UOB Malaysia’s mobile app UOB TMRW leverages AI and machine learning to deliver a frictionless customer experience
As consumer trends lean towards an increasingly online culture, financial models are undergoing significant transformations to incorporate this change. Banks are now confronted with the task of providing products across diverse geographies and cultures connected through advanced technologies.
Opportunities in digital banking are unfolding in various areas, such as digital payments, personal finance management (PFM), lending and financing services, international commerce, wealth management, e-wallets, identity verification, AI-driven virtual assistants and more. With a growing number of consumers and businesses embracing digital banking services, the market for these offerings is poised to expand in the foreseeable future.
This situation presents an opportunity for banks to deliver innovative digital banking solutions that address the evolving customer needs.
Seamless banking
United Overseas Bank (UOB) Malaysia has built a customer-centric app, UOB TMRW, with multidimensional capabilities in investments, payments and rewards to meet each customer’s diverse needs and preferences.
The app leverages emerging technologies such as data analytics, artificial intelligence (AI) and machine learning to provide customers with personalised insights. Its seamless functionality enables users to monitor expenditures through cash flow and expense notifications, as well as recommendations based on the customers’ spending and saving habits.
UOB TMRW has recently introduced a comprehensive digital savings account-opening feature, which has simplified the onboarding of new customers by eliminating the need to physically visit a bank.
Digital adoption
The enhanced digital offerings, which include UOB Malaysia’s PIB website and the UOB TMRW app, have contributed to a growing number of customers using the bank’s digital services.
From September 2022 to 2023, the number of digital users increased year-on-year (YoY) by more than 22%, with a YoY growth of over 31% in active digital users. The number of mobile app users also surged by more than 52% within the same timeframe.
UOB Malaysia aims to further strengthen its digital banking security through the adoption of cutting-edge security features. At the same time, the bank continues its efforts to educate consumers about the evolving challenges in digital banking security and provide resources to assist them in effectively protecting their banking activities.
UOB Malaysia has won the Excellence in Mobile Banking award at the Annual Retail Banker International Asia Trailblazer Awards 2024.