Maybank Indonesia is prioritising digital solutions and customer experience in its transformation efforts.

Maybank Indonesia, a subsidiary of the Malayan Banking Berhad Group, is committed to the goal of ‘Humanising Financial Services’. As one of the leading private banks in the country, the lender has undergone a massive digital transformation to serve its customers better.

This approach has helped Maybank Indonesia land the Excellence in Mobile Banking award at the 14th Annual Retail Banker International Asia Trailblazer Awards. The bank has been recognised for its commitment to providing its customers with innovative, user-friendly digital solutions that enhance the banking experience.

Prioritising customer experience

Effective customer service is about finding ways to make the lives of clients easier within the bounds of real-world limitations such as budgets and time.

Banks that prioritise customer experience in their business strategies and transformation efforts can not only differentiate themselves from competitors but also meet customer demands more effectively. With exactly this kind of approach and with the customer at the core of its strategy, Maybank Indonesia has addressed client pain points by developing digital solutions that are relevant, hyper-personalised and accessible.

Diversifying digital solutions

The lender has a robust ecosystem that supports more than 300 billers and 600 virtual accounts partners, along with 14 million merchants that accept all payment types including debit card, credit card and QR codes. This has enabled it to provide an omni-channel banking experience using ATMs, the internet, and mobile and online systematic transfer plan (STP) account opening, as well as the latest open API technology.

Maybank Indonesia’s retail banking segment follows a micro-segment approach that divides markets and customer pools into small, actionable groups with common characteristics. The bank’s solutions are then tailored to the specific needs of different customer segments.

In addition, Maybank Indonesia’s digital platform offers both conventional and Islamic banking solutions to ensure all communities and societies have access to the financial solutions they need.

Addressing market gaps

In line with its mission to humanise financial services, the lender continues to identify gaps in the market that could fulfil the financial needs of its clients.

Most banks in Indonesia use video calls for Know Your Customer (KYC) verification, for which a stable internet bandwidth is required, which may not be available in certain parts of Indonesia. This has created the demand for a fully online onboarding process. To address this pain point and ease the onboarding process, Maybank Indonesia developed eKYC technology that reduces the account opening process from 45 minutes to just seven minutes, an improvement of 80 per cent.

Another gap the bank has identified is the growing need among the middle-income population in Indonesia for digital solutions to manage finances. To counter this challenge, Maybank Indonesia has developed a fully digital financial planning and wealth management solution to cater to the demands of the country’s ever-increasing millennial and middle classes.

This solution includes a 360-degree customer portfolio dashboard, a goal-based investment plan and an expense tracking feature, all of which are powered by the M2U ID app, the bank’s digital platform. In recent years, the number of customers who have been onboarded through the digital platform has increased by more than 30 per cent year-on-year, while the number of transactions coming from the M2U app has grown by almost 40 per cent year-on-year.

BDO Unibank has pioneered sustainable lending and access to financial services for the unbanked in the Philippines.

Philippines lender BDO Unibank’s commitment to sustainability has been recognised at the 14th Annual Retail Banker International Asia Trailblazer Awards, where the bank won the Best Advance in Sustainability Practices category.

The lender’s sustainability strategies are anchored on the UN’s 17 Sustainable Development Goals and have led to many achievements including 54 renewable energy projects.

Sustainable finance

In addition, BDO Unibank has embedded sustainability principles throughout its strategy, operations, risk management systems and corporate governance, and has pioneered sustainable finance and financial inclusion for the unbanked and underserved.

BDO Unibank has been a leader in sustainable finance in the Philippines for 12 years, with 54 renewable energy projects that account for almost 30 per cent of the country’s total renewable energy capacity.

The bank issued the first Blue Bond in Southeast Asia for funding water and wastewater management projects along with offshore wind projects at sea. It also issued the first Green Bond in the East Asia and Pacific region, which was earmarked for renewable energy, energy efficiency and green building projects.

Supporting energy transition

In September 2022, BDO Unibank announced its Energy Transition Finance Statement, committing to financing the transition to a low-carbon, environmentally responsible and socially inclusive economy.

In addition, the bank declared its support for the 2015 Paris Accord and the Philippines’ nationally determined contribution of a 70 per cent reduction in and avoidance of greenhouse gas emissions by 2040.

Digital banking innovations

BDO Pay, a payment app launched in March 2021, has attracted non-BDO depositors to open accounts with BDO Unibank and is primarily serving the unbanked sector, including consumers in rural and remote areas. By the end of 2021, the lender had recorded a 33 per cent growth in transactions through BDO Pay and the BDO website, with a total value of more than PHP1.5tn ($27,245bn).

BDO Cash Agad is another product that allows debit and prepaid cardholders to perform banking transactions through point-of-sale (POS) machines deployed to Cash Agad partner agents such as convenience and grocery stores in remote areas.

Committed to change

BDO Unibank recognises the importance of managing the risks of climate change and financing the enormous efforts needed to mitigate and adapt to its impact. As the largest bank in the Philippines, the lender has been using its resources, broad network and sphere of influence to lead the way in sustainable finance best practices for the banking industry.

BDO Unibank’s sustainability practices are commendable and show that banks can take an active role in achieving a sustainable future while providing top-notch products and services to their customers. The bank’s commitment to sustainability in finance has led to its win this year.

Bank Rakyat Indonesia is finding success in its race to improved digitalisation and meeting individual client needs.

Agus Noorsanto, wholesale and institutional business director at Bank Rakyat Indonesia (BRI), on how the lender is enhancing its current account portfolio with customised banking solutions.

How does Bank Rakyat Indonesia balance the needs and requirements of its individual and corporate clients when it comes to current account offerings?

There have been major changes in people’s lifestyles and the way business has been interacting with society in recent years due to the Covid-19 pandemic. In light of this, BRI has implemented a balance between the individual and corporate client segment. We have enabled our current accounts, known as Giro BRI, to be able to interact with both platforms and services for each customer segment, which ultimately helps create a full chain in the business ecosystem.

These platforms and services are engineered to create efficiencies so that our clients, ranging from individual buyers to corporate clients, can easily execute financial transactions. It must be noted, however, that BRI does not only care about creating efficient services and platforms that integrate with both segments. We also pay attention to profitability and the complete product cycle to ensure all our solutions are tailored to fit our customers’ needs.

What are the unique features and benefits provided by BRI’s current account offering?

The Giro BRI accounts hold deposits from clients in the form of the local currency as well as foreign currencies. These deposits can be withdrawn at any time via multiple channels and methods such as chequebook/bilyet giro (BG), over-the-counter, ATMs and digital modes.

At present, the development of the digital banking business is rising up the agenda in Indonesia as banks look to become more agile in responding to rapid market changes. The use of technology has changed the customer’s mindset towards financial transactions and BRI is striving to innovate and adapt to these trends to offer its clients the latest digital solutions. Some of the features offered by our Giro BRI account are as follows:

Multiple currencies: BRI provides a variety of currency options including the local IDR and 11 foreign currencies.

High-yield accounts: Our Account Preferential Rate (APR) is a solution that accommodates the special rate of the Giro BRI account in both IDR and foreign currency, thus allowing for several types of interest rate calculation schemes. With APR, a special rate can be input into the system and calculated automatically using an agreed scheme. BRI offers seven such types of special rate schemes that can be adjusted according to customer needs.

Customised accounts: We offer almost 49 types of liquidity accounts to accommodate our customers’ needs. These range from Regular Customer Accounts (RDN) and Special Lender Accounts (RDL) to more complex solutions such as the Notional Pooling Account.

Transaction tools: In order to help our customers easily manage their transactions, we provide multiple cash transactional tools for collection and disbursement, such as virtual accounts, digital saving machines, Bilyet Giro and our state-of-the-art Wholesale SuperApps platform – QLola by BRI.

Automatic transaction capabilities: We have developed multiple capabilities to automate client transactions, ranging from Automatic Fund Transfers (AFTs) and Automatic Grab Funds (AGFs) to Automatic Transfer Systems (ATS).

Moreover, for those clients who have ultra-advanced automation needs, we have prepared multiple integration modules within our automatic transaction capabilities to support seamless and secure transactions.

What are some recent improvements made to BRI’s current account offerings?

For the past few years, BRI has been dedicated to enhancing its products and capabilities keeping digitisation in mind, particularly in the case of the Giro BRI account. We have now launched the Digital Safe Machine to improve our clients’ cash flow management for collection and disbursement.

This machine is equipped with a system that can record cash deposited into the machine and credit it to the merchant’s account in real time using application programming interface (API) technology to connect directly to the bank’s core system. In addition, to improve the liquidity position of our clients, we provide the Account Preferential Rate, a system that accommodates the special rate for Giro BRI accounts in both IDR and foreign currency using multiple interest calculation models and types. This solution is aimed to reduce the cost of funds in blended competitive pricing to create a more attractive alternative solution for clients.

It must be noted that all the improvements mentioned so far helped BRI improve its ranking in the national Giro position in December 2022, closing at IDR350tn [$22.8bn]; the bank came in at 2nd in December, compared to 4th place a year earlier.

How does BRI plan to continuously improve and evolve its current account offerings?

Globally, the rapid development being witnessed in the technology sector has driven the banking industry to embrace change and transformation. In Indonesia, the influence of the digital era is clearly evident in the lives of people, especially when it comes to the financial industry, where people require a safe, efficient and reliable system to support their financial needs.

This is where our app – QLola by BRI – comes into the picture; it enables us to cope with increased demand and supports us in adding more value for our clients. QLola by BRI focuses on providing efficiency, reliability and peace of mind for clients, and enables them to access various BRI wholesale products and services, including financial dashboards, remittance trackers, cash management, trade, guarantee, foreign exchange, investment and custody, on one platform, using just one login ID.

Standard Chartered Hong Kong has been recognised for its efforts to become the ‘best digital bank with a human touch’.

Standard Chartered Hong Kong was named the Best Retail Bank – Hong Kong at the 14th Annual Retail Banker International Asia Trailblazer Awards 2023. The lender received recognition for its commitment to build and strengthen the retail banking franchise and become the ‘best digital bank with a human touch’.

In response to changing customer behaviour and to increase its digital footprint, Standard Chartered Hong Kong has enhanced its sales and service models. New services and features are now being offered to clients that focus on automation, digitisation and simplification.

Balanced growth

Standard Chartered Hong Kong’s continued efforts have resulted in a balance of solid growth and new client-focused propositions. The lender has seen a consistent increase in its retail deposit balances, even in the face of increasing competition.

New client acquisitions and the introduction of new product offerings, such as the bank’s partnership with Hong Kong flag carrier Cathay Pacific, have driven this growth, which helped achieve an almost three-fold increase in Standard Chartered Cathay Mastercard approvals by the last quarter of 2022.

With the introduction of the Marathon Savings Account (MSA), Standard Chartered Hong Kong now offers clients the flexibility of making withdrawals at any time as well as the option to earn higher interest rates the longer the deposit stays in the MSA account. In addition, MSAs can be set up via online banking or the mobile app, with a low threshold of HK$10,000 ($1,274).

The bank has also responded to client demand for sustainable banking options by launching the Sustainable Payroll Account, becoming the first bank in Hong Kong to offer such a proposition. This type of account supports green activities when clients invest in environmental, social and corporate governance (ESG) funds and green mortgages.

Digital sales and services

Standard Chartered Hong Kong’s shift towards a digital sales and services model has not only helped the bank meet customer expectations but also the demands of a dynamic and evolving market.

With more than 1 million clients now considered digital, the bank is witnessing steady growth in both digital-active and mobile-active clients. In addition, it has made wealth management more accessible with the launch of the myWealth feature on its mobile app. With this option, clients have 24/7 access to personalised portfolio recommendations and chief investment office views based on their risk rating and holdings.

Other initiatives by Standard Chartered Hong Kong include optimising its branch network and piloting the Green Branch, which offers clients a unique digital and paperless banking experience.

The bank has also improved its net promoter score, which is a widely used market research metric that measures customer satisfaction. This enabled the lender to achieve a best-in-class score in the first half of 2022. It also demonstrates the bank’s commitment to its ‘Here for Good’ goal, which aims to empower young people to fulfill their potential, increase participation in the economies of core markets, and transform lives and communities.

Philippines-based lender RCBC has been recognised for its efforts to foster financial literacy and inclusion among Filipinos.

In the Philippines and worldwide, the Covid-19 pandemic created significant challenges in terms of client access to formal financial systems. To address this issue, local lender Rizal Commercial Banking Corporation (RCBC) launched the DiskarTech app, the first multilingual mobile platform for financial inclusion in the country. The DiskarTech app offers an array of essential financial services:

Convenient deposits and withdrawals
Remittances
Digital payments
High-yield savings
Teleconsultation services
Life and non-life insurance options
Affordable loans and credit offers.

Additionally, clients can use a smartphone to easily open a primary deposit account using a valid identification card.

Following the launch of this accessible platform for financial inclusion, RCBC partnered with the Department of Education to implement the ‘Lessons on Smart and Resourceful Finance’ programme. Under this, the bank provides reliable content on financial literacy to students, teachers and parents, thus helping to make financial education a cornerstone of the country’s education system.

Social media push

RCBC has also launched supplementary initiatives such as the Pisonomics podcast on the platforms of technology provider Apple and streaming app Spotify. The podcast has been hailed as the Association of Southeast Asian Nations (ASEAN) region’s pioneer podcast on financial education and digital literacy, and it covers a wide range of topics such as payments, investments, savings, insurance and loans.

In addition, RCBC has launched DiskarTech TV, which airs programmes where experts and social media influencers discuss financial literacy and other relevant financial issues to inform and educate clients as well as the public. The bank has also developed incentive-based campaigns and strategies to instill good financial behaviour among Filipinos; for example, clients are rewarded for completing challenges and are offered benefits for using digital services.

To enhance their social media campaign, RCBC has launched drives to engage online entrepreneurs on popular platforms such as Facebook and TikTok, encouraging them to use digital payment platforms for their businesses.

Empowering the marginalised

In the Philippines, lack of access to formal financial systems has severely affected the quality of life for many households as well as their purchasing power; this is particularly evident in the informal working sector.

As a solution, RCBC has designed a strategy to promote financial literacy and inclusion, keeping in mind the daily challenges faced by unbanked, underserved and marginalised Filipinos. The bank continues to invest in transformative experiential learning as well as community-driven and grassroots-led solutions that empower people to change their futures.

It then comes as no surprise that RCBC has won two awards at the 14th Annual Retail Banker International Asia Trailblazer Awards, namely in the Best Retail Bank – Philippines and Best CSR Initiative – Financial Literacy categories. These accolades prove that RCBC’s efforts to foster financial literacy and inclusion among Filipinos are bearing valuable fruit.

Ayudhya Capital Services has created the world’s first non-fungible token credit card.

Thai lender Ayudhya Capital Services’ (Krungsri First Choice’s) approach to attracting a younger generation of credit card users has earned it some major wins at the 14th Annual Retail Banker International Asia Trailblazer Awards.

Krungsri First Choice recognised that digital assets such as bitcoin, blockchain, dogecoin, ethereum and non-fungible tokens (NFTs) appeal to the younger generation and thus decided to create the world’s first NFT-based credit card.

