United Overseas Bank Singapore is harnessing AI-driven insights to personalise its UOB TMRW digital platform
The banking sector is changing dynamically, transitioning from traditional manual transaction processing to embracing cutting-edge technologies. This evolution has empowered the industry to deliver personalised financial advice, foster creative problem-solving and develop innovative products.
United Overseas Bank (UOB) Singapore’s digital platform UOB TMRW caters to about 1 million customers in the digital and payments sector. The platform is now undergoing substantial developments to enhance performance and ensure a seamless banking experience for users.
Multiple touchpoints
In an effort to cater to the diverse needs of its customers, UOB TMRW employs a blend of online and offline touchpoints. This approach enables customers to receive personalised and actionable insights, which assist them in optimising their portfolios and progressing towards their financial goals.
Moreover, in response to the growing trend of cross-border transactions and the demand for convenient payment options, UOB Singapore has introduced the DuitNow QR feature on the UOB TMRW platform. This feature offers a smooth, cashless experience for lower-value transactions and provides flexibility through credit and debit cards for higher-value transactions.
Considering the significant number of travellers from Singapore to Malaysia and the expected expansion of the market, the bank expects cross-border DuitNow QR spending to quadruple from the levels observed in 2023 over the next five years.
Leveraging analytics
In the coming years, the increased integration of automation and artificial intelligence (AI) will not only enhance the cost efficiency of banks but will also bring tangible benefits to their customers. Predictive analytics plays a crucial role in enhancing operational management within this transformation. Additionally, the abundance of comprehensive data sets empowers managers to establish a broader range of key performance indicators (KPIs).
UOB Singapore is leveraging AI-driven insights in its UOB TMRW platform in response to technological advancements. With this evolution, the bank is now offering personalised experiences to its customers based on their profiles, preferences and portfolio-driven content.
In addition, 80% of the bank’s 81 AI and machine learning models are applied on assistive touchpoints across all omni channels. This has resulted in a revenue increase of S$48m ($35.8m) and a significant boost in conversion rates.
Through this forward-looking approach, UOB Singapore has not only achieved transparent and smarter banking but also delivered more than 44 million personalised insights in the first half of 2023.
UOB Singapore has won the Asia Trailblazer of the Year 2024 (institution), Best Marketing Campaign of the Year, Best Retail Bank – Singapore and Best Strategic Partnership awards at the Annual Retail Banker International Asia Trailblazer Awards 2024. UOB Thailand has won: Best Use of Big Data in Customer Strategy; Excellence in Employee Recognition; Excellence in Leadership Development. UOB Malaysia has won the Excellence in Mobile Banking award.