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.