NFT marketplace

Krungsri First Choice partnered with Puck, an NFT artist in Thailand, to accomplish this. The strategy subsequently proved to be a success and generated a lot of excitement when the lender launched NFT on Foundation, an NFT marketplace.

The lender offered 1 million reward points to those who bid and won the NFT. The campaign gained recognition as soon as it was listed, resulting in an 820 per cent increase in the value of the listing and a 22 per cent increase in credit card applications.

With this initiative, Krungsri First Choice has proven that traditional banking institutions can continue to thrive in a rapidly evolving industry by embracing fresh, digital-first ideas and exploring new technologies and markets.

Advertising success

Krungsri First Choice‘s recognition at the 14th Annual Retail Banker International Asia Trailblazer Awards as the Best Content Marketing Program award winner is well-deserved.

The lender has gone one step further by attracting young, blockchain-savvy audiences. According to Google Trends, the word ‘Metaverse’ was searched 817 per cent more times in October 2021 than ever before. Keeping this in mind, Krungsri First Choice shot a commercial entirely in the Metaverse, a particularly popular topic among the new generation.

This endeavour won Krungsri First Choice the Best Use of Technology in Advertising/Marketing Strategy award at the same ceremony.

Despite numerous challenges, the ‘Metaverrrrrrrse’ ads were well-received, with more than 16 million views and 100 PR contributions. In addition, the campaign resulted in a 22 per cent increase in new credit card applications, a 47 per cent ad recall lift (versus a 6.9 per cent benchmark) and a 28 per cent brand favourability lift (versus a 1.7 per cent benchmark) as per the YouTube Brand Lift Study.

Krungsri First Choice‘s proactive approach to embracing new trends and technologies is evident from its recent endeavours.

The lender‘s willingness to take risks and experiment with new methods to reach its audience demonstrates a clear understanding of changing market trends and consumer preferences.

Ayudhya Capital Services (Krungsri First Choice) has won in two categories this year: Best Content Marketing Program and Best use of Technology in Advertising / Marketing Strategy .

Krungsri First Choice was also highly commended in the Best Marketing Campaign of the Year category.

Bank Rakyat Indonesia’s wealth management division receives recognition for its customer-centric approach and digitalisation.

As the largest bank in Indonesia, Bank Rakyat Indonesia (BRI) is on a mission to serve the country’s entire population and not just specific segments.

In line with this goal, BRI’s Wealth Management (WM) division provides comprehensive advisory services that help clients protect and grow their wealth. This approach by the bank is driving progress towards its goals of becoming the most valuable banking group in Southeast Asia and champion of financial inclusion by 2025.

Competitive advantages

Several factors have helped BRI achieve a better growth profile and greater loyalty among its customers. Powered by advanced data analytics and supported by highly capable advisers, BRI offers integrated financial planning and consulting solutions according to each client’s needs to help them accumulate, protect and distribute wealth.

The lender sees itself as more than just a provider of banking products, with a focus on driving one-stop financial solutions for various financial needs. These solutions include venture capital firms, securities companies, insurance providers and investment management companies, all of which give the bank an edge over its competitors.

BRI is also always looking to support financial growth in the surrounding ecosystem; for example, the bank offers companies with closed ecosystems, an approach where all parties involved have access to banking services.

During the Covid-19 pandemic, BRI responded to its clients’ desire for a more conservative approach by focusing on low-risk investment products such as government bonds and money market mutual funds, as well as protection services such as bancassurance.

Customer-centric approach

Customer satisfaction is at the core of BRI WM’s business operations. Clients receive investment recommendations tailored to their unique needs and financial conditions. To do this, the bank relies on three key propositions:

Tailored advisory
Highly competent relationship managers
Continuous financial education.

To strengthen the growth of the WM business, BRI continues to develop its digital platform and services that allow customers to search for information about products and services using the bionic model. This digital platform is also equipped with scoring models and data analytics, and helps profile customer needs based on risks and segments, as well as provide the right financial planning solutions.

Along with the support of these sophisticated digital tools, BRI maintains consistency by providing the best service in the form of a personal touch that is tailored to customer needs.

The lender offers a house view that helps clients navigate the financial markets and identify not just good opportunities but also attractive solutions and products for short and long-term investments.

In contrast, an inside view attempts to make predictions based on an understanding of a problem, while an outside view, also called reference class forecasting, looks at similar situations from the past and makes predictions based on those outcomes.

Meanwhile, BRI’s WM business has continued to flourish, thanks to the lender’s optimisation of technology. During 2022, the bank recorded growth of 75 per cent year-on-year in the number of new investors and an increase of more than 305 per cent year-on-year in new insurance policies.

These increases have been supported by a digital platform that analyses the needs and risk profiles of customers to provide recommendations for product customisation. The platform also works to optimise growth preferentially, by focusing on the unique needs of each customer through personalised technology services and risk management.

Supporting the economy

When it comes to Indonesia’s economy, despite the economic turmoil caused by the pandemic, BRI has supported the government’s programmes for recovery. The bank’s efforts have resulted in significant government bond sales and has demonstrated its commitment to supporting the nation’s recovery and fulfilling customers’ investment needs, particularly for environmental, social and corporate governance-based (ESG-based) products.

BRI is committed to providing the best service to all its customers from every business segment. The lender is also looking to maximise the potential of clients in other segments to help them enter the mass affluent segments.

BRI also prepares strategies to strengthen financial management inclusion in the community, with the theme of ‘Wealth Management For All’ by providing comprehensive banking services for the micro, retail, priority and private business segments.

UOB Singapore has won the 2023 Asia Trailblazer of the Year award for its commitment to digitisation in the region.

United Overseas Bank (UOB) Singapore has once again made a mark on the banking industry by winning the Asia Trailblazer of the Year 2023 (Institution) category at the 14th Annual Retail Banker International Asia Trailblazer Awards. This accolade recognises the lender’s commitment to providing exceptional services through an omni-channel approach to its customers in the Association of Southeast Asian Nations (ASEAN) region.

In 2022, UOB made a bold move by acquiring US bank Citigroup’s retail businesses in Indonesia, Thailand, Malaysia and Vietnam. This acquisition has given the bank the opportunity to engage its customers digitally on a larger scale; it is also set to double UOB’s retail customer base in these markets to more than 5 million.

Prioritising digital

With that in mind, UOB has prioritised its digital capability enhancements and has provided its onboarding Citigroup customers with a seamless transition and in-app experience.

As the bank expands its partnerships with top brands in travel, dining and retail, it will start to provide new cross-border offerings to its cardholders in the ASEAN region. Some of these offerings include exclusive invitations to private dinners at Michelin-starred restaurants, access to luxury fashion brands and a range of curated deals on UOB’s online travel portal – Travel Insider.

To stand out from its competitors, UOB uses AI-driven insights to personalise the customer experience, drawing actionable intelligence from transactional data and customer behaviour. This allows the bank to offer tailored solutions and services that meet each customer’s unique needs, and is a significant reason why it has received recognition in the industry.

Delivering customer value

UOB is committed to meeting its customers’ financial needs through an omni-channel approach. By continuously digitalising customer experience and processes, the bank has generated a 26 per cent increase in digitally engaged clients, of which 40 per cent are omni-channel customers. This has resulted in topline growth while keeping the cost-to-serve flat through digital channels.

UOB continues to enjoy a strong financial performance, with gross revenue remaining robust despite market uncertainties. The lender has also seen strong balance sheet growth, with an increase of more than 10 per cent in deposits as well as robust growth in loans ending net receivables (ENR).

Popular platform

Meanwhile, the bank’s digital banking platform, UOB TMRW, now serves 1 million customers in the digital and payments arena. The bank has also achieved impressive year-on-year growth in its Rewards+ programme and in PayNow transactions, as well as in current account and savings account (CASA) and card acquisition.

The reopening of country borders following the lull in the Covid-19 pandemic has also helped UOB record a significant increase in total and cross-border billings, indicating deeper connectivity and wealth flow in the ASEAN region.

With its expanded partner network, market knowledge and footprint, United Overseas Bank Malaysia is confident of providing more valuable choices to its customers.

United Overseas Bank Malaysia (UOBM) has been named the Best Retail Bank – Malaysia at the 14th Annual Retail Banker International Asia Trailblazer Awards for the second consecutive year. This award recognises the bank’s commitment to providing excellent services and reliable product offerings to its customers.

UOB Malaysia is rated among the top banks in the country, with a long-term AAA rating from the Ratings Agency of Malaysia. The bank serves mass affluent and affluent customers, offering an extensive range of products and solutions that align with their lifestyles, preferences and business needs.

UOB Malaysia has established a strong reputation in Malaysia’s highly competitive banking industry by offering customer-focused services. Drawing on its expertise and understanding of the Association of Southeast Asian Nations region (ASEAN region), the bank provides various financial services, including personal banking, corporate and commercial banking, investment banking, treasury services, wealth management and Islamic banking, tailored to the unique needs of its clients and businesses.

Strategic acquisition

UOB Malaysia’s acquisition of US banking conglomerate Citi’s consumer banking business in Malaysia comes at an opportune time as there is significant synergy and shared focus between both portfolios. In addition, it aligns well with the bank’s overall strategy and accelerates its technological advancement by five years.

To achieve its goal of providing innovative products and services to customers in retail banking, UOB Malaysia has allocated RM1bn ($22m) over the next three years for investment in its digital capabilities. The bank also plans to continue to invest in technology and digitalisation to diversify its service delivery channels and improve customer experience.

Customer-centric approach

UOB Malaysia’s customer-centric approach and emphasis on prioritising client needs have been acknowledged and appreciated by its customers. As a result, the bank’s performance has been highlighted in the Association of Banks in Malaysia’s annual industry-wide customer satisfaction survey, the Net Promoter Scores, where it secured a position among the top three ranks.

With its expanded partner network, market knowledge and footprint, UOB Malaysia is set to provide even more valuable choices to its customers. The lender’s comprehensive range of products and services, as well as additional privileges and rewards, will enable it to enhance the overall banking experience for its customers.

Outlining the key success factors fuelling Standard Chartered Hong Kong’s ascent.

Stephen Man, managing director and head of consumer, private and business banking, discusses the key strategies that have enabled Standard Chartered Hong Kong to emerge a winner in the face of increasing competition.

How has Standard Chartered Hong Kong transformed itself through digital banking and innovation?

In response to changing client banking behaviour, we at Standard Chartered Hong Kong have shifted our sales and service model to become more digital. Today, we have an active digital population of more than 1 million clients, with both the digital-active ratio and mobile-active ratio above the market average.

More than half of the bank’s retail product sales are acquired digitally and a growing proportion of our cards are now sourced digitally. In addition, more than half of our time deposits are set up online and their number has grown significantly.

To make wealth management more convenient for our clients, we introduced the myWealth feature on our mobile app in October 2022; this provides clients with 24/7 access to personalised portfolio recommendations and chief investment office views based on their risk ratings and holdings.

We have now also enabled clients to open funds and securities accounts through our app, making it easier for them to start their wealth management journey. This channel has contributed substantially to investment account openings.

Additionally, we have enhanced ‘My RM’, which is an in-house digital platform that allows relationship managers to communicate with clients and hold advisory conversations. Today, the digital channel accounts for more than 90 per cent of our wealth transactions.

We are also optimising our branch network to meet clients’ needs better. For example, we now understand that branches serve as a channel for customers to learn about our digital banking services, and we have therefore introduced the Green Branch; this aims to offer customers a unique banking experience using a paperless journey, and is set to boost digital transformation and elevate banking experience.

What are some environmental initiatives that the bank has recently launched?

Standard Chartered Hong Kong has taken several steps to support environmental, social and governance (ESG) initiatives, and was the first bank in Hong Kong to launch the Sustainable Payroll Account in September 2022. Since then, nearly half of all our payroll accounts have been set up as Sustainable Payroll Accounts.

In addition, between June and August 2022, we worked with Disney to launch the ‘Love Nature Sustainable Savings Promotion’; this programme encourages clients to support sustainability while enjoying preferential rates. Our co-branded Standard Chartered Hong Kong Disney debit card is now available as a carbon-neutral option. Prior to this, in October 2021, we launched the Green Mortgage initiative, which offers a mortgage scheme for residential buildings with a valid Gold or Platinum rating under the BEAM Plus Existing Buildings criteria.

It must be noted that retail investors in Hong Kong have shown a growing interest in sustainable investments in recent years, and Standard Chartered Hong Kong onboarded two sustainable funds to meet this demand in 2022.

Describe the main factors behind the bank’s deposit balances growth over the past few years.

Standard Chartered Hong Kong has successfully built its retail deposit balances year after year, which has enabled us to earn higher interest rates. As a result, despite increased competition in the market, we have been able to grow our new funds significantly. Two key factors drove this success:

Acceleration in client acquisition
Introduction of new product propositions.

In 2021, we established a strategic partnership with Hong Kong flag carrier Cathay Pacific, which allowed us to tap into the growing demand for travel and spending. As a result, we saw an almost three-fold increase in Standard Chartered Cathay Mastercard approvals by the final quarter of 2022.

In the same year, we digitalised our Marathon Savings Account (MSA), a hero savings product that clients can set up with just a few clicks.

The minimum deposit amount is as low as HK$10,000 ($1,274) and clients can withdraw funds at any time while still earning a higher interest rate the longer the deposit stays in the MSA. Since its launch in October 2022, about half of our new funds have come from MSAs.

The launch of the Sustainable Payroll Account in September 2022 can also be seen as another key milestone in Standard Chartered Hong Kong’s rapid growth.

What were the critical factors involved in improving Standard Chartered Hong Kong’s Net Promoter Score among clients?

The Net Promoter Score is a widely used market research metric on customer satisfaction and Standard Chartered Hong Kong was able to achieve a best-in-class score in this category in the first half of 2022.

Our approach is centred around our clients and, as a result, we place greater emphasis on providing an end-to-end customer experience. By staying connected and responsive to client feedback through surveys and quick follow-ups with our teams, we have succeeded in creating a best-in-class experience.

In addition, to encourage a culture of excellence, we have introduced a service reward programme that rewards individual employees and branches that bring in the highest customer satisfaction scores and the most compliments. We have also launched the INSEAD Wealth Academy programme, in partnership with renowned business school INSEAD, to equip our relationship managers and wealth specialists with product knowledge and client servicing skills.

How is the bank facilitating business growth and employee development now that travel between the mainland and Hong Kong has resumed?

The Greater Bay Area is a strategic agenda of primary importance to Standard Chartered. Accordingly, we have been ramping up our efforts to seize the opportunity the Chinese market offers and have opened our first GBA banking centre in Causeway Bay; this centre is set to provide clients a full range of cross-boundary wealth management and international banking services.

With the return of regular travel, Hong Kong’s economy will receive a boost, particularly in industries such as retail, tourism and hospitality. This will increase demand for cross-boundary banking and wealth management services. As the number of mainland clients visiting branches increases, Standard Chartered Hong Kong anticipates a surge in interest in Wealth Management services. We also have a dedicated GBA team to serve clients in the area.

