testament of the success of our mission, which we continue to improve and build upon each day,” said Daniel Cheng, Senior Vice President, Digital Banking Department at Taipei Fubon Bank.

Michael Lee, Vice President for Marketing Support Department-Retail Banking also added: “As we continually communicate with our customers, we will continue to adopt different marketing communications at different touch points to ensure that we   respond   to  their  needs in a timely manner. This award serves as our inspiration to use data analytics in a manner that is responsible, accurate and value adding.”

Building an ecosystem for users’ life and financial needs via LINE

To make the dream of becoming users’ best friend come true, Taipei Fubon Bank partnered with LINE, Taiwan’s biggest communication app platform, to manage its official account.

By founding an ecosystem related to users’ life and financial needs   via LINE, Taipei Fubon Bank was able to provide functions and services users need to bring profits to the company, lower the gap between consumers and the bank, and create a win- win proposition for both.

The services include card-application, 1 click to adjust credit, online coupon to offline spending, AI consumer service, robo-advisor, digital account, and so on. The bank approaches its users and get  their feedback through a series of anthropomorphic and phenomenon-based marketing strategies and action plans.

Taipei Fubon Bank has gained 1 million friends on first day and reached 4 million friends in the past 8 months. Over 20% of 0.4 million J card applications were from LINE, and this brought in over 30 million business revenue.

Owing to the combination of CRM data and information users gave via LINE, the bank can analyse users’ exact needs for target marketing and personalised services to bring in profits. By engaging consumers smartly, Taipei Fubon Bank has not only increased its revenue from cards but also managed to cross-sell other products and services such as insurance, deposit, foreign currency, and investments.

Nano Investment – the largest robo-advisor service in Taiwan

Taipei Fubon Bank, one of the most trusted banks in Taiwan, used emerging financial technologies to create the ultimate consumer experience  of “banking in all aspects of life”.

Taipei Fubon Bank collaborated with the largest online asset management company in UK and Europe, Nutmeg, and launched “Nano investment”, the first customised global ETF robo-advisor product in Taiwan in April 2019. Nano helps Taiwanese customers enjoy the premium world-class wealth management service and earn stable portfolio growth with the recipe of “SELECT” (Simple, Easy, Long-term, Expertise, low-Cost and Technology).

Nano Investment builds highly customised portfolios for customers. Additionally, Nano Investment adopts online interactive conversation to help customers complete the KYC and onboarding processes in an easy and natural way with the use of artificial intelligence.

Among the key features of “Nano Investment” are as follows:

Online Interactive Conversations. Taipei Fubon Bank adopts online interactive conversation to help customers complete the KYC and onboarding processes in a more easy and natural way.

Low-cost ETF. “Nano Investment” is the only intelligent investment service with a low-cost ETF portfolio in Taiwan.

Fractional Shares. Nano Investment uses the technology of “Fractional Shares” to improve portfolio efficiency and lower the threshold for customers to initiate their investment plans.

Automatic Rebalancing. Nano Investment rebalances clients’ portfolios automatically while the climate of global capital market changes to deliver stable and sustainable return to investors.

Since launching the service, Nano Investment has demonstrated Taipei Fubon Bank’s strength in fintech. To date, Nano Investment has acquired more than 18,000 customers invested and over 98% of these customers enjoyed positive returns from their portfolios, even during an ongoing volatility due to the trade war between United States and China and the panics of COVID-19.

“Nano helps Taiwanese customers enjoy the premium world-class wealth management service.”

Nano Customer Journey – Visualisation Dashboard

The Nano dashboard relies on data visualisation technology to “interact” with Nano Investments customer data and analyse the customer journey through changes in data in real time. At the same time, it adjusts to changing conditions based on channel, product and customer considerations. This high-speed tool that people can use to invest on their own, backed by the effective management of the customer journey, has already begun enhancing customer experience. It has also helped provide regular account holders with high-quality financial services.

Through customer journey analysis, the following benefits were achieved:

1. Enhanced customer experience

  • No breakpoints in the customer experience. Through the monitoring systems, abnormal values are detected immediately and specific points in the customer experience are addressed, leading to improvements in processes and ongoing gains in capacity and effectiveness.
  • Better communication with customers. System continues to communicate with customers based on their customer journeys, with different marketing approaches used at different contact points on the journey.

2. Triggered management teams to be more efficient

  • Unlike a lengthy communication process happening in the past, the real-time dashboard used by Nano Investments that compiles information on customer segments, products and channels and relies on data to manage these different areas, gives each department a clear picture of up-to-the-minute performance. Managers can quickly make key decisions without the need for extensive meetings, resulting in better customer experience and more efficient management.

3. Created competitive advantages

  • Nano Investments’ customer journey dashboard monitors customer profiles, product results and channel management to gauge performance. When indicators in any of those three areas trend lower, the responsible unit can react immediately and take corrective action. This rapid response time and attention to all contact points gives the system a real competitive advantage.


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

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