Multinational investment bank and financial services company, United Overseas Bank (UOB) is investing up to SG$500 million in digital innovation initiatives as it seeks to double its retail customers. With the investment, the bank aims to digitally serve more than seven million customers across ASEAN by 2026.
As part of its investment, UOB will bring together the innovation of its digital bank, TMRW ,with the scale and product depth of its mobile app, "UOB Mighty" on one platform, UOB TMRW. The UOB TMRW team, which brings together experts from technology, behavioural science, data science and banking, aim to drive an agile culture with new enhancements to the mobile app.
Kevin Lam , head of TMRW said the company is at the start of an exciting new phase in its digital retail journey. The launch of UOB TMRW in Singapore affirms the bank's commitment to double down on its data-driven model which banks on creating hyper-personalised digital experiences for the customers. Envisioning a future where the UOB digital banking experience and solutions offered are adapted to each customer, Lam explained the next phase for the company. He said, "The bank is making its goal to explore how technology can enable it to make the digital banking of tomorrow smarter and even more intuitive for its customers."
Against the backdrop of accelerated digital adoption as a result of the pandemic, UOB launched TMRW, an AI-driven digital engagement engine that combines financial technology solutions to categorise and to analyse large volumes of transaction data in real time. With this strategy, the bank sought to anticipate, serve insights and come up with solutions that are relevant to customers based on the different banking patterns.
"In those two years, we also saw COVID-19 accelerate digital adoption to the point where digital is no longer one segment's preference but the dominant preference. Now is the right time to bring our digital bank capabilities together," said Wee Ee Cheong, deputy chairman and CEO of UOB. He added by harnessing the best of TMRW and UOB Mighty in one platform, the bank would be able to tap economies of scale to accelerate innovation especially in the area of hyper-personalised digital banking experiences and speed to market.
Under the unified UOB TMRW platform, the bank will continue to push the boundaries of innovation to create hyper-personalised banking experiences that are unique to each customer. According to UOB, it was the first bank to launch AI-driven personalised insights and since then, there has been more than 40 million insights served.
As part of its rollout of UOB TMRW, the bank has launched a beta version of its new digital banking app which brings its digital bank capabilities to all its Singapore -based employees. Upon the successful completion of the beta pilot, UOB TMRW will be launched for all UOB customers in Singapore later this year.
Photo courtesy: 123RF
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