By The Asset
THE process behind what appears to an end user as a seamless, simple, and intuitive digital solution, is often anything but, as new digital offerings have to run a rigorous gauntlet through countless technical and control-related checks before
finally going live. The banks which put in the legwork to provide such seamless end user experiences, as well as successfully onboarding a significant number of clients to their digital offerings, are honoured at The Asset Triple A Digital Awards 2017.
Citibank continued to enhance its digital offering by developing intuitive tools to serve their customers across its footprint, and saw a significant number of digital onboarding acquisitions with many clients using its various digital channels. Mobile banking, like in previous years, has been an important focus for the bank. During the review period, Citi implemented a soft token system across the region and integrated a chatbot Facebook messenger feature for customers in Singapore.
Leveraging on its API capabilities, Citi forged partnerships with the likes of AXA and Honestbee in 2017, embedding credit payment facilities on their partners’ platforms. In India, Citi launched the HELLO communication platform for Citigold customers, allowing a secure channel for the bank’s relationship managers to interact with clients. The system enables easy document sharing and video conferencing for clients that are on the move.
For these achievements and other relevant considerations, Citi captures The Asset Triple A Digital Bank of the Year, Asia- Pacific. The bank also wins Digital Bank awards in several localized markets, for their commitment in creating a frictionless digital experience.
Local banks also made their presence felt in providing seamless solutions at this year’s awards. The Philippines’ Unionbank invested in systems such as facial recognition technology to support logins into its mobile banking system. Moreover, the bank in 2017 launched the country’s first banking chatbot integrated with Facebook messenger, allowing the bank to handle banking enquires in a frictionless manner. Unionbank wins Digital Bank of the Year, Philippines.
In Thailand, Siam Commercial Bank went through a significant digital shift revamping its mobile application, SCB Easy, to carry out tasks such as topping up express cards and paying utility bills. The bank has also implemented a card-less ATM procedure to allow withdrawals from any Siam Commercial Bank ATM using their app. The bank wins Digital Bank of the Year, Thailand.
To provide a seamless solution, some banks had to revamp their systems to keep up with the fast-moving times. In India, Axis Bank reevaluated its credit card risk monitoring system to allow for further automation. Now the bank is able to send alerts and receive confirmation from customers regarding suspicious activity, all done without human intervention. Furthermore, Hong Leong Bank in Malaysia sought to update its branch experience by deploying self-service tablet devices.
For other financial institutions, partnerships were key. In Singapore, Standard Chartered collaborated with start-up company soCash to give customers more options when withdrawing cash from merchant locations. In Taiwan, E.Sun Bank partnered with Amazon Web Services to speed up information sharing in regards revealing potential business leads in the local market.
Financial technology (fintechs) players, such as Investree in Indonesia, have been at the forefront of streamlining SME (small and medium sized enterprise) financing in a market with a US$80 billion SME financing gap. Investree was one of the first peer-to- peer lenders in country, connecting SMEs in need of financing with individuals looking for better returns on their investments. Headquartered in Hong Kong, Privé Managers similarly aims to make it easier for financial institutions to pick and choose which digital wealth management service works best for their business. Bambu in Singapore turned heads with its ability to deploy a clear goals-based investment strategy for banks and asset managers. These fintechs are honoured as Fintech of the Year in their respective markets.
From fintechs to banks, seamless solutions have been at the heart of every digital solution and will continue to be in the minds of technology teams looking to attract more customers.