Standard Chartered Hong Kong is responding to changing trends by offering flexibility through new ways of working, empowering its staff and creating added value for clients. The resumption of travel to and from Hong Kong has facilitated the exchange of talent and reinforced the city’s role as a ‘super-connector’ between the mainland and global markets.

Standard Chartered Taiwan is dedicated to delivering superior customer engagement through advanced analytics and personalised tools.

Standard Chartered Taiwan has clinched the Best Application of Data Analytics award at the 14th Annual Retail Banker International Asia Trailblazer Awards. The accolade recognises the bank’s dedication to delivering superior customer engagement through advanced analytics and personalised tools.

Providing customised banking services requires a thorough understanding of customer preferences, which Standard Chartered Taiwan achieves by collecting data and tailoring its services to meet individual needs. The bank’s proactive approach to delivering data-led personalised services has set it apart from its peers.

Comprehensive analytics

Standard Chartered Taiwan has implemented comprehensive analytics tracking triggers that integrate seamlessly into the customer journey, resulting in meaningful data insights that inform targeted personalisation efforts.

The lender has built an advanced analytics foundation to identify key conversion behaviours and intentions, using in-house and partner data to create unique user segments. Moreover, it has embraced always-on optimisation, delivering highly relevant and tailored banking services.

Real-time access to relevant data sources enables Standard Chartered Taiwan to not only adopt a data-driven approach to customer engagement but also meet the ever-changing expectations of clients in the digital era.

Driving successful outcomes

The lender aims to support financial inclusion and develop strong ecosystems within which its banking services are available to customers regardless of their location or language. To this end, Standard Chartered Taiwan has revamped its public website with a focus on segmented target audiences and on providing personalised content and information that clients can easily comprehend.

This personalised digital experience has resulted in significant business benefits for Standard Chartered Taiwan, including an 81 per cent increase in traffic to product webpages and a 25 per cent decrease in bounce rate.

Staying ahead of the curve

In today’s competitive marketplace, providing contextual customer experiences is no longer optional.

To stay ahead of the curve, Standard Chartered Taiwan has overcome the challenges of delivering personalisation through robust data analytics, continuous refinement of use cases, and accelerated testing and learning. This approach has helped the lender build trust with its clients, leading to improved results and revenue for the organisation.

The introduction of the Agile delivery framework and analytics enabler has drastically shortened the turnaround time for content personalisation and has enabled new engagement channels.

As a result, the bank’s web page traffic for personal loans grew by 50 per cent, while effective leads from its own channels increased by more than 25 per cent in the span of two months.

Standard Chartered Taiwan’s data-driven approach to customer engagement and its commitment to delivering personalised experiences has set a new standard for retail banking in Asia, and is positioning the bank for continued success.

Bank Raya’s Pinang Paylater platform is Indonesia’s first fully digital lending product for blue collared workers.

Indonesia’s Bank Raya has been recognised in the Best Core Banking System Initiative category at the 14th Annual Retail Banker International Asia Trailblazer Awards for its digital lending platform, Pinang Paylater. The platform offers fast and secure short-term loans to Indonesia’s gig workers, including informal service providers, contractors and freelancers, addressing their urgent need for short-term loan approvals.

By identifying the requirements of this particular customer segment, Bank Raya has secured a market lead that gives it an edge against competitors.

Instant access to funds

Pinang Paylater, Indonesia’s first fully digital lending product for blue-collared workers, gives Bank Raya’s BRILink agent bankers instant access to funds of up to IDR25m ($1,633), and offers borrowers a repayment period of seven days. The bank has also enabled these agents to borrow up to five times a day and the repayment amounts are directly deducted from the agents’ accounts.

In less than six months of launching the platform, Bank Raya onboarded more than 17,000 BRILink agents and disbursed more than IDR1.5 trillion-worth of intraday loans to them, with a non-performing loan ratio of 0 per cent.

The Finacle Core Banking solution enables Pinang Paylater to run hourly and daily computations of net interest margin. The app leverages the Finacle Lending Module, a component of Finacle Core Banking, along with the Finacle Digital Engagement Hub. These solutions enable Bank Raya to automate the end-to-end lending process, facilitating intra-day loans through its network of BRILink agents.

Advanced technology

Pinang Paylater incorporates facial recognition, digital signatures and machine learning-based credit scoring to digitise the lending process from loan origination to disbursement. The entire process takes less than five minutes to complete.

Likewise, Bank Raya has significantly improved the efficiency and effectiveness of all its other services by conducting detailed customer profiling and analysis of credit and fraud scores. The bank has developed an AI-based analytics foundation to power its digital vision and has created digital customer journeys from scratch. As a result, the average time for customer verification and onboarding has reduced to 10 minutes and the ratio of mobile to internet banking customers is now 89 per cent.

Bank Raya has recorded an 85 per cent increase in its customer base through digital means, while maintaining a cost-to-income ratio of under 40 per cent from Pinang Paylater. The lender plans to expand its customer agents to new platforms in various sectors such as telecoms, ride-sharing, insurance, fintech and e-commerce, thereby further strengthening Indonesia’s gig and service economy.

RHB Bank has received accolades for its seamless and efficient small and medium enterprise digital financing platform.

Malaysia’s RHB Bank has been awarded the Excellence in SME Banking trophy at the 14th Annual Retail Banker International Asia Trailblazer Awards.

The award recognises the lender’s commitment to provide the latest digital financing solutions.

RHB Bank’s small and medium enterprise (SME) digital financing platform allows customers to interact with the bank remotely, apply for financing through the website and mobile apps and simplifies the underwriting process by employing a rule-based process engine.

Convenient solutions

The digital financing platform also offers remote interviews and site visits with geotagging capabilities, making it more convenient for applicants to interact with the bank in a secure environment.

By incorporating technologies such as AI and machine learning, RHB Bank has streamlined processes and improved decision-making capabilities, resulting in faster loan application turnaround times and higher acceptance rates.

The lender extended about RM34.4bn in various forms of payment assistance to retail and SME customers during the Covid-19 pandemic, serving more than 240,000 individuals and 4,700 SMEs.

Small business lending

Since its launch in 2018, RHB Bank’s SME online financing segment has experienced tremendous growth in its small-ticket business lending portfolio, reaching RM840m in 2021, up from RM65m in 2018. This upward trajectory has continued, with the portfolio growing to RM1.2bn in 2022.

The average turnaround time to approve a loan was also reduced to an average of three days in December 2022, from an average of 21 days the year before.

Mobile app features

In addition to these initiatives, the lender’s RHB Financing (SME) mobile app has character recognition capabilities that allow it to extract and analyse bank statements, reducing the manual work involved in the credit hub. This has increased the average monthly turnaround time from submission to approval by 80 per cent, improving the productivity of the bank’s operations. RHB Bank has also introduced two additional digital capabilities: Smart Interview and MyKad Verification.

Risk management

The Smart Interview capability allows the lender to perform virtual site inspections and interviews, with geolocation capabilities that enable it to pinpoint the customer’s location for better risk management.

Meanwhile, the MyKad Verification capability enables RHB Bank to digitally verify a business owner’s identity by combining facial recognition capabilities with a landmark verification ID check that authenticates the Malaysian Identity Card.

RHB Bank’s commitment to offering SMEs a seamless and efficient digital experience as well as supporting them with financing solutions that leverage technology to enhance processes and im-prove the customer experience has positioned it as a leader in the SME banking space.

Standard Chartered Bank Vietnam has made significant strides in enhancing its digital acquisition capabilities, advancing financial inclusivity, and promoting economic growth.

The banking industry is fiercely competitive, with numerous financial institutions vying to provide top-quality products and services to customers. Standard Chartered Bank Vietnam has distinguished itself by winning the Best Retail Bank – Vietnam award at the 14th Annual Retail Banker International Asia Trailblazer Awards.

The bank caters to a broad spectrum of clientele comprising affluent, emerging affluent and mass segments, providing them with an extensive array of retail products including credit and debit cards, secured and unsecured loans, auto loans, liabilities, wealth management and bancassurance. Its client-centric, digital-first operating model prioritises client engagement and banking convenience, utilising technology and strategic partnerships to achieve this goal.

Digital capabilities

Standard Chartered Bank Vietnam has undergone a remarkable digital transformation. With almost all financial transactions being initiated digitally, the lender boasts an impressive digital activity rate of 78 per cent and a mobile penetration rate of 98 per cent.

The bank has also made significant strides in digital acquisition capabilities and continues to invest in creating a seamless digital banking experience.

Moreover, Standard Chartered Bank Vietnam’s strategic collaborations and partnerships have significantly scaled its operations and enhanced its value proposition. These include a co-brand partnership with Vietnam Airlines, an entrustment lending partnership with a leading non-banking financial corporation (NBFC), a fintech/payments joint venture with local payment services provider Payoo and a digital invoice financing partnership with a leading enterprise software solutions company.

The bank’s entrustment lending partnership is fueling its aspirations to promote financial inclusivity and economic growth by empowering consumer access to financing.

Supporting foreign investment

Standard Chartered Bank Vietnam supports foreign investors who are looking to invest in the Vietnamese market, fostering robust relationships with property developers and investment agencies to build an ecosystem that enables convenience for its clients.

The bank’s expertise in advising on and facilitating overseas transactions, coupled with its foreign exchange execution capabilities, has established it as a leading player in the retail foreign investment market, with a market share of about 25 per cent.

It then comes as no surprise that Standard Chartered Bank Vietnam has been awarded the Best Retail Bank Vietnam accolade for digital innovation, promoting financial inclusivity and fostering economic growth. The bank has also been highly commended in the Best Strategic Partnership category for forging partnerships that have led to business growth and added value.

These recognitions reflect Standard Chartered Bank Vietnam’s dedication to delivering the best banking solutions and services to its clients, as well as its commitment to excellence in the industry.

The Indonesian lender’s vision is to be more than just a provider of banking products and to become a driver of financial innovation.

Anastasia Handayani, director of consumer business at Bank Rakyat Indonesia (BRI), on the giant strides the bank is making in the mass affluent market segments.

Can you give us an overview of Bank Rakyat Indonesia’s strategy for serving the mass affluent segment?

Bank Rakyat Indonesia offers personalised services tailored to the specific needs of each client, regardless of their persona. Using advanced data analytics and highly capable advisors, BRI provides integrated financial planning and consulting services that focus on helping clients accumulate, protect and distribute their wealth in the most effective way possible. With a commitment to understanding the unique financial goals and aspirations of each client, BRI is able to provide customised solutions that help clients achieve their objectives and secure their financial futures.

How does BRI differentiate its mass affluent banking offerings from its competitors?

BRI has a vast network of branches that offer global capabilities mixed with local values. The bank aims to become the customer’s first choice for all banking transactions by providing a comprehensive range of financial solutions. Its vision is to be more than just a provider of banking products and to become a driver of financial innovation by offering a range of instruments such as government bonds, corporate bonds, mutual funds, securities, bancassurance and pension fund management.

BRI’s wealth management business is a key differentiator from its competitors as it offers a breadth of products and services that includes venture capital, securities companies, insurance companies and investment management companies. These services are not just limited to the mass affluent segment, but also available to all client segments including micro, retail, priority and private.

BRI is committed to supporting financial growth in the surrounding ecosystem and is involved in various activities that address financial problems. The lender provides comprehensive banking services to companies with closed ecosystems where all parties involved can enjoy banking services with BRI.

Can you discuss the role of technology in BRI’s mass affluent banking strategy?

BRI continues to develop digital platforms and services that allow its customers to find information about products and services digitally using the bionic model; the client is assisted on this by the relationship manager, but the authorisation comes from the client themselves.

BRI’s bionic model approach caters to two types of client criteria. For digital mass affluent clients, the bank offers fully digital tools that allow for self-service using a digital app. For non-digital mass affluent clients, BRI still provides the best service in the form of a personal touch tailored to the customer’s needs.

To strengthen the growth of the wealth management business, BRI continues to develop digital platforms and services that allow clients to find information about products and services digitally using the bionic model – this is equipped with scoring models and data analytics, which help profile customer needs based on risks and segments, and provides the right financial planning solutions for customers. Besides being supported by sophisticated digital tools, BRI always maintains consistency by providing the best service in the form of a personal touch tailored to customer needs.

Can you share a success story or innovative solution BRI has implemented for its mass affluent customers?

The growth of BRI’s wealth management business continues to increase with the optimisation of technology digitally. In 2022, the bank recorded a growth in the number of new investors of 75 per cent year-on-year and a growth in new insurance policies of more than 305 per cent year-on-year.

These increases are supported by the provision of a digital platform that uses analytical data to provide recommendations for product customisation according to the needs and risk profiles of customers. The platform also optimises growth preferentially with management that focuses on the unique needs of each customer through personalised technology services and good risk management.

Describe BRI’s efforts to increase financial literacy among mass affluent customers.

BRI is always preparing strategies to strengthen financial management inclusion in the community, with the theme of ‘wealth management for all’. We provide digital platform and financial advisory services in a house view that helps clients navigate the financial markets and identify not just good opportunities but also attractive solutions and products for short and long-term investments. We also offer an inside view, which attempts to make predictions based on an understanding of the details of a problem. There is also the outside view, also known as reference class forecasting, which looks at similar past situations and makes predictions based on those outcomes.

Through its initiatives, Maybank Cambodia has shown that it is not just a financial institution, but also a responsible corporate citizen.

Maybank Cambodia, a subsidiary of Malayan Banking Berhad, has won two major accolades at the 14th Annual Retail Banker International Asia Trailblazer Awards. The lender has been named the Best Retail Bank – Cambodia and has also won the Best CSR Initiative award for its contribution to the local community.

Maybank Cambodia received recognition for its commitment to serving the Cambodian community through its mission of ‘humanising financial services’. Since its establishment in Phnom Penh in 1993, the bank has been dedicated to providing accessible financial services to customers based on their individual needs.

The lender believes in empowering the community and has implemented new initiatives and solutions that better serve its customers.

Meaningful contributions

Maybank Cambodia’s commitment to driving change and making meaningful contributions towards a better world is reflected in its corporate social responsibility (CSR) initiatives. As part of its mission to humanise financial services, the lender is committed to being a force for good, doing the right things right and leaving no one behind.

The initiatives rolled out by the bank have so far focused on education, environment, healthcare and community development. Through these initiatives, Maybank Cambodia has shown that it is not just a financial institution, but also a responsible corporate citizen that cares about the wellbeing of the community.

Focus on sustainability

It must be noted that the bank has struck a strategic balance between being attentive to the implications of its actions on the communities it serves as well as the needs of its stakeholders. Its ultimate goal is to embed sustainability across all its operations to drive change for a better world.

Through its CSR activities, Maybank Cambodia has positively impacted the lives of many individuals and helped to create a better future for the community. The bank’s focus on providing equitable and customer-oriented financial services while simultaneously making significant contributions to building a better world has rightfully been lauded by the industry.

With the RCBC Digital app, cardholders can convert their purchases into installments in real time, giving them greater financial flexibility.

One of the largest universal lenders in the Philippines, Rizal Commercial Banking Corporation (RCBC) has distinguished itself from other credit card issuers by providing distinctive features to all its cardholders, irrespective of their card type.

