Taiwanese banks target product and technology innovation to better serve customers
Proceedings report from the Taiwan Retail Banking Briefing 2013, on how competition in Taiwan’s highly saturated financial services industry is driving banking innovation. July 04, 2013 | Research*The following is an extract of an important five-page proceedings report on The Asian Banker’s Taiwan Retail Banking Briefing 2013. The entire report is available here. Innovation within Taiwan’s financial services industry According to Spike Wu, CEO of Taishin International Bank, innovation is very much present in Taiwan’s retail banking sector, such as mobile and online banking. The bank leads domestic market share in terms of automobile loans due to innovation in lending, data analytics, client segmentation, and rapid processing capabilities. Representatives from HSBC said that the group is leveraging its regional and international competencies to ensure continued competitiveness in the Taiwanese market. So far, the banking group has managed to implement new credit card, ATM, and mobile banking technologies, with ample allocation of resources driving the bank’s growth in the domestic banking market. This innovation is being fostered in Hong Kong and also Taiwan. Challenges faced by Taiwanese banks today With the domestic market highly saturated, Taiwanese banks must find ways to break into foreign markets, such as China and Southeast Asia. Chinatrust Commercial Bank and Fubon Bank are amongst banks that are establishing overseas operations to better support Taiwanese corporations and SMEs. Another huge issue for Taiwanese banks lies in finding distinguished ways to attract high net worth individuals' (HNWIs) businesses. Just about every bank in the country has a private banking platform, with banks segmenting and using different technologies and services to wrest market share from one another. *To access the entire report please cl...
Categories: China,Innovation,Internet Banking,Mobile banking,retail,Rmb,technology,Trade Finance,Transaction Banking, China,Innovation,Internet Banking,Mobile Banking,Retail Banking,Rmb,Technology & Operations,Trade Finance,Transaction Banking, Keywords:Taishin International Bank, Chinatrust Commercial Bank, Fubon Bank, HSBC, Citibank, Spike Wu
Taishin International Bank, Chinatrust Commercial Bank, Fubon Bank, HSBC, Citibank, Spike Wu
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