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.