The bank is dedicated to emphasising inclusivity and customer empowerment, and this commitment earned it a Highly Commended mention in the Best Credit Card Initiative category at the 14th Annual Retail Banker International Asia Trailblazer Awards.

When it comes to credit cards, RCBC offers its cardholders a range of features and benefits that include flexible installment options, access to exclusive airport lounges, promotions for dining, shopping and wellness, an unrestricted rewards programme and a straightforward payment model.

Financial flexibility

For instance, the Unli Installment feature allows cardholders to convert straight purchases into flexible payment plans of up to 36 months. This feature is particularly useful when it comes to significant expenses such as medical bills, tuition fees and foreign transactions, where conventional POS-based installment options may not be available.

In addition, with the RCBC Digital app, cardholders can convert their purchases into installments in real time, giving them greater financial flexibility.

RCBC distinguishes itself further from its competitors by offering all its retail cardholders access to the exclusive Marhaba Lounge at the Ninoy Aquino International airport; other issuers generally offer this benefit only to premium cardholders. With an RCBC credit card, all retail cardholders can enjoy free travel insurance and purchase protection when travelling overseas. RCBC also provides a variety of dining, shopping and wellness offers to its credit cardholders, featuring deals from top offline and online merchants.

In addition to these offers, select customers can access targeted promotions based on specific categories, which helps provide added value and an enriched experience.

The RCBC credit card rewards programme provides unlimited rewards on all purchases, including bill payments, and stands out for its flexible redemption options. Cardholders can choose between points, air miles or cash rebates, and can redeem their earned rewards using a variety of options by having the peso value of their points credited to their RCBC savings or checking account.

UnliPay feature

In August 2022, RCBC introduced a new feature named UnliPay for their credit cards, enabling cardholders to use their limit to pay and transfer money to any bank account or e-wallet.

The feature’s user-friendly interface has been widely appreciated by customers, some of whom started testing and discussing the feature online from the soft launch phase itself. RCBC has gained recognition this year for providing exceptional credit card services and is fast becoming a prominent name in the industry.

Thailand’s Siam Commercial Bank has launched several initiatives that have disrupted the traditional banking landscape.

Siam Commercial Bank (SCB) has won the Best Retail Bank – Thailand category at the 14th Annual Retail Banker International Asia Trailblazer Awards, and for good reason.

SCB is focused on providing the best customer experience through the adoption of technology and digital banking services. The bank has transformed its traditional service channels, products and services to reduce costs, expand its ecosystem and grow its customer base through digital innovations. This has enabled SCB to provide better, cheaper and faster solutions to its customers.

Strategic initiatives

SCB is leading the charge in the digital transformation of the retail banking sector. The bank has launched several initiatives that have disrupted the traditional banking landscape. One such initiative is the Credit Power service, which offers Thailand’s first pre-approved credit limit for secured loans through a digital channel. With this service, the bank has been able to transform the lending process by enabling prequalified customers to check their credit limit and request additional credit through the bank’s mobile app.

Another innovative service is the real-time automated National Credit Bureau (NCB) credit scoring system for small entrepreneur customers. This has reduced the need for manual processes, increased operational efficiency and shortened the service-level agreement to realtime.

SCB has also teamed up with Empeo, one of Thailand’s top HR management platform providers, to provide a complete end-to-end payroll solution for small entrepreneurs. This has helped the lender increase customer engagement and acquire new payroll customers.

SCB has also launched Home360, the first and only end-to-end homeowner experience and engagement platform in Thailand. This offers customers a seamless experience when purchasing a new home, starting from the beginning stages of searching for a house to securing pre-approved credit limits and online loan applications, as well as related services. Home 360 has already seen success, with loan applications growing 1.8 times in just one quarter.

SCB has also introduced Thailand’s first retail cross-border payment service, which has improved client experience for both inbound and outbound cross-border QR code payments. The bank has addressed several banking pain points faced by tourists, such as high transaction fees, floating exchange rates and the limited number of merchants that accept cards.

Taishin International Bank has been recognised for its commitment to climate risk management and emphasis on sustainability and digital banking.

Taiwan-based Taishin International Bank has claimed the top spot in the Best Retail Bank – Taiwan category at the 14th Annual Retail Banker International Asia Trailblazer Awards. The win has placed the bank’s strategic initiatives, unwavering commitment to climate risk management, and emphasis on sustainability and digital banking in the spotlight.

Taishin International Bank’s commitment to sustainability is evident in its adherence to climate risk management principles. On 21 July 2022, Taishin Financial Holding Company, the lender’s parent company, became the third financial peer in Taiwan and the fifth in Asia to receive official validation from the Science Based Targets initiative (SBTi) for its science-based targets.

The bank also advocates for its ‘From Zero to Hero’ initiatives, urging the public to take sustainable actions in their everyday lives to counter the impact of climate change.

Wealth management

Taishin International Bank is a pioneer in strategic initiatives, offering a diverse range of wealth management services and products to cater to various customer segments. These offerings comprise:

Customised financial planning and consulting services
A combination of TWD (new Taiwanese dollar) and foreign currency deposits
Investment products
Short and medium-term insurance policies
Consumer loans
Comprehensive tax and asset allocation advisory services.

With its team of professional specialists, diverse product offerings and exclusive member privileges, Taishin International Bank has achieved consistent growth in its wealth management customer base.

The bank has achieved success with its universal banking strategy, exemplified by its acquisition of Prudential Life Insurance of Taiwan (POT) in 2021, which was subsequently rebranded as Taishin Life Insurance. This move aligns with the lender’s goal of providing customers with a broader range of financial products and exceptional services by integrating its banking, securities and insurance businesses.

Digital banking brand

In response to the growing trend of digital banking, Taishin International Bank introduced Richart, Taiwan’s inaugural digital banking brand, in 2016.

With Richart, the lender has established a cross-industry alliance and has collaborated with various partners to deliver innovative financial products and experiences to customers.

These partnerships have proven successful and have resulted in the development of unique offerings such as the ‘Time Deposit of Music’, which is an interest-bearing time deposit account, as well as a streamlined money transfer process for both landlords and renters.

Despite the challenges posed by geopolitical tensions and monetary tightening, Taishin International Bank has maintained a solid core business performance.

The bank’s expert knowledge and technological prowess have enabled it to offer market-leading products and services while achieving balanced corporate and retail growth. As of 30 June 2022, the bank’s total loans amounted to TWD1.4tn ($46bn) and total deposits reached TWD1.8tn.

Taishin International Bank also maintains a benign overall non-performing loan ratio of 0.14 per cent, with a coverage ratio staying above 900 per cent. These strong indicators attest to the lender’s dedication to sound risk management practices and insight into client requirements as well as shifts in the global market.

Maybank Philippines has been lauded for its efforts to innovate and create products that enhance customer experience.

Maybank Philippines has made its mark in the banking industry by streamlining its deposit onboarding process and solidifying its position as a leader in fintech. Continued efforts to innovate and create products that enhance customer experience have earned the bank recognition at the 14th Annual Retail Banker International Asia Trailblazer Awards in the Best Fintech Partnership category.

In January 2022, Maybank Philippines launched the second phase of its digital deposit process, allowing customers to create an iSave digital deposit account through the Maybank2U PH (M2U) application. With the digital deposit account facility, customers can use their accounts for banking transactions such as paying bills and transferring funds.

This move has streamlined the deposit onboarding process and has allowed the lender to eliminate deposit restrictions and tedious post-account reviews. The bank has thus been able to reduce attrition from 50 per cent to just 10 per cent following the launch of this phase.

Digital presence

Maybank Philippines has further strengthened its fintech presence by joining forces with GCash, the largest wallet provider in the Philippines. This partnership and the launch of EzySave+ in October 2022 have allowed the bank to accelerate its digital strategy.

Verified GCash customers can open an EzySave+ digital savings account via the GSave marketplace on the GCash app, thus eliminating the need to visit a physical branch.

EzySave+ offers numerous benefits to customers, including interest payable of 5 per cent a year as cash credited to their account for the first 90 days from account opening (for average daily balances [ADB] of up to PHP3m [$54,683]).

Customers also get up to PHP1m in personal accident insurance with a minimum ADB of PHP50,000. By maintaining a minimum balance of PHP1,000, this experience extends to include a free debit card delivered directly to the customer’s address.

EzySave+ has been a resounding success, increasing Maybank Philippines’ customer base by 50 per cent within six weeks of its launch, helping the lender achieve its full-year target for 2022.

The recognition received at the 14th Annual Retail Banker International Asia Trailblazers Awards is a testament to the bank’s commitment to innovation and its success in creating a product that meets the needs of its customers.

Thailand’s Bank of Ayudhya (Krungsri) has been lauded for its efforts in enhancing the security of its mobile banking application.

Thailand-based Bank of Ayudhya (Krungsri) has been recognised as a leader in biometric security technology at the 14th Annual Retail Banker International Asia Trailblazer Awards. The lender won an award in the Advances in the Use of Biometrics in Security category for its efforts in enhancing the security of its mobile banking application, a platform that has become essential for its customers.

With the increasing popularity of mobile banking apps, the risk of cybersecurity threats has also increased. For example, in 2020, SMS scams were a primary concern in Thailand, while in 2022, call centre scams became more prevalent. In such cases, the scammers would call unsuspecting victims and pretend to be officials from various government agencies, urging them to reveal confidential information such as OTPs and PIN codes. Once they gained access to the victim’s mobile banking account, they would make unauthorised money transfers, resulting in significant financial losses for many Thai citizens.

Strengthening authentication

Krungsri responded to these security challenges by introducing biometric authentication in its Krungsri Mobile App (KMA) to validate the identity of its customers, making it harder for scammers to impersonate them. Its implementation in May 2022 allowed live detection on new KMA registrations and customer device binding, helping the bank to reduce the number of fraud cases to zero. Other essential services such as a lock for PINs and the option to change mobile numbers have been added to the biometric authentication system to enhance customer security.

In addition to securing the digital app, Krungsri has also taken steps to ensure convenience for clients who only have a physical savings account. For such accounts, the authenticated pictures recorded at the bank serve as initial biometric data for these customers, enabling them to use biometric authentication for banking transactions without having to visit a physical branch.

Creating awareness

Krungsri’s branches actively promote self-authentication to facilitate smooth and secure banking transactions. The lender has also collaborated with the government to educate Thai consumers about scams and the importance of keeping their personal information confidential.

Krungsri’s biometric authentication solution has made mobile banking more secure for its clients, protecting them from fraudulent activities. In addition, the bank’s efforts to improve the user experience and promote security awareness have strengthened its position as a leading lender in Thailand.

Malaysia’s RHB Bank has won top honours for its multi-currency debit card and MyHome app.

Malaysia-based RHB Bank’s financial products have been lauded at the 14th Annual Retail Banker International Asia Trailblazer Awards, with the lender’s multi-currency Visa Debit Card/-i and MyHome app winning top honours. The convenience and accessibility of the bank’s financial products have resulted in multiple wins this year.

RHB Bank won the Best Debit Card Initiative award for its multi-currency Visa Debit Card/-i, which enables users to transact and shop in up to 16 foreign currencies. The competitive currency conversion rates offered by these multi-currency debit cards have made them an optimal choice for travellers, online shoppers and businesses seeking cost-effective and efficient payment solutions. Users can also avoid additional currency conversion costs when making international transactions with this card.

Boosting efficiency

RHB Bank/RHB Islamic’s multi-currency account supports this debit card, offering an interest-bearing account that can handle up to 24 foreign currencies. This feature boosts the efficiency of e-commerce transactions, term deposits and inflation hedging.

With the ability to store multiple currencies in a single account, customers have the flexibility and convenience of executing commercial transactions and cross-border trade. Additionally, they can use the debit card to withdraw funds from the account during trips abroad, with the added convenience of selecting a card limit up to their available balance.

Dedicated home finance

RHB Bank also won the Best Mortgage Offering category at the 14th Annual Retail Banker International Asia Trailblazer Awards for its mortgage offerings through the RHB MyHome app. This app provides a dedicated platform for clients to apply for mortgages remotely, receive real-time status updates, check eligibility and simulate payments, take pictures of documents for submission and receive personalised services from a dedicated RHB mortgage consultant.

In addition, it offers a variety of mortgage products including residential and commercial property financing for both under-construction and completed properties, as well as refinancing options.

In research conducted to identify critical pain points in the mortgage application process, RHB Bank found that customers needed help assessing their mortgage eligibility and completing their applications online. Additionally, they had to go through a time-consuming and frustrating manual application process with multiple banks to find their best possible rates and eligibility. As a solution, the lender leveraged the latest digital technologies to enable the RHB MyHome app to provide customers with a superior experience that addresses the pain points associated with mortgage applications.

Seamless digital experience

The RHB MyHome app offers a simple, fast and seamless experience, which had resulted in more than 124,000 downloads from the app store and 67,000 user registrations as of September 2022. Additionally, the platform has facilitated 49,000 approval-in-principle applications within the same time period. RHB Bank’s mortgage business has experienced strong traction, with the RHB MyHome app contributing to 50.3 per cent of mortgage business originations year-to-date as of September 2022. Within the same period, the lender approved 12,000 mortgage applications, with 9,700 of these being accepted by the applicants.

The RHB MyHome app reflects the bank’s dedication to utilising cutting-edge digital technologies to offer value to its customers. In the ever-changing mortgage industry, the app has the potential to revolutionise the sector and offer customers an unparalleled mortgage application experience.

UnionBank of the Philippines has established itself as a provider of flexible solutions that utilise technology to improve digital banking capabilities.

Digital banking has revolutionised the banking industry by providing customers with convenient and efficient banking solutions.

UnionBank of the Philippines (UnionBank) has embraced this trend and has been recognised for its efforts. The bank has secured a win in the Excellence in Internet Banking category at the 14th Annual Retail Banker International Asia Trailblazer Awards for its digital banking application, The Portal.

Launched in 2019, The Portal provides a comprehensive solution for the digital banking needs of corporate clients. It offers a range of features that enable clients to efficiently conduct various banking transactions, as well as view multiple accounts, initiate fund transfers, pay bills and schedule branch visits for deposits and withdrawals.

The platform’s user-friendly interface ensures seamless navigation and enhances the banking experience. It also improves flexibility and convenience, allowing clients to conduct transactions at their own time and pace from any location.

The Portal has played a crucial role for businesses in the Philippines, especially during the Covid-19 pandemic, as it facilitated digital transactions and ensured seamless banking transactions for clients regardless of their location.

Enhancing branch experience

UnionBank acknowledges that face-to-face banking interactions will continue to be relevant, and clients will always want the option to visit a physical branch. Therefore, besides digital channels, the bank continues to enhance and improve the branch banking experience. This commitment has earned the lender a win in the Most Innovative Branch Offering category at the 14th Annual Retail Banker International Asia Trailblazer Awards.

The branch visit feature on The Portal enables corporate clients and businesses to input and queue their transactions. UnionBank offers enterprises a suitable branch queuing solution, distinguishing itself from local banks that typically provide online queuing systems only from a retail perspective.

