United Overseas Bank Limited (UOB) is launching a new digital bank for ASEAN’s growing mobile-focused and mobile only customers.
UOB’s Digital Bank is set to be deployed to key Southeast Asian markets, as it looks to broaden its regional reach.
All customers of the bank will be able to access digital banking service which will be tailored to them individually. The platform uses a data-centric business model, which will enable simple localised onboarding, and offer UOB a deeper understanding of customer preferences and behaviours in order to anticipate customer needs. This information will also be used to prompt customers to spend smarter, improve saving habits and help them reach financial goals.
The bank will be built with UOB’s own digital technology, but will also include solutions through its FinTech partners, Avatec.ai and Personetics.
With Avatec.ai’s credit assessment capabilities, UOB will be able to serve a broader base of Southeastern Asia and boost financial inclusion by supporting those new to credit. Personetics’ AI solution will help UOB to identify patterns and extract insights from transaction data, which will help the bank be more responsive to its customer needs.
The bank is aiming to build a customer base of three to five million within the next five years. Details of the launch will be released soon.
UOB head of regional digital bank and digital banking Dennis Khoo said, “Our focus for UOB’s Digital Bank is engagement and this guides the whole experience for our customers across Southeast Asia.
“Over the next ten years, the global retail banking industry will undergo significant change driven by innovation, the availability of rich and real-time data as well as the different needs and expectations of the mobile-savvy customers. UOB’s distinctive approach, unique purpose-built business model and our datacentric digital bank will enable us to seize this opportunity.”
Last month, UOB invested into and partnered with Personetics, an AI solution which implements a suite of analytics tools, and machine learning and pattern recognition algorithms. UOB completed the deal in order to bolster its own AI capabilities and draw deeper insights from transaction data.
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