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UOB awarded Best Retail Bank in Singapore at The International Excellence in Retail Financial Services Awards 2020
- UOB demonstrated a solid performance in a highly competitive market
- The bank has created partnership ecosystems, invested in digital transformation, and used advanced data analytics to build an omni-channel customer engagement model
- As COVID-19 impacts lives, the bank has proactively provided precautionary and relief measures to its retail customers
Singapore, 29 June 2020 — United Overseas Bank (UOB) received the Best Retail Bank in Singapore at The Asian Banker International Excellence in Retail Financial Awards 2020.
UOB demonstrated a solid performance in a highly competitive market
UOB’s consumer banking business generated double-digit income growth in 2019, which drove an increase in its contribution to the Bank’s total revenue. Overall, the Bank’s retail business also saw improvements in profitability with increased return on equity and prudent management of costs.
Through UOB’s continued focus of creating financial solutions that are essential to the lifestyles and life stages of consumers and enhancing the omni-channel experience for its customers, the Bank maintained its significant market share in Singapore’s highly competitive market.
UOB has created partnership ecosystems, invested in digital transformation, and used advanced data analytics to build an omni-channel customer engagement model
UOB launched several market-firsts with the aim of making banking simpler, safer and smarter for its customers. For instance, it was the first bank in Singapore to digitalise the application of all its consumer banking products in 2018. In the same year, it also brought together real estate agencies and car dealerships to form Singapore’s largest property and car ecosystems to enhance the home and car buying journeys.
The Bank also enhanced its award-winning all-in-one mobile banking app, UOB Mighty, with new solutions and features. For example, UOB launched in 2018 Mighty FX, a digital multi-currency account that enables customers to buy or to transact in foreign currencies at any time and anywhere. In 2019, the Bank launched Mighty Insights, an artificial intelligence-based service which is integrated into UOB Mighty to provide customers with personalised insights to help them spend and save more wisely.
UOB’s digital strategy is part of its omni-channel approach to offering customers choices in how they bank. At its high street wealth banking centres, digital meets the physical seamlessly with the Bank leveraging artificial intelligence, advanced data analytics in providing face-to-face advisory. For example, using the UOB Portfolio Advisory Tool, the first such digital service offered specifically to emerging affluent consumers by a Singapore bank, UOB wealth advisers provide clients with personalised investment advisory to assist them in making investment decisions confidently.
As COVID-19 impacts lives and businesses, the bank has proactively provided precautionary and relief measures to individuals
To help mitigate the financial difficulties customers might face as a result of the impact of COVID-19, UOB rolled out relief measures such as deferrals of home and car loan repayments and lower interest rates on personal unsecured credit. The Bank made it simple and easy for customers to apply for these relief measures online in just two steps.
To safeguard the well-being of customers, the Bank also stepped up on its precautionary measures within its branches such as applying self-disinfecting coating at high-touch areas and deploying safe distancing ambassadors to remind customers to keep to safe-distancing requirements. It also provided priority services to the elderly and those with disabilities.
About The Asian Banker International
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing and Dubai, as well as representatives in London, New York and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums.The company’s website is www.theasianbanker.com
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
Head of Research
Tel: (+61) 452 514 145
Email: mkazmi@theasianbanker.com
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