Requesting a manager’s check in the branch has traditionally been a time-consuming process for clients. With The Portal, businesses and corporate clients can request checks remotely. In addition, the entire process is conducted online, making it paperless and more efficient.

The manager check feature has also addressed clients’ concerns regarding approvals by allowing signatories to approve requests through The Portal from anywhere, providing greater convenience and security with full audit trails and multi-factor authentication.

Automating processes

UnionBank has also been awarded the Trailblazing Use of AI or Machine Learning in Financial Services trophy for managing potential risks and operational efforts through data science and AI.

The bank’s Suspicious Transaction Report (STR) Alerts Prioritisation & Auto-Disposition Model for anti-money laundering has also received recognition for prioritising and automating the disposition of STR alerts.

The AI-powered STR model was implemented in August 2022 and since then, it has successfully prioritised high-risk alerts for investigation and auto-disposed invalid alerts, resulting in a 40 per cent decrease in generated alerts. As a result, UnionBank’s Anti Money Laundering operations team can now focus on ideation, strategy and collaboration.

Fintech initiatives

UnionBank has also been highly commended in the Best Fintech Partnership category, highlighting the significance of collaborative efforts in developing successful fintech solutions. The recognition underscores the importance of partnerships in driving innovation and growth in the banking industry, as they combine diverse strengths and expertise that ultimately benefit customers and stakeholders.

UnionBank’s Digital Business Solutions Partnerships initiative is built on a strategic growth model that benefits all parties involved. By creating a list of accredited fintech partners and recommending them to the banking ecosystem, the programme offers easy and complete access to complementary/non-competing fintech solutions.

Additionally, fintech partners can provide favourable rates to clients within the lender’s ecosystem. This model creates a win-win-win situation for fintech partners, UnionBank and its clients, fostering growth and innovation within the industry.

Since its launch, the partnerships initiative has disbursed PHP1.7bn in loans to more than 60 businesses in various industries including real estate, logistics, education, government and healthcare.

Meanwhile, the UnionBank Fintech Partnerships initiative is designed to offer accessible and comprehensive access to fintech solutions for companies and clients that are not yet prepared for application programming interfaces (APIs). By accelerating the digitalisation process, the programme benefits companies and industries across all sectors and not just the fintech industry.

UnionBank has established itself as a provider of flexible solutions to its clients that utilise technology to improve digital banking capabilities, increase operational efficiency and manage potential risks. The bank’s recognition at this year’s awards has reinforced its position as one of the leaders in digital banking across the Asia-Pacific region.

UnionBank of the Philippines has achieved a remarkable hat-trick at the 14th Annual Retail Banker International Asia Trailblazer Awards, taking home top honours in three categories: Excellence in Internet Banking, Most Innovative Branch Offering and Trailblazing use of AI or Machine Learning in Financial Services.

The bank has also been highly commended in the Best Fintech Partnership category.

The investment products and wealth advisory services offered by Maybank Privilege have contributed to a big increase in the lender’s assets.

Maybank Singapore has won the 14th Annual Retail Banker International Asia Trailblazer Award in the Excellence in Mass Affluent Banking category. The bank was awarded the trophy for Maybank Privilege wealth management as well as its remarkable growth in the emerging affluent client segment.

By adopting the Universal Banking Model, the bank has been able to provide clients with comprehensive wealth and financing solutions. This includes priority services at all branches, complemented with digital banking, which further enhances the client experience.

Additionally, dedicated personal financial advisers are appointed to serve clients across their wealth and financing needs. These advisers provide a one-stop service, enabling ease of banking access and complete value propositions to better serve clients in the early wealth continuum.

Priority services

Maybank Privilege offers comprehensive wealth solutions specially tailored for clients with a certain financial standing. It serves the emerging affluent client segment, which is generally a financially savvy group that ranges in demographics from young professionals to active seniors. These clients typically own assets ranging from S$50,000 ($37,114) to S$300,000 ($222,681) in value.

Maybank Privilege’s complete suite of investment products and wealth advisory services contributed to an increase in investment assets by 43.6 per cent.

Maybank Privilege has led to impressive growth in the bank’s client base, which has increased by 18.4 per cent since the programme’s launch in 2018, as well as in the lender’s total assets, which have risen by 16.9 per cent. As a result, Maybank Singapore now manages more than S$9.1bn in assets for more than 67,000 emerging affluent clients.

Strategic planning

Maybank Singapore’s success in the mass affluent banking category is attributed to its ability to serve a growing market segment. The bank has strategically developed a complete suite of investment products and wealth advisory services to meet the needs of financially savvy clients.

Its commitment to providing excellent service and keeping clients fully engaged with various events and completely informed through an integrated, multi-channel approach has differentiated Maybank Privilege, which continues to contribute to the bank’s success.

Maybank Malaysia is blazing a trail in the industry with the introduction of Apple payment solutions for faster and more secure transactions.

Maybank Malaysia has won the Best Mobile Wallet Initiative category at the 14th Annual Retail Banker International Asia Trailblazer Awards.

The award acknowledges the bank’s pioneering efforts in improving customer experience by introducing Apple payment solutions, which utilises tokenisation for faster and more secure transactions.

In addition, the new system enables customers to use face/fingerprint recognition or a passcode to authenticate transactions. Instead of sharing actual card details, the system generates a unique code, making the process safer and more convenient for Apple device users.

Maybank has also facilitated provisioning for all its cards, including debit, credit or charge, for Apple Pay. So far, the number of card provisions have surpassed initial targets since the service’s launch in August 2022. This mobile wallet initiative has enabled the lender to gain a higher volume of customers, card offerings and provisioning compared to other banks that offer Apple Pay solutions in the country.

Growing client base

Maybank is committed to integrating sustainability into its decision-making process and investing in a sustainable future while also driving its leadership position in the sustainability agenda.

Maybank introduced the Sustainable Product Framework (SPF) in September 2022, creating a uniform classification system for sustainability activities and encouraging the growth of green, social, sustainable, sustainability-linked and transition products in various sectors. To ensure stakeholders are well-informed, Maybank sets sustainability metrics and publishes reports on sustainable finance and insurance accomplishments annually. The lender also conducts internal and external validations that further ensure the quality of its reports and performance.

Prioritising financial literacy

On a more holistic note, Maybank has launched its M25+ strategy to bolster growth and solidify its position as a leading financial services provider in the region. On a mission to humanise financial services, the bank aims to:

Intensify customer centricity
Accelerate digitalisation and technological modernisation
Strengthen its business presence and position beyond Malaysia
Drive its leadership position in the the sustainability agenda
Become a global leader in Islamic banking.

In its efforts to promote financial literacy and inclusion for its stakeholders, particularly among the youth and those from underserved communities, Maybank has developed programmes to raise awareness on financial management.

The bank has also actively engaged with more than 11,000 students nationwide via its MCAMPUS financial literacy talkshow and community webinars such as the ‘Resipi Bersama Chef Saham’ programme. It further plans to establish on-campus branches to strengthen financial literacy in the younger generations.

Maybank’s mobile wallet initiative, sustainable product framework and focus on the M25+ strategy as well as its support for financial literacy all showcase the lender’s commitment to improving customer experience, promoting sustainability and driving financial inclusion.

Maybank Malaysia won the Best Mobile Wallet Initiative award at the 14th Annual Retail Banker International Asia Trailblazer Awards and received a Highly Commended mention in two other categories: Best Advance in Sustainability Practices and Best CSR Initiative – Financial Literacy.

Thailand’s Kasikornbank is making waves with its Line BK social banking platform, which offers a unique blend of financial services and personal loan offerings.

With the launch of Line BK, the first social banking platform in Thailand, Kasikornbank and its joint-venture firm Kasikorn Line have made considerable efforts in making banking accessible in the country. This innovative spirit has earned Kasikorn Line recognition for the Best Open Banking Initiative at the 14th Annual Retail Banker International Asia Trailblazer Awards.

Increased demand for digital banking services and the evolving needs of the modern consumer are significant challenges for the traditional banking system. Kasikornbank’s response has been to provide an alternative solution to reach customers previously limited by physical proximity to conventional banks with the launch of Line BK, a financial service that is tightly integrated within the bank’s Line app, and is the leading chat platform for Thai consumers.

User-friendly experience

The Line app allows customers to open new bank accounts within the Line BK social network platform and take advantage of a free self-service online onboarding process with no minimum deposit requirements.

One of the defining features of Line BK is its emphasis on lifestyle-centric banking. As a result, clients can enjoy features that transcend traditional banking, such as bill splitting, money requests and a direct credit line.

Line BK has also made it possible for customers to transfer funds using a friend’s Line account in case they do not remember their bank account number or telephone number. In addition, Kasikornbank has introduced a gamified Special Rate Account, which encourages customers to save money according to their goals.

Serving the underserved

Another critical aspect of Line BK’s offering is its credit line, which offers personal and nano loans to underbanked segments that are unable to access credit from conventional financial institutions.

Leveraging Kasikornbank and Line’s vast data pool, Line BK can conduct risk assessments and provide loans within 10 minutes of a client applying online without the need for additional proof of income. As of December 2022, Line BK had provided more than THB50bn ($1.4bn) in loans to Thai consumers since its launch.

Thus, by integrating financial services within the Line app, Line BK has expanded its market to reach the underbanked and previously underserved.

Looking ahead

Line BK has proven to be a trailblazer in the industry and shows no signs of slowing down. The platform continues to expand its offerings, with recently added essential services such as the option to complete payments via QR code directly from the chat app.

Line BK is also exploring several acquisition projects and loan referral programmes. It is looking to partner with leading food delivery and e-commerce providers to offer loans at special rates to merchants.

As a whole, Kasikorn Line’s rapid growth and commitment to innovation make it a leading player in the industry and a true trailblazer in the Best Open Banking Initiative category.

Kasikornbank and Kasikorn Line have also won the Most Dynamic Third-Party Collaboration award and have been highly commended in the Best Loan Offering category.

In addition, Kasikornbank was highly commended in two categories: Best Retail Bank – Thailand and Best Mobile Wallet Initiative.

LH Bank is making investments more convenient by helping customers effectively manage their portfolios.

Land and Houses Bank (LH Bank) has earned recognition for its mutual fund investment app Profita at the 14th Annual Retail Banker International Asia Trailblazer Awards. The bank was highly commended in the Best App for Customer Experience category at the ceremony.

When creating the Profita app, LH Bank used a design-thinking approach to engineer the best investment experience. The bank conducted extensive research to identify customer needs and pain points, which resulted in the creation of a user-friendly app that can help customers plan and manage their investments as well as gain round-the-clock access to investment products and services.

Multi-purpose app

Profita condenses the investment world into one app, providing customers with useful information such as returns, historical prices, dividends, Morningstar ratings and recommendations from a professional adviser team. The app includes helpful features such as the option to open a savings and trading account in one step, as well as a smart fund comparison of up to 15 funds across 16 leading fund houses, which is a first in Thailand.

In addition, Profita comes with a robot adviser, also called a ‘genius investment personal assistant’, which helps clients select investment plans according to their goals and risk tolerance, and even offers advice for portfolio rebalancing.

These smart robot and fund comparison features have been designed to provide users with an easy and convenient investment experience.

Profita also includes a portfolio tracking ability and suggests adjustments to help clients stay on track and fulfil their investment needs. In addition, customers can choose returns based on risk tolerance and invest independently or with automatic portfolio rebalancing.

Tailored offerings

LH Bank is dedicated to sustainable growth and a complete digital transformation, offering tailored products and services to meet the needs and lifestyles of its customers. The bank’s Profita app is an essential part of this vision.

To help investors, the bank has added a range of functions and features on the app, including fund comparisons, daily news updates and real-time profit and loss alerts, making the experience useful for both beginner and professional investors.

LH Bank plans to continue developing the Profita app and is set to introduce new advanced features that will make investment easier and more convenient, giving users the power to respond to investment opportunities efficiently and achieve their financial goals.

Bank Rakyat Indonesia has won accolades for its commitment to offering digitally connected solutions.

As one of the largest state-owned banks in Indonesia and Southeast Asia, Bank Rakyat Indonesia (BRI) has a long history of developing the banking sector and focusing on micro, small and medium enterprises (MSMEs). The bank has also strengthened its plans to digitise its financial services in order to provide comprehensive, accessible, fast, secure and affordable financial access to its customers.

It thus comes as no surprise that BRI has been recognised as the winner of the Best Current Account Offering category at the 14th Annual Retail Banker International Asia Trailblazer Awards.

Prioritising customer satisfaction

In the banking sector, where time and quality of service are of utmost importance, BRI has prioritised improving its service offerings.

The Transaction Banking division is leading the way in the bank’s efforts to digitise and aims to become the preferred partner for clients in transaction banking. The division offers digitally connected solutions and superior services for clients and their cash management and trade requirements.

BRI has further improved customer satisfaction by reducing wait times and improving service delivery. As a result, the lender has seen a considerable increase in its current account balance, with an almost 59 per cent year-on-year increase and a nearly 42 per cent year-on-year increase in the number of accounts.

Managing cash flow

Despite the growth of digital payment methods in Indonesia, cash remains the primary payment instrument for low-value transactions. About 77 per cent of all point-of-sale purchases were made in cash in 2020, according to a Worldpay Global Payments Report.

With the increasing amount of money in circulation, managing cash flow has become a pressing issue for banks and retailers in the country. There is clearly a significant opportunity for lenders to absorb funds resulting from cash transactions and provide cash deposit facilities to merchants.

To that end, BRI has taken steps to improve its cash deposit collection process, making it easier for customers to deposit cash directly from their offices through a third party. In addition, the bank has also enhanced its digital safe machine, a system similar to a cash deposit machine and which is equipped with a real-time recording system that credits deposits directly to the merchant’s account.

As a result, with a benefit-cost ratio of 4.5, the digital safe machine project is expected to deliver a positive net present value to firms and their investors. BRI is also working with third parties to expand its cash pick-up business and become a pooling bank with the digital safe machine.

Affin Bank’s automated safety deposit locker has enhanced accessibility for consumers and proven highly profitable for the bank

The rising demand for digitalisation and round-the-clock accessibility is reshaping the interaction between banks and their customers. While the protection of valuables remains a physical aspect, the expectation of continuous availability has become a tangible reality.

A decade or so ago, the safe deposit box sector was no longer seen as an expanding market in the banking industry. This looks to have changed substantially, with the demand for self-service safes in particular witnessing significant expansion in recent years; some banks have even recorded double-digit growth rates.

By addressing the dual challenge of ensuring secure storage for valuables while guaranteeing continuous accessibility, self-service safe deposit boxes have enhanced both customer convenience and the profitability of banks.

Efficient banking

To stay abreast of the dynamic trends in the banking industry and deliver efficient solutions, Malaysia’s Affin Bank has introduced the automated safety deposit locker (ASDL), paving way for better self-service solutions.

The ASDL is designed to provide customers control over their valuables, eliminating the need for traditional safety deposit boxes.

By offering a user-friendly, accessible self-service solution, the bank has expanded its reach to a wider demographic. This innovation ensures even individuals who may have hesitated to use traditional banking services now have a convenient and secure avenue to manage their finances.

