Arvid Swartsenburg, Head of Partnerships & Strategy of UOB’s stand-alone digital bank, TMRW, stated that: Southeast Asian territory packs definitely a punch in the changing dimensions of new age modernized banking with the perfect mix of talented, budding, digitized ambient as well as the most unbanked populations who are powering way for a paradigm shift in digital banking module. Thus, in turn, it is thrusting the Financial Services and Banking arena for unearthing the supremacy of information for getting better access, better personalized as well as best in class merchandize and services that are hugely affordable.
As according to the Fitch Ratings, Southeast Asian territory is a home for an unbanked populace of around a whopping 290 Million, and wherein, only 18 percent of the whole populace within the territory has an access towards the credit.
Based on World Bank Global Findex data, it is lower than the actual proportion of the populace at 37 percent who are actually completely digitally compliant. This provides an aided ecosystem and thrust for digital financial services to nurture.
Swartsenburg, who powers out the whole progress and enhancement of TMRW’s strategy within the South East Asian territory, stated that the nations exclusive features are assertive for the financial services firms to rethink banking from the ground up to and incessantly innovate.
Digital banking solution provider Meniga which focusses in private finance management has reinforced UOB’s TMRW by fuelling the latter’s information categorisation engine.
Clients can effortlessly match their procurements and organise the way they accomplish their finances in real-time, making TMRW highly custom made to suit their consumers and relevant to their requirements. To date, the system has administered and categorised 500 million transactions for TMRW and UOB’s mobile banking app, UOB Mighty.
Kanika Mittal, Meniga Regional Head, APAC also stated that: ““We’re delighted to have partnered with UOB, and excited about their expansion plans in South East Asia. Our partnership helps enable a seamless, hyper-personalised and a reliable platform, granting millions of their end-users the necessary financial management tools. UOB’s first-class digital banking solution is a testament to their customer-centric strategy and their ability to stay ahead in this increasingly competitive landscape.”
Swartsenburg further announced that, “Digital banks constantly need to think, innovate and reinvent, while moving swiftly with the agility and speed demanded by a generation of digital natives. At UOB’s TMRW, we release a new version of our app every other month across Thailand and Indonesia as a result of lessons we have learnt from evolving trends of our customers’ needs. Obsession with the latest technologies and data is a must – it has to be part of our DNA to anticipate the type of experiences that our customers want and need.”
He also added that, together with the UOB – TMRW team, Meniga has facilitated transform data created by clients into anticipatory insights. To date, the system has handled and characterized 500 million transactions for TMRW and UOB’s Mighty mobile application.
Information powered banking
Swartsenburg also stated that, UOB’s digital bank TMRW launched in Thailand in March 2019 formerly progressed to Indonesia in August 2020. TMRW has been “digital from the beginning. He also explained that UOB’s information as well as analytics infrastructure is created within the design for revolving around the progressive data, data science solutions in a swift manner.
Data-driven banking, which revolves around collecting, processing and using data to provide customers greater personalisation, has been an emerging concept of the past years. This has been accelerated lately on the back of COVID-19.
According to McKinsey, within the initial few months of the global pandemic, the utilization of online and smartphone banking channels across nations witnessed a huge upsurge by an appraised 20 to 50 percent. Procedure is expected to persevere at this higher level once the pandemic dwindles.
As clients upsurge their utilization of digital banking services, so will their prospects. In parallel, principal client-internet firms endure to promote the bar on integration as well as offering hugely-tailored services at the right time, via a perfect channel.
Swartsenburg stated, “TMRW operates under a unique ATGIE business model, an acronym that stands for Acquire, Transact, generate data, produced Insights, and Engage. ATGIE emphasizes providing a great post-sign up experience through data-driven engagement. It also offers valuable products that deepen and strengthen customer relationships.”
Embracing the partnership approach
To fast-track innovation and possess up with clients’ swiftly evolving prospects, TMRW has incorporated the partnership approach.
Thanks to its microservices architecture, TMRW is able to rapidly adapt and scale its platform rapidly by integrating with third-party providers using APIs, Swartsenburg said. “These partnerships and integrations have enabled TMRW to “push boundaries of innovation with the launch of new features and capabilities,” he said.
“Banks have the option to buy, build or partner to obtain innovative capabilities to enhance digital financial services,” Swartsenburg said. “A combination of these strategies should be considered, based on the maturity and business goals of the organisation. But partnerships are often a fast, cost-efficient and effective way to innovate and grow.”
