Bank SinoPac awarded Best IoT Initiative at The International Excellence in Retail Financial Services Awards 2020
- Bank SinoPac’s SPORT card and Fun Sport app harnessed IoT to develop an effective value proposition for its retail banking customers
- The bank extended its product beyond banking and created a sport ecology by partnering with key stakeholders from various industries
- The initiative promoted community interaction to successfully deepen engagement
Singapore, 5 June 2020 — Bank Sinopac received Best IoT Initiative at The Asian Banker International Excellence in Retail Financial Awards 2020.
Bank SinoPac’s SPORT card and Fun Sport app harnessed IoT to develop an effective value proposition for its retail banking customers
Recognising the importance of physical exercise to the Taiwan market, the bank launched its SPORT card and Fun Sport app to integrate health with banking services. This credit card leverages technology to enable card holders to earn bonus points through burning calories. The Fun Sport app tracks the daily activities of the card holders and converts it into “Fun Points” which is equivalent to $0.03 (TWD 1).
The bank extended its product beyond banking and created a sport ecology by partnering with key stakeholders from various industries
Bank SinoPac collaborated with wearable brands such as Garmin and Fitbit to offer benefits and discounts to its card users. With the use of IoT, the data from the wearables are synced automatically with the Fun Sport app. The bank also linked their product to Apple Health and Google Fit apps to calculate the calories for other users. In addition, Bank SinoPac formed a cross-industry ecosystem by collaborating with various sports channels such as the government’s Taipei Sports Centre, sports chain store Momentum, gyms and restaurants.
The initiative promoted community interaction to successfully deepen engagement
The bank initiated “Calorie Accelerator” events with a reward mechanism correspondent to three levels of activities. It also introduced team events throughout the year to foster engagement not just between the bank and the customer, but also within the community. By the end of 2019, holders of SinoPac SPORT card and users of the Fun Sport app have collectively burnt more than 500 million calories and accumulated almost half a trillion bonus points. The initiative also drove the bank’s credit card business with more than 70,000 SPORT cards issued in just nine months. The bank also saw a surge in members using the Fun Sport app with a very high active user rate.
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You may visit the Excellence in Retail Financial Services page at http://awards.asianbankerforums.com/retailfinancial/
For further information on the collaterals for winning banks, please contact:
Mr. Mobasher Zein Kazmi