Through the automation and streamlining of safe deposit transactions, Affin Bank has optimised resource allocation, minimised manual intervention and established a more efficient operational model.

Within a span of less than six months since its launch, more than 15% of the bank’s ASDLs were occupied, indicating customer acceptance of the service and a positive return on investment.

Elevating security standards

Affin Bank has prioritised security through a commitment to technological innovation within the self-service banking realm.

The bank’s ASDL system is a testament to this commitment through the seamless integration of cutting-edge technologies to fortify security measures. This innovation aligns with consumer preference for self-directed banking experiences, enabling secure and convenient access to their belongings at all times.

Equipped with the latest technology and advanced security measures such as RFID access cards, biometric authentication, PIN codes, locker keys, artificial intelligence-driven security protocols and real-time monitoring, the ASDL ensures optimal security in self-service transactions.

The bank has added an extra layer of vigilance through real-time monitoring, thereby ensuring that customers can partake in self-service transactions with confidence in the system’s security and integrity.

Affin Bank has been recognised as the winner for the Best ATM and Self-Service Innovation award at the Annual Retail Banker International Asia Trailblazer Awards 2024.

Alliance Bank is offering seamless and secure transactions through digital cards and dynamic card numbers

Virtual credit cards (VCCs) are a modern and innovative financial solution, offering a range of benefits in the digital landscape. These digital cards operate within partner mobile apps, eliminating the need for physical cards. One significant advantage of VCCs is their role in creating a collaborative ecosystem.

Merchants can seamlessly integrate VCC services into their mobile apps, encouraging increased spending on their e-commerce platforms with greater security. This not only ensures secure transactions but also avoids compromising credit card details.

Dynamic solution

Malaysia-based Alliance Bank’s VCC is a unique open-banking solution integrated into partner mobile apps. VCC works similarly to physical credit cards but exists only in a virtual form. With this approach, the bank has eliminated the need for paper and plastic through VCC services such as QR payments and in-app transactions. These services are bundled into a secure software development kit (SDK) that can be easily added to the bank’s merchant partner mobile app.

This forward-thinking solution empowers merchants to provide credit services, which drives increased spending. It offers customers a secure and convenient payment method without concerns about compromising their credit card details.

Enhanced flexibility

Alliance Bank’s VCC customers enjoy the flexibility of using their cards across various participating merchant partners’ platforms, fostering collaboration within the ecosystem to offer diverse product and service offerings. Furthermore, the adoption of VCCs aligns with environmental, social, and governance (ESG) principles. By eliminating paper forms and plastic cards, this financial innovation contributes to a more sustainable and eco-friendly approach.

Growing numbers

Alliance Bank’s proactive approach to online credit card security, especially during the pandemic, has revealed an increased threat to customers’ credentials due to security breaches. The surge in online purchases during this period highlighted a significant gap in the current design of credit cards for online transactions.

In April 2023, Alliance Bank introduced the dynamic card number (DCN) feature, another first in Malaysia. This has added an extra layer of security and enabled customers to apply for a fully digital VCC, transact with a randomly generated dynamic card number for one-time or subscription payments and manage their cards on their mobile phones.

The bank’s digital customer experience streamlines VCC application and ensures near-instantaneous card approval and provisioning, enabling customers to apply for the VCC anytime, anywhere. This eliminates the need to wait for the bank to courier physical cards.

Since the launch of the bank’s VCC DCN feature, the number of fraud cases and losses has significantly reduced. As a result, Alliance Bank has witnessed an increase in customer receptivity towards VCC, with a 57% increase in average spending compared to physical credit card spending. Additionally, active VCC customers spend 45% more monthly than customers using traditional credit cards.

Alliance Bank has won the Best Open Banking Initiative and the Most Dynamic Third-Party Collaboration awards at the Annual Retail Banker International Asia Trailblazer Awards 2024.

Ayudhya Capital Services has seen impressive success on its marketing campaigns aimed at Thailand’s younger demographic

Content marketing and well-crafted marketing campaigns have become vital tools for businesses aiming to stand out in today’s digital world as they help companies not only grab attention but also build lasting connections with their audiences.

In a dynamic landscape where the beliefs and attitudes of the younger generations in Thailand are rapidly evolving, Ayudhya Capital Services, a subsidiary of Bank of Ayudhya (Krungsri), has demonstrated a remarkable ability to adapt and thrive. The catalyst behind this success is the bank’s strategic approach to marketing, particularly through targeted campaigns that resonate with the ambitions of younger consumers.

Recognising the shifting preferences and lifestyle choices of the younger generation, Ayudhya Capital Services has introduced the First Choice credit card, carefully designed to align seamlessly with the dynamic lifestyles of Thailand’s youth.

Forward-thinking initiatives

The bank’s First Generation campaign, in particular, uses artificial intelligence (AI) to envision what humans might look like in the next decade, helping anticipate potential trends and shifts in customer preferences.

In a strategic move, Ayudhya Capital Services has also partnered with gender-fluid actor, model and singer Krit Ammuaydechkorn, known for portraying diverse characters throughout his career. The collaboration has not only added a unique touch to the campaign but also emphasised the bank’s commitment to promoting diversity and equality.

Two additional campaigns – ‘You Can Just Be You’ and ‘We Have Whatever You Need’ – have further reinforced the bank’s dedication to supporting the aspirations and dreams of the younger demographic. These initiatives have been crafted to resonate with the evolving values of the youth, creating a tailored and appealing narrative around the First Choice products and services.

Impressive outcomes

The results have been impressive. Ayudhya Capital Services has witnessed a surge in social media responses, accumulating an astounding 6.7 million views. Ad recall has experienced a notable lift of 3.8%, demonstrating the effectiveness of the campaigns in capturing and retaining the audience’s attention. Videos created for the campaigns saw a completion rate three times higher than the 2022 campaign, reaching 26%.

More significantly, the impact has extended to tangible business outcomes. The number of individuals clicking to apply for a First Choice card grew by 260% within the first two weeks of the campaigns. The subsequent month witnessed a remarkable 14% growth in credit card spending, showcasing the campaigns’ direct influence on consumer behaviour.

Ayudhya Capital Services (Krungsri) has won the Best Content Marketing Programme and Best Use of Influencer Marketing awards at the Annual Retail Banker International Asia Trailblazer Awards 2024.

BDO Unibank’s blue bond has financed water and wastewater management projects, ensuring a positive climate impact

The growing significance of sustainability in finance stems from the pressing environmental and social issues the world faces today. Climate change, resource depletion and social inequality pose significant threats to the global economy and prioritising sustainability allows financial institutions to address these challenges and contribute to a more sustainable and equitable future.

Moreover, investing in sustainable initiatives not only aligns with consumer and investor preferences for greener, socially responsible options but also generates positive financial returns. Today, governments, financial institutions and private investors are increasingly offering financial support in the form of grants, loans and investments to drive the transition towards a more sustainable world while benefiting investors.

Sustainable instruments

In 2022, the Philippines-based BDO Unibank issued the first blue bond in the Philippines and Southeast East amounting to $100m through an investment from the IFC.

BDO Unibank’s blue bond has financed water and wastewater management projects including wastewater treatment, bulk water and operations management and bulk water distribution facilities, ensuring a positive climate impact.

With the Philippines experiencing a critical water shortage, the bond has financed projects that aim to provide solutions to a systematic issue, ensure the availability of water resources and prevent ocean pollution for future generations.

Additionally, water management in the country has further improved through the introduction of technologies that have helped reduce non-revenue water (NRW) levels and develop sustainable water supply infrastructure, rainwater harvesting and surface water utilisation.
All these efforts have helped increase clean water supply while avoiding groundwater extraction in the country.

Better facilities

Proceeds from BDO Unibank’s blue bond have enabled the installation of a new wastewater treatment plant in Tarlac, a large and densely populated province near the Bangut and Tarlac rivers in the Philippines. This has allowed for the expansion of wastewater management services to an additional 121 businesses and 23 hospitals in the province. By-products from the wastewater treatment plant are also being reused to streamline other plant processes.

For instance, the steam produced is being reused in the physicochemical treatment plant and the ash is used to make pavers, bricks and fence posts. Meanwhile, further investments have been made in installing thermal oxidation/incineration technology at the plant, which results in energy and heat recovery from the thermal oxidation of wastewater solids.

The heat recovered from this is used as an additional source of energy to power the plant’s lamp posts and light fixtures.

BDO Unibank has been recognised as the winner of the Best Advance in Responsible Finance award at the Annual Retail Banker International Asia Trailblazer Awards 2024.

Bank Rakyat Indonesia has introduced services that help manage transactions and financial assets more efficiently

As the world rapidly embraces modernisation, a financial institution’s success hinges on effective fund transfers and cash management solutions, with transaction banking solutions key to achieving success in a dynamic environment.

These solutions play a crucial role in facilitating seamless and secure financial transactions, meeting the expectations of businesses and individuals for quick, reliable and convenient banking services.

Structured strategies

Bank Rakyat Indonesia (BRI) serves clients across a wide spectrum of business segments, ranging from micro and small and medium-sized enterprises (MSMEs) to larger corporate and institutional customers.

To strengthen its value proposition, the bank is consistently evolving through innovation and digital transformation. In addition, the bank has developed a market strategy that involves transitioning into a hybrid model that seamlessly integrates its digital and traditional paper-based services.

Through well-devised strategies, BRI aims to help clients become more proficient in managing financial transactions and financial assets. This will allow the clients to operate their business in a more efficient and reliable manner using the BRI products and services.

Optimising funding

As part of its funding strategy, BRI tries to increase the funding from low-cost sources. Current and savings accounts often offer lower interest rates compared with other funding options such as time deposits or bond issuances, making them economical sources of capital for the bank.

BRI undertakes a comprehensive approach to grow its low-cost funding sources across both wholesale and retail segments. The implementation of this strategy involves optimising processes across the entire value chain through strategic partnerships and enhancing transactional services through digital channels such as BRI’s cash management tool through Qlola by BRI.

QLola by BRI is an integrated corporate solution platform that will make it easier for customers to access various BRI products and services with just one login.

According to a BRI internal analytics study, accounts linked with cash management tools have at least twice the average balance and number of transactions in comparison with accounts without such tools. The higher balance and transaction volume in turn create higher interest income and fee-based income for the bank.

In 2023, account opening became a critical component in BRI’s client engagement cycle. The online integration process to open an account (Giro BRI) and linked registration of online cash management tools (Qlola by BRI) has enabled better accessibility and engagement for customers. This is expected to help induce more transactions from the clients, making BRI their main operating bank.

The ongoing development of the Giro BRI current account has resulted in positive results including a 30% year-on-year increase in current account balances, a 17% growth in the number of accounts and a 37% rise in transaction value on cash management.

Bank Rakyat Indonesia has won the Best Current Account Offering award at the Annual Retail Banker International Asia Trailblazer Awards 2024. It has also been highly commended for Excellence in Mass Affluent Banking.

General Card Services has elevated its credit card portfolio through strategic foresight and adaptability to market dynamics

Thailand’s credit card market has undergone significant transformations recently, driven by technological advancements, evolving consumer preferences and external factors like the Covid-19 pandemic. Financial institutions are now grappling with the challenge of meeting consumers’ demands for diverse features and innovations in credit cards.

General Card Services (GCS), a subsidiary of Thailand’s Bank of Ayudhya (Krungsri), has strategically invested in promoting card usage among higher-income segments.

Operated by GCS, the Central The 1 (C-T1) credit card is a co-branded card from Krungsri and the Central Group that was launched as a part of GCS’s broader strategic plan initiated in Q4 2022. This initiative has significantly contributed to GCS’ growth in 2023 as the market returned to normalcy and expanded.

Consistent growth

As of August 2023, the C-T1 credit card is one of Thailand’s most extensive co-brand portfolio, excelling in card base, spending volume and portfolio asset size.

Since 2022, C-T1 has been on an upward growth trajectory, consistently achieving double-digit growth across key performance indicators. Breaking its records set in 2021, C-T1 reached the highest net earning assets of THB25.3bn ($791m) with a substantial 13% year-over-year growth.

The annual total usage volume surged to THB96.6bn ($3.0bn), reflecting a 27% year-over-year growth.

GCS has strategically refocused on its entry-level product, REDZ, which now constitutes approximately 92% of the total card base and captures about 97% of new acquisitions.

Strategic initiatives

The revamped product, branded as C-T1 REDZ (Limited), is a targeted initiative with two main objectives. Firstly, it aims to increase penetration into the younger demographic, positioning it higher than most credit card portfolios.

By introducing C-T1 REDZ (Limited), GCS seeks to drive incremental acquisitions, attract younger individuals entering the workforce and rejuvenate the bank’s overall portfolio. To align with the preferences of this demographic, GCS has introduced new features to C-T1 REDZ (Limited) to include merchant tenants within shopping centres owned by local retail property developer Central Pattana.

GCS has also developed several marketing strategies to increase awareness, incorporating branding exercises, communication efforts and public relations activities. Notably, the bank has appointed Thai superstar Kao Supassra Thanachat as its official brand ambassador to enhance reach and engagement.

GCS also developed a new digital payment solution through QR codes in 2023. This initiative aims to make the C-T1 credit card a preferred payment choice, allowing cardholders to make payments through mobile apps using QR technology linked to the card. The success of the C-T1 card underscores a blend of strategic foresight, adaptability to market dynamics and innovative approaches.

General Card Services has been recognised as the winner of the Best Credit Card Initiative award at the Annual Retail Banker International Asia Trailblazer Awards 2024.

Thailand’s Kasikornbank has launched several initiatives that have reshaped the traditional banking landscape

Banks have the opportunity to build stronger relationships with customers by offering innovative financial innovations that not only enable them to grow their investments and enhance savings but also appeal to the environmentally-conscious.

To achieve these objectives as well as explore additional sources of revenue, several financial institutions are modernising their operations by automating their business processes. The growing adoption of artificial intelligence (AI) is a good indicator of how this technology is enabling businesses and individual customers track and reduce their carbon footprint.

This evolution in the banking industry aligns with customer values, giving way to a future where economic growth goes hand in hand with environmental stewardship.

Supporting ESG

Sustainable banking means taking into account environmental, social and governance (ESG) considerations when making investment decisions. The launch of Kasikornbank’s Go Green project in February 2022 was part of the Thai bank’s endeavours to introduce a comprehensive green ecosystem and encourage collaborative action in saving the planet.

As part of the initiative, the bank has partnered with electric vehicle companies to offer low-interest loans. To further its ESG aspirations, the corporate venture arm of Thailand’s Kasikornbank – Beacon VC – has launched the Beacon Impact Fund, which invests in ESG-focused startups. The fund set a target of THB400m Baht for total investment in 2023.

Technology-driven innovations

To help offline and online merchants to manage payments in a more cashless way, Kasikornbank has launched the K SHOP banking application.

The app allows merchants manage their purchases regardless of their location. In 2023, K SHOP had a total of 2 million merchant points.

In addition, the integration of Bigfin, a digital asset investment analysis platform, with Binance, a leading cryptocurrency exchange platform, has helped the bank enhance efficiency in portfolio management for retail investors worldwide. As of 2023, the platform has connected to leading crypto platforms, with plans to help 3 million digital asset investors in Thailand manage their portfolios without friction.

