UOB to spend $500m on boosting digital banking capabilities

Singaporean multinational financial institution United Abroad Financial institution (UOB) is ready to speculate as much as half a billion {dollars} with the intention to double its digital-first clients.

UOB’s head of TMRW and group digital banking, Kevin Lam

UOB will spend as much as $500 million on a brand new personalised digital banking app with the intention to serve greater than seven million clients throughout the Affiliation of Southeast Asian Nations (ASEAN) by 2026.

To do that, the financial institution will combine its digital-first bank TMRW – launched in 2019 and with a presence in Singapore, Indonesia and Thailand – with its cell app UOB Mighty to create a brand new platform referred to as UOB TMRW.

A beta model of the app has already been launched to UOB’s Singapore workers after which UOB TMRW might be out there to all UOB clients in Singapore later this 12 months. Subsequently, UOB will roll out UOB TMRW throughout key ASEAN markets within the subsequent 18 months.

UOB TMRW will leverage TMRW’s AI-led personalised banking capabilities to supply tailor-made insights to clients. The group behind the brand new platform will draw on experience in know-how, behavioural and knowledge science and banking to repeatedly improve and improve the app.

Because of the pandemic and the proliferation of digital channels, UOB says the adoption of digital funds resembling QR codes has elevated greater than 200% whereas money, not king, has seen withdrawals and deposits tumble greater than 30% final 12 months.

Head of TMRW and group digital banking, Kevin Lam, says: “We envision a future the place the UOB digital banking expertise and the options and providers we provide are tailored to every buyer, based mostly on their banking patterns.”

UOB CEO and deputy chair, Wee Ee Cheong, says engagement is a key differentiator of UOB’s digital banking expertise and previously two years, and COVID-19 has accelerated digital adoption to the purpose the place digital is the dominant desire.

“Now could be the correct time to carry our digital financial institution capabilities collectively. By harnessing the very best of TMRW and UOB Mighty in a single platform, we are able to faucet economies of scale to speed up innovation particularly within the space of hyper-personalised digital banking experiences and velocity to market.”

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