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The Most Tech Savvy Banks in Asia 2013

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  • 1. The Most Tech-Savvy Banks in Asia 2013
  • 2. Meet the Leaders in Banking Technology “The correlation between the use of innovative technologies and improving revenue performance is clear.” Retail banks in Asia have traditionally been a ‘bricks and mortar’ business. Physical branches prevailed and customers have traditionally been accustomed to visiting these physical branches for basic banking services such as deposits, withdrawals and loans. But things are changing. The rapid pace of development and innovation in retail banking technology are forcing many banks to rethink their strategy. Some banks are leading the charge and are already realising the potential of using technology to leapfrog ahead of the competition. They started putting in efforts, early on, to offer products and services through the help of cutting-edge technologies. Those banks are reaping the benefits now. The correlation between the use of innovative technologies and improving revenue performance is clear. While physical branches still exist, establishing an online presence is of paramount importance. Providing services that are available online not only opens the floodgate to a sea of opportunities, it also allows the bank to evolve through time and adapt to the changing banking habits of consumers in the Asian region. In this special feature, we have listed the most tech-savvy banks in Asia today and identified who are the leading players in the following categories: Mobile Phone Banking Solution, Mobile Banking Application, Data Analytics, Internet Banking, Risk Management Technology, Social Media Engagement and Customer Relationship Management.
  • 3. #1 in Mobile Phone Banking Solution Visit Hana Bank Website Hana Bank is well-known for being a smart phone banking pioneer in South Korea. Recently, it launched a new digital wallet service called ‘Hana N Wallet’ that offers functionalities such as P2P money transfer and ATM Withdrawal. How does it work? Simple. John sends money to Peter through Peter’s phone number. Peter then receives an SMS and the money goes to Peter’s ‘Hana N Wallet’. If Peter doesn’t have ‘Hana N Wallet’ on his smart phone, he can simply download it from the URL included in the SMS. The money can be withdrawn at any Hana Bank ATM, without an ATM card. This works by entering a six-digit number provided by ‘Hana N Wallet’. This innovation in service and convenience has puts Hana Bank as one of the leading providers of e-wallet service in the world.
  • 4. #1 in Mobile Banking Application Citi tablet, optimised for iPad, is the most impressive tablet application today as it allows consumers to manage their accounts in a whole new way. Using the latest technology to provide rich displays, charts and data, it provides an excellent platform for people on the go to view their account balances, check recent activity, make bill payments, transfer funds or simply read up on personal finance and money management matters. It also incorporates social media @AskCiti Twitter stream into the app for better engagement with users. Visit Citibank Website
  • 5. #1 in Data Analytics Taiwan’s Cathay United Bank began deployment of its enterprise data warehouse system as early as 2001. As such, the bank was able to have a single view for risk management and applied data mining for customer behaviour analysis. Between 2010 and 2012, the bank redesigned its customer relationship management (CRM) system and built enterprise data management infrastructure. In addition, it endeavoured to build a master data management system and data governance standards, which helped enhance its industry competitiveness. Visit Cathay United Bank Website
  • 6. #1 in Internet Banking Standard Chartered Bank (SCB) recently introduced a state of the art security tokens for internet banking. SCB Singapore’s Pay-Any Card platform features a unique security token, with the bank being the first in the world to provide customers with a security token to be embedded into all card types (credit, debit and ATM cards). Currently, 75% of Standard Chartered Bank’s Singapore customers are enrolled for online banking and usage of its online bill payment service has doubled in 2012 compared to previous year. Visit Standard Chartered Bank Website
  • 7. #1 in Risk Management Technology Visit Maybank Website With 10 million customers in Malaysia alone, Maybank remains the number one player in key retail products. Maybank’s enhanced Retail Application Scorecard Project across its major retail products aided the bank in making the best possible credit decision for each customer based on their profile. In creating these scorecards, extensive research was conducted using available information such as demographic, application, CCRIS, account’s lifetime information, recent 12 months’ billing cycle information. It also used industry best practices as the benchmark at every stage of the development process. As a result, the bank saw improved robustness of the existing application scorecard and a drastic reduction of impairment ratio in its retail products.
  • 8. #1 in Social Media Engagement CIMB Malaysia clearly knows social media. In recent years, the bank developed a strategy that included an entire re-branding exercise over social media. Currently, CIMB Malaysia’s Facebook page has more than a 1 million fans. In contrast, Lloyd’s in the UK has 41k and Wells Fargo in the US has 500k. Social media is evidently an important component of the bank’s marketing and customer communication strategy. While others see social media as a risk, CIMB Malaysia obviously sees it as an opportunity. Visit CIMB Bank Website
  • 9. #1 in Customer Relationship Management Visit OCBC Website OCBC Bank, the fastest growing bank in Singapore, recognised that customer satisfaction and needs can be more effectively met by providing truly fast and easy processes for its customers. Through the use of cutting edge technologies, it started dedicating significant effort towards understanding customer behaviour and requirements, which could help strategic thinking and operational planning. It set-up a bank-wide customer experience centre, which helped redesign every customer touchpoint, introduced the youth brand ‘Frank’ and developed an easy personal loan application process through the bank’s ‘Cash in 3 Minutes’ initiative. These slew of efforts helped improve customer satisfaction as well as propel the bank to pole position in the consumer credit segment.
  • 10. Learn how to implement the latest technology to support innovative business strategies and improve financial services in retail banking at 3-4 December 2013 | Singapore To attend the conference, email enquiry@iqpc.com.sg or call +65 6722 9388 www.retailbankit.com