Kasikornbank’s technology arm – Kasikorn Business-Technology Group (KBTG) – launched the AI-powered chatbot called ‘Kookid by K-GPT’ in 2023. This virtual assistant was developed with an understanding of the local context in terms of language, financial literacy and behaviours. This has allowed KBTG to address individual banking needs in a personalised, culturally sensitive manner. Additionally, KBTG has also launched the THB3.5bn KXVC fund to invest in AI, Web3 and deep-tech startups across the Asia-Pacific region.

Kasikornbank has been recognised as the winner of the Best Retail Bank in Thailand and highly commended in the Excellence in Mobile Banking category at the Annual Retail Banker International Asia Trailblazer Awards 2024.

Krungsri Ayudhya Card collaborates with local businesses to launch a digital dining ecosystem U Eats

The global health crisis has highlighted the interconnectedness of communities and the need for businesses to contribute positively to society. In response to changing market dynamics, businesses are reevaluating operations and adopting strategic approaches such as branch transformation to enhance efficiency and meet evolving customer expectations.

Recognising this need as well as the importance of technological advancements and data intelligence in the digital landscape, financial institutions including Thailand’s Bank of Ayudhya (Krungsri) have shifted to digital channels that reduce reliance on physical branches.

Krungsri Ayudhya Card has responded to such market shifts by launching a digital dining ecosystem named U Eats. Through the U Eats initiative, the Thai bank has collaborated with local businesses to create a platform that facilitates convenient dining experiences for customers.

Financial impact

The financial impact of Krungsri’s U Eats platform has been significant, with a 25% growth in dining sales volume in 2023. In its first year, U Eats garnered more than 1.77 million clicks from 990,000 app users, reflecting high user engagement. The app’s penetration has reached 90% of total customers, surpassing the initial target set by the bank.

With a focus on four key components – a dining voucher e-marketplace, personalised promotions, strategic partnerships and innovative solutions – Krungsri aimed to engage users and establish new revenue streams in the post-pandemic era.

The bank achieved this by partnering with more than 70 leading dining brands, a move that not only created a new revenue model based on commissions and merchant discount rates but also strengthened its Krungsri Consumer Creditcard (KSC) offering.

Beyond revenue generation, U Eats has played a crucial role in reducing operating costs by automating API data integration and leveraging new partnerships to share marketing promotion costs. As a result, KSC has witnessed a reduction in the cost per sales volume, dropping from about 4% to 2.8%.

Enhancing experiences

Among other developments, Krungsri’s introduction of a new digital payment gateway in smart API payments marked a milestone in the Thai credit card market.

The bank has also enabled data integration with local partners such as Wongnai and Buzzebee to collect valuable insights into user preferences at the product stock-keeping unit (SKU) level. This has enhanced the bank’s ability to tailor offerings to customer needs.

In addition, the bank has demonstrated its commitment to environmental, social and governance (ESG) principles by forming strategic partnerships with environmentally conscious dining brands. By strategically innovating, fostering partnerships and maintaining a customer-centric approach, Krungsri is constantly evolving its offerings to meet market demands, solidifying its position in digital banking.

Krungsri Ayudhya Card’s multiple wins at the Annual Retail Banker International Asia Trailblazer Awards 2024 include: Best Advance in Loyalty/Rewards Programme; Best Fintech Partnership and Best Revenue Sharing Initiative.

Maybank Cambodia has launched groundbreaking initiatives to lead community engagement and innovation in banking

Success in the financial services industry relies on strategic deployment, with leading institutions leveraging forward-looking strategies for challenges and opportunities. These strategies cover a spectrum of approaches, from innovative product launches and digital advancements to sustainability integration and community-focused endeavours.

Achieving this success requires aligning goals with a robust strategic plan, prioritising innovation, adaptability and a holistic understanding of the operational environment. This approach not only helps institutions weather industry shifts but also positions them as industry leaders.

Maybank’s story

Malaysia’s Maybank has consistently demonstrated the power of strategic thinking in its journey towards excellence. The bank’s success story is emblematic of how well-crafted strategies can not only drive growth but also position an institution as a trailblazer within its sector.

Established in 1960, Maybank has expanded its influence across the Association of Southeast Asian Nations (ASEAN) region. Since entering Cambodia in 1993, Maybank’s growth from a single branch to a locally incorporated bank in 2012 is attributed to its team’s collective efforts over 30 years.

In 2023, Maybank Cambodia led transformative initiatives in banking and community engagement. The lender’s key achievements include:

• Introducing Cambodia’s first dual-card system – Maybank 2 cards – with more than 2,000 cards issued since June 2023;
• Launching a portable retail hub called Maybank Pop Up to enhance customer convenience and engagement;
• Introducing real-time funds transfer for corporate and SME clients to enable swift transactions and align SMEs with retail customer benefits;
• Launching an integrated payment system for retail customers – Maybank2U – and facilitating more than 250,000 transactions exceeding $193m;
• Enhancing digital payment capabilities, enabling payments to 200 billers for the year.

Championing sustainability

Sustainability is a major focus in Maybank’s five-year plan (M25+). The bank has integrated sustainable practices into its operations, emphasising a commitment to environmental responsibility and ethical business practices.

Demonstrating its dedication, Maybank Cambodia has taken concrete steps including contributing $1.68m towards sustainable finance, positively impacting 6,174 households to enhance their livelihoods.

The bank actively monitors its carbon impact and has implemented changes in transportation and paper consumption. It has also launched the ESG Minimum Standard Specification Initiative and devoted 2,550 hours to community empowerment initiatives. To help small businesses in Cambodia, Maybank has teamed up with Credit Guarantee Corporation of Cambodia (CGCC), giving out more than $2.01m in business loans. Its SME Building Capacity & Capability Programme has helped 200 small businesses and financial advisers.

Maybank Cambodia has won the Best Retail Bank in Cambodia award at the Annual Retail Banker International Asia Trailblazer Awards 2024.

Maybank Singapore has launched solutions that facilitate a seamless experience in cross-border banking

New innovations are enhancing the efficiency of the cross-border payment process. This type of financing enables businesses to engage in global trade by offering a funding source that empowers them to compete internationally and conduct operations beyond domestic borders.

Cross-border payments can be made via bank transfers, credit card and alternative payment methods such as e-wallets and mobile payments. They are currently the most prevalent ways of transferring funds across borders.

Diverse services

Maybank Singapore has introduced innovative solutions to facilitate seamless cross-border activities between Malaysia and Singapore, and across Association of Southeast Asian Nations (ASEAN) countries.

One such solution is the option for Malaysians intending to work or study in Singapore to open an SGD savings account online and pay for their relocation expenses before their move.

In addition, Maybank’s cross-border ATM services ensure its customers do not have to worry about running low on cash during their travels. This service allows hassle-free cash withdrawals from Maybank ATMs in Malaysia, Singapore, Brunei, Cambodia, Indonesia and the Philippines, without any service fees.

Maybank Singapore is the centre of excellence for wealth management within the Maybank Group. It offers an extensive range of wealth management solutions, including Islamic wealth management, to support the growth needs of mass affluent, affluent and high-net-worth (HNW) clients.

The bank offers Singaporean investors eyeing overseas properties in countries such as those in the UK, Australia and Malaysia, the option to secure an overseas home loan.

Additionally, for Malaysian properties, customers have the flexibility to opt for financing through Maybank Malaysia. For business entities, Maybank Singapore also provides corporate account opening facilities, business advisory services and comprehensive business solutions to meet all international payments and currency conversion needs.

Client-first outlook

As of August 2023, Maybank has made strides in its Malaysia-Singapore corridor services as it provides both retail and corporate customers the convenience of instant online cross-border funds transfer services across the causeway.

The service allows individuals to transfer funds to any Malaysian bank account for a nominal fee of S$2 ($1.5). Total fund transfers to Malaysia have subsequently increased by 26% year-on-year.

This online service further enables Singaporeans and Malaysians residing in Singapore to make secure cross-border fund transfers to the DuitNow participating banks using the Maybank Overseas Transfer feature on the Maybank2u SG (Lite) app.

Maybank Singapore has been recognised as the winner of the Best Cross Border Innovation trophy at the Annual Retail Banker International Asia Trailblazer Awards 2024.

Stephen Man, managing director and head of consumer, private and business banking at Standard Chartered Bank (Hong Kong), on what differentiates the bank from the competition

What is the role of sustainability leadership in shaping Standard Chartered Hong Kong’s overall strategy and its impact on customer engagement and brand perception?

At Standard Chartered Hong Kong, we are committed to sustainable social and economic development through our business, operations and communities as well as integrating sustainability into all our decision-making, bringing to life our brand promise ‘Here for Good’.

• Business: Our priority is delivering sustainable finance solutions that support sustainable development, economic growth and job creation. Our suite of green retail products such as green mortgages, sustainable payroll accounts and environmental, social and corporate governance (ESG) investment funds appeal to environmentally conscious clients and provide them with opportunities to contribute to positive change.
• People: We are also committed to creating a supportive, diverse and inclusive workplace for our people, which enables them to realise their full potential, unlock innovation, make better decisions and deliver our business strategy. This also helps us to attract and retain talents.
• Community: We focus on giving back to the community through signature sponsorship programmes and staff volunteering. Over the years, Standard Chartered Hong Kong has sponsored several community initiatives, donated to the needy and encouraged employee volunteering through sharing skills and expertise, all of which aim to transform lives and create a more inclusive society.

These strategies not only contribute to a more sustainable future but also position the bank as a responsible and forward-thinking institution that differentiates us from our competitors.

How does the bank ensure seamless integration of innovative technologies while maintaining a focus on personalised and secure financial solutions?

In 2023, we initiated a multi-year transformation programme, establishing agile teams and in-house campaigns to enhance our digital capabilities. This strategic move aimed to shift our organisational mindset and behaviours for digital sales, aligning with clients’ evolving needs.

Simultaneously, we prioritised back-end innovation and invested in technological infrastructure.

Our focus was on fortifying our systems, fostering synergy among digital assets, and upgrading the core banking system. This upgrade not only improved speed to market but also equipped us to handle a larger transaction volume as our franchise expanded.

Additionally, we are committed to ongoing efforts to enhance the interoperability of legacy systems with new digital tools. This ensures clients receive real-time, efficient services while maintaining the integrity of our operations.

How does the bank plan to capitalise on the momentum gained post-pandemic to strengthen its position in bancassurance?

Post-pandemic there is a stronger demand for health and protection insurance from clients. Since insurance products are longer-term products, they are not affected by the short-term market volatility that many clients are facing.

Responding to this demand, Standard Chartered Hong Kong worked with its partners to enhance its High-Net-Worth (HNW) medical plan and critical illness plan in 2023 to offer better insurance solutions for clients. We have also gone the extra mile by launching value-added services such as Virtual ME (allows virtual doctor consultations) and PruNurse (allows clients to WhatsApp for bookings and consultations) for our health and protection (H&P) clients to enhance their experience and provide better post-sales services. As a result, our H&P product mix recorded significant growth in 2023.

In 2024, we are planning to offer value-added wellness services such as comprehensive body and dental check-ups and pain therapies to selected H&P and even non-H&P clients.

With China’s borders reopening in 2023, the bank captured incremental business from its Greater China (GC) clients. We continuously worked with our partners to enhance our insurance solutions for the segment in 2023; for example, we enhanced our cashless cancer treatment services in the Greater Bay Area and clients can now receive professional oncology treatment in Hong Kong or Mainland China. In 2024, we will continue to enhance our tailored products and services to GC clients.

How is the bank prioritising digital penetration in credit cards and wealth management in its digital transformation strategy?

Credit card: With a strong aspiration to expand our personal banking client base, we have adopted a partnership-led and digital-first model by leveraging industry partnerships and upscaling digital capabilities to accelerate growth.

We believe digital is the way to go to drive credit card acquisition as well as equip card holders to conduct a wide range of self-services including but not limited to card activation, reporting stolen/lost cards, requests for service charge waiver and initiating a transaction dispute.

We have seen promising results as our cards acquisition reached an overall 90% digital share and cards servicing achieved over 80% digital adoption. We will continue to drive full digitisation for mass market clients. In 2024 and beyond, we will work on our eKYC solutions to enhance the straight-through-processing (STP) rate and thus client experience. We will also leverage open application programme interfaces (APIs) to capture income data from other banks via Interbank Account Data Sharing pilot programme for STP ineligible clients.

Our clients can expect to see more product enhancements with simpler intuitive experiences that proactively engage them, and development of our exclusive partnerships with local carrier Cathay and third-party payment platform Alipay.

Wealth Management: We aspire to be the leading international wealth manager and the preferred affluent brand for our clients. Grow affluent and build wealth continuums are our key strategic priorities. As such, we have continued to develop new tools and introduce new features in the digital wealth space to enhance wealth management services and client experience. The bank’s myWealth digital service is accessible via mobile banking and relationship managers (RMs), and helps investors gain personalised insights to facilitate investment decisions aligned with their objectives.

Using client data such as current portfolio holdings, risk tolerance and financial goals, myWealth delivers personalised investment recommendations and insights underpinned by the bank’s Chief Investment Office house views.

Investors can cross-reference different portfolios tailored to their target outcomes, drawing upon the bank’s expertise to diversify their portfolios in a well-informed manner. These digital tools allow our clients to view performance data and receive analytics-driven portfolio health checks at their convenience.

Standard Chartered Hong Kong is exploring enhancements to its myRM digital platform that would allow RMs to securely share product sales documents with clients, enabling end-to-end completion of transactions for select offerings digitally.

With this enhancement, we expect the transactional time to be reduced by two-thirds.

RCBC Credit Cards Group offers enhanced digital cash loan facility for offering personalised service

As financial institutions explore ways to integrate new technologies into their processes, it is essential to prioritise consumers and keep them at the centre of all banking operations.

Banks must introduce credit solutions tailored to individual requirements to build and maintain a positive relationship with clients. Simultaneously, they must understand each customer’s financial status to improve risk assessment and management.

Personalised credit solutions appeal to consumers seeking individualised financial choices, lowering default risks by aligning with borrowers’ repayment capacity. These solutions also help navigate regulatory frameworks and the customer data enables institutions to make well-informed decisions when creating and refining credit offerings.

Enhanced services

The Philippines-based RCBC Credit Cards Group of the Rizal Commercial Banking Corporation (RCBC) offers credit cards with an enhanced digital cash loan facility for personalised services. With a fully digitalised process, the bank enables real-time approval and disbursal of loan proceeds within one day.

Through the digitalisation of the loan application form, cardholders receiving targeted messages can easily apply for a loan via their mobile phone or web browser. The programme sends a unique link to the cardholder’s registered mobile number and email address.

The message includes information on the available limit for cash conversion, affordable monthly amortisation and low interest rates. The allowable loan amount and applicable interest rates specific to the cardholder’s account are also specified to aid decision-making.

Since the process is digital, cardholders are exempt from paperwork and complex approval procedures typically associated with traditional cash loan products.

Faster approvals

The RCBC Credit Cards Group uses a data-driven and model-based approach to identify cardholders qualified for a digital cash loan. The predetermined loanable amount is based on the cardholders’ available limit. Despite this, the digital cash loans maintain customisation, allowing cardholders to select the loan term and amount. The cardholder can opt for a partial or complete disbursement of this loan. Conversely, personalised offers are tailored to the cardholders’ risk profile, payment behaviour and lifestyle.

These solutions have been designed with optimal security without compromising customer information. From January to September 2023, RCBC Credit Cards’ digital cash loans grew by 75% compared to the previous year.

RCBC Credit Cards Group has been highly commended in the Best Credit Card Initiative category at the Annual Retail Banker International Asia Trailblazer Awards 2024.

RHB’s diverse portfolio and customer-centric approach are powering financial inclusion in Malaysia’s retail banking sector

Retail banking plays an important role in the financial landscape, serving as the primary interface connecting financial institutions with individual consumers. Its significance becomes apparent in the diverse range of services it provides, including savings and checking accounts, loans and investment products.

One of the critical aspects of retail banking is its accessibility. Tailored for the general public, retail banking offers essential financial services that empower individuals to manage their finances better. Crucially, it contributes to financial inclusion by reaching a wider audience, including those without access to more sophisticated financial instruments.

This deliberate inclusivity fosters economic growth and stability, ensuring that a more significant portion of the population has the means to participate in the financial system.

Empowering education

Malaysia’s RHB Bank Berhad (RHB) caters to diverse customer segments including students and educators. he RHB MySiswa Debit Card-i is an integrated card that provides Malaysian university students access to university support services while allowing them to manage their funds and enjoy cashless payment solutions. Students also enjoy exclusive discounts and promotions on amenities including food & beverages, transportation, education, e-sports and gaming, and telecommunication packages.

Meanwhile, RHB EduGo offers an ecosystem of banking products and digital solutions tailored to the education sector, promoting financial inclusion and convenience for educators, parents and students. Moving beyond individual empowerment, RHB underscores a broader commitment to community wellbeing through initiatives supporting vulnerable segments and fostering economic growth. In line with RHB’s sustainability strategy, which aims to empower over 2 million individuals and businesses across ASEAN by 2026, RHB has implemented community programmes such as RHB Touch Hearts and RHB #JomBiz.

Digital experiences

The rising expectations of tech-savvy customers have prompted banks to adapt swiftly to stay competitive.

The adoption of agile principles, combined with data analytics and artificial intelligence technologies, has transformed how RHB engages with its customers. This approach has not only increased productivity but has also improved operational efficiency across customer touchpoints.

RHB’s decisive transformation of its branch delivery system (BDS) to BDS Evo exemplifies its commitment to efficiency and innovation. By modernising outdated systems and processes, the bank has elevated the customer experience and achieved significant cost savings.

Despite economic challenges, RHB’s retail loan portfolio and deposit balance have consistently grown since June 2021. By June 2023, retail and small and medium enterprise (SME) banking contributed significantly to the bank’s overall performance, showcasing resilience and adaptability in a changing market. Guided by strategic initiatives and a customer-centric approach, RHB has consistently demonstrated innovation and social responsibility, positioning itself as a leading player in Malaysia’s banking industry.

RHB Bank has won Best Retail Bank – Malaysia; Best Advance in Sustainability Practices, Best CSR Initiative – Contribution to Local Community, Excellence in Internet Banking, Excellence in Loan Origination Process and Excellence in SME Banking at the Annual Retail Banker International Asia Trailblazer Awards 2024.

Standard Chartered Hong Kong’s comprehensive digital solutions can be accessed from anywhere in the world

Financial institutions are actively expanding their digital portfolios to deliver unparalleled client experiences. Many are now adopting a forward-thinking business strategy that encourages innovative product and service developments.

In response to evolving customer behaviour, banks are encouraging digital transformations across operations while embracing innovative technologies to deliver seamless, personalised and secure financial solutions.

Digital services

Standard Chartered Bank (Hong Kong) has ramped up its efforts to offer efficient digital solutions to its client base. This has led to the development of client-centric products and services focusing on innovation and simplification.

With the introduction of its Wealth Saver Account (WSA), the bank is enabling its clients to optimise savings on their deposits and gain unrestricted access to their funds without any specified lock-in period.

In addition, the digitisation of the Bonus Payroll Accounts (BPA) in Q3 2023 enabled the bank’s clients to access their accounts faster. The bank also launched the Foreign Exchange Time Deposit (FXTD), giving clients the flexibility to set up a time deposit from anywhere in the world within a minute.

Strong growth

Committed to digital transformation, Standard Chartered Hong Kong has increased its digital presence across its credit card, wealth management and business banking domains.

A new card activation process via online links was introduced in Q2 2023, enabling clients to activate their cards without any paperwork.

By introducing digital options for credit card activation through QR codes, the bank achieved a two-fold increase in monthly credit card activations. In addition, new banking applications for card and deposit products recorded a high double-digit growth and led to increased digital penetration among these clients.

Among other efforts, the bank has enhanced its online mutual fund application to help clients discover and compare funds more easily.

Strategic alliances

Aspiring to become a leader in wealth management, Standard Chartered Hong Kong has increased its focus on the affluent market and enhanced its portfolio to offer various wealth advisory services.

In Q3 2023, the bank established its fourth wealth management centre in Pacific Place, providing comprehensive financial, wealth management services and a seamless banking experience for its local and international clientele.

Additionally, the bank’s partnership with Hong Kong flag carrier Cathay and launch of the Cathay mastercard in 2021 continues to help elevate its portfolio. Targeted at affluent clients, the Cathay card accounted for a significant proportion of Standard Chartered Hong Kong’s total portfolio in 2023.

Overall, the bank has demonstrated sustained organic growth in 2023 by capitalising on its commitment to innovation and client experience.

Standard Chartered Hong Kong has been named the Best Retail Bank in Hong Kong at the Annual Retail Banker International Asia Trailblazer Awards 2024.

Standard Chartered Bank Taiwan has set up a council and launched initiatives to create an inclusive culture for its clients

Financial institutions are increasingly committing to promote a more diverse and inclusive work environment to help drive better internal governance, decision-making and risk management.

To raise awareness on the value of diversity and address issues of discrimination and marginalisation, these organisations are seeking opportunities to engage with internal and external stakeholders to take relevant action.

Additionally, financial institutions are now beginning to understand the significance of introducing progressive benefits that drive inclusion, improve the employee experience and help workers achieve their maximum potential. Having these benefits in place could potentially help address globally prevalent societal norms around traditional roles, improve workforce participation and provide solutions for better financial wellbeing.

Banks therefore need to shift their focus on developing local initiatives to raise diversity and inclusivity (D&I) awareness and deliver D&I messages to employees and wider communities.

Gender equality

To align with this outlook, Standard Chartered Bank Taiwan has established a D&I council aimed at promoting gender equality, disadvantaged equality and overall employee wellbeing. The council comprises more than 30 employees from different departments working towards creating a more inclusive community since 2021.

In 2023, the bank invested in developing strategies that focus on embedding diversity within its values and culture, promoting diversity in leadership and unlocking innovation to foster a positive work environment. It also focused on enhancing the banking experience of clients and contributing to thriving communities.

Standard Chartered Bank Taiwan continues to identify new D&I suppliers through the supply chain management-led procurement process. In the third quarter of 2023, the bank’s newly onboarded suppliers represented about 16% of the supply chain.

Committed to inclusion

The bank’s vision of a more diverse and equitable society extends beyond financial services. To support women entrepreneurs to grow, thrive and succeed in business through upskilling and mentorship, Standard Chartered Bank Taiwan partnered with the Garden of Hope Foundation and launched the “Women in Entrepreneurship (WiE)” initiative in 2023.

The programme offers financial incentives, supports entrepreneurs and provides the required training and workshops to help women advance in their goals. In 2023, the programme received 60 micro business applications across social inclusion, innovation technology and sustainable environment, and the top three winners were collectively awarded $54,000 in prizes.

Standard Chartered Bank Taiwan has been recognised as the winner of the Best Advance in Diversity and Inclusion Initiatives category at the Annual Retail Banker International Asia Trailblazer Awards 2024. It has also been highly commended in the Excellence in Loan Origination Process category.

Taishin International Bank’s commitment to introduce innovative technologies is helping attract more consumers

Financial institutions are embracing digitisation to keep pace with the rapidly evolving digital economy and ensure competitiveness and relevance in the industry. This transformation not only enhances business values and customer perspectives but also addresses key factors including customer outreach, marketing differentiation, operational efficiency and competition with leading financial technology firms (fintechs).

Overall, integrating digital capabilities is crucial for banks as they affect performance and contribute to environmental goals by optimising internal operations.

In response to the growing trend in digital banking, Taishin International Bank (TSIB) in 2016 launched Richart, its digital banking brand.

Digital banking

In April 2023, Richart partnered with e-wallet provider JKOPay to offer a streamlined account service. By linking their Richart accounts with the JKOPay app, users benefit from a unique interest model that is based on JKO’s membership levels and open data as opposed to receiving basic interest rates on deposits. By utilising open banking data, users can view their cash flow and payment information easily with third-party applications.

Richart thus caters to users who were previously unreachable by the bank and provides potential users with more comprehensive financial services, thus creating an innovative and convenient financial ecosystem.

To further accelerate the digital transformation, in August 2020, TSIB released Richart Life, an application that strengthens the bank’s fintech ecosystem and builds on Richart’s market-leading position. The application is regularly being updated to introduce unique features to users.

Additionally, as of last year, some 650,000 digital savings accounts were opened in the bank, encouraging the management to make further investments in AI applications to keep pace with the fast-evolving market while adhering to strict management protocols.

Sustainable initiatives

TSIB’s commitment to sustainability is evident in its efforts to support both client and public sustainability aspirations.

To achieve these objectives, the bank has incorporated international trends to enhance the sustainable development of its operations, mitigating environmental and social impacts, implementing sustainable finance and enhancing disclosure on financial governance.

TSIB has also launched its first ATM cross-border service remittance service collection in Taiwan to fulfil the needs of Southeast Asian migrant workers sending money to their home countries. The bank’s ATM system features a multilingual operational interface with languages including Chinese, English, Japanese, Korean, Vietnamese, Thai and Indonesian.

Taishin International Bank has won Best Retail Bank – Taiwan; Trailblazing use of AI or Machine Learning in Financial Services, Best Application of Data Analytics and Best Advance in Customer Relationship Management at the Annual Retail Banker International Asia Trailblazer Awards 2024.

Union Bank of the Philippines has positioned itself for success through the acquisition of CitiBank’s consumer business and the use of blockchain technology

In a strategic move, Union Bank of the Philippines (UnionBank) acquired US-based Citibank’s consumer business in the country, marking a pivotal moment in the Filipino bank’s journey toward growth and innovation.

The success of this acquisition can be attributed to UnionBank’s meticulous planning and commitment to empowering its workforce, coupled with a forward-thinking approach to embracing new technology.

Recognising the significance of the transition, the bank launched the #OneWithU integration programme, an initiative designed to assimilate the Citibank workforce seamlessly. UnionBank’s commitment to an inclusive approach ensured roles and opportunities were extended to all employees, fostering an environment where everyone felt valued.

The omni-channel communication strategy implemented during this transition was crucial in achieving an 88% job offer acceptance rate, the highest in any Citibank consumer division acquisition worldwide. This success can be attributed to UnionBank’s focus on exceptional employee experience, resulting in high engagement and sustained retention rates.

Blockchain innovation

UnionBank has also boldly ventured into digital asset services, positioning itself at the forefront of the future digital economy. The bank’s strategic objective revolves around leveraging blockchain technology to establish a secure, transparent and highly efficient ecosystem for trading and managing digital assets.

The integration of virtual asset exchange services (VAES) into the UnionBank Online mobile banking app has been a game-changer. This functionality allows users to activate their UnionBank crypto wallet, facilitating the seamless buying and selling of Bitcoin directly through the app.

In addition, the bank’s recent attainment of a full licence to operate as a virtual asset service provider (VASP) from central bank Bangko Sentral ng Pilipinas (BSP) is a significant milestone, solidifying its position as a key player in the country’s digital finance landscape.

UnionBank’s transformation of its mobile app into a one-stop solution for managing both traditional and virtual assets simplifies the customer experience. Clients can diversify and manage their financial portfolios effortlessly without the need to open or manage separate wallet services.

Union Bank of the Philippines has won the Best Onboarding Programme and Advances in the Use of Blockchain awards at the Annual Retail Banker International Asia Trailblazer Awards 2024. The bank has also been highly commended in the Excellence in Employee Recognition category.

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.

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.

UOB Thailand has developed a leadership development model and transformed its bank branches to drive successful outcomes

In today’s dynamic and competitive landscape, organisations recognise that employees are their most invaluable asset. With a vision to excel in their respective industries and a commitment to fostering a thriving workforce, companies are now developing leadership development programmes for staff.

Strategic leadership

United Overseas Bank (UOB) Thailand has demonstrated an unwavering commitment to supporting its workforce.

Grounded in the vision to become the world’s most trusted bank, UOB Thailand has created the Leadership Right By You (LRBY) programme. This initiative is tailored to different organisational levels and includes programmes for individual contributors, newly promoted managers and those overseeing teams.

The LRBY programmes are designed to boost the bank’s leaders by aligning them with the expected behaviours of a ‘UOB Leader’, motivating them to take the right actions and equipping them with the necessary knowledge, skills and techniques for success in leadership roles. This structured leadership journey caters to individuals at all levels, including individual contributors, people managers and managers of managers. It ensures a comprehensive approach to leadership development across the organisation.

UOB Thailand underscores the importance of leaders demonstrating care for their team members and exhibiting courage in addressing challenging situations, ultimately defining the distinctive qualities of its leaders.

Branch transformation

Recognising the challenges posed by swift customer preference changes and technological advancements, UOB Thailand has created the Strategic Transformation and Analytics Roadmap (STAR) framework.

Under this framework, the bank has implemented three key strategies for branch network rejuvenation: branch network transformation, new branch format and recalibration of branch operating hours.

These data-informed strategies have resulted in positive outcomes including increased revenue generation per square metre and improved net promoter scores.

Successful outcomes

In 2022, UOB Thailand enhanced its branch space utilisations for the advisory and engagement areas by 19%, resulting in a 69% increase in revenue generation per square metre compared to 2021.

The net promoter score (NPS), a measure of customer loyalty, exhibited remarkable growth in the first half of 2023. The top-tier NPS soared by 17.5%, while the bottom-tier saw a 7.5% uplift from the first half of 2022.

Lastly, from a business-centric viewpoint, UOB Thailand observed growth rates of 15% in deposits and 3% in lending balance in the first half of 2023 compared to the same period the previous year. These positive outcomes not only validate the efficacy of the STAR framework but also solidify the bank’s conviction in its journey towards becoming a fully data-driven organisation.

UOB Thailand has been recognised as the winner of the Excellence in Leadership Development, Excellence in Employee Recognition and the Best Use of Big Data in Customer Strategy awards at the Annual Retail Banker International Asia Trailblazer Awards 2024.