Wednesday, 29 June 2022

Bank SinoPac’s digital account gained 10% market share with new customers comprising 77%

5 min read

By The Asian Banker

Bank SinoPac’s digital account DAWHO became the third largest digital account in Taiwan, with around 77% of users being new bank customers.

  • Bank SinoPac’s DAWHO was propositioned to be integrated into the clients’ daily life in a seamless way
  • DAWHO gained 10% of the market share in less than six months
  • Its automated deposit of transfer transaction project provides electronic authorisation service 

Taiwan, 16 September 2021 – Bank SinoPac was recognised for Best Deposit/Savings Product and the Best Digital Self-Service Initiative/Application in Taiwan at The Asian Banker Taiwan Awards Programme.

Bank SinoPac’s DAWHO is the second most discussed and third largest digital account

Bank SinoPac and Taishin Bank were the finalists for Best Deposit/Savings Product and the Best Digital Self-Service Initiative/Application Award. Bank SinoPac scored higher in digital and innovation, customer and cost.

Bank SinoPac is one of the most successful banks in terms of digital account acquisition. It has attracted customers to open digital accounts by providing competitive savings account interest rate. What set the bank apart from its peers is its deep understanding of customers’ needs and fulfilling their digital journey.

Digital and Innovation: DAWHO integrates into the clients’ daily life in a seamless way

Prior to Bank SinoPac’s launch of digital account DAWHO in June 2019, more than 20 banks already had their own digital accounts. Bank SinoPac targeted the younger generation as the key differentiation from other banks’ offerings. DAWHO was propositioned to be integrated into the clients’ daily life in both financial and non-financial scenarios. DAWHO is the only digital account in the market that combines savings, credit cards, wealth management, mortgage loans, foreign exchange and securities investment within one platform. With a user-friendly interface, customers can open an account in three steps within ten minutes.

In September 2020, Bank SinoPac launched an innovative service for automated deposit of transfer transaction. It provided electronic authorisation service to simplify the procedures and shorten the processing time. This can be accessed across various channels of the bank including the DAWHO app. Since its launch, thousands of new and existing customers have benefited from the service through reduced waiting time and lower processing cost.

Compared with its competitors such as Taishin Bank, DAWHO demonstrated a better understanding of the younger generation’s financial and non-financial needs. The one-stop and convenient user experience set the bank apart from the others and helped acquired market awareness and market share.

Market: DAWHO gained 10% market share in less than six months

The bank leveraged on data tagging, analytical tools and data-oriented decision making strategy to understand and meet customers’ demands, especially the young generation. DAWHO credit cards provide high-rate cashback in customers’ day-to-day life, including food, housing, transportation, entertainment, traveling, learning and pet care. As soon as DAWHO was launched, it aroused a lot of discussion on the product, user experience and discount, becoming the second most discussed digital account on the internet.

Although more than 20 banks have already launched digital accounts, DAWHO earned 10% of the market share in less than six months and became the third largest digital account in one year. As of Q3 2021, the amount of DAWHO accounts has exceeded more than 1 million. The average age of DAWHO members is 33 years old, lower than the overall average age of 48 for Bank SinoPac. Around 77% of DAWHO users are new bank customers and 75% of customers applied for a credit card.

Yield: Automated deposit of transfer transaction provides electronic authorisation service

DAWHO was developed for the young tech-savvy generation. It provided an interest rate of 1.1% for current deposit (NTD$ 500,000 or $17,926). DAWHO introduced special offers for foreign exchange and provided 8% cashback for credit cards to encourage travel. DAWHO also reduced the loan threshold with lower interest rates and longer grace periods for credit loans, car loans and mortgages. It helped more than 6,000 customers, with a total loan amount of about NTD 20 billion ($717 million). To help manage customers’ investments, DAWHO launched ibrAin, the robot advisor service of Bank SinoPac. Clients can invest in mutual funds with only NTD 100 ($3.59) without handling fee.

With the implementation of new regulations in 2021, DAWHO expects to further expand its customer base and provide service to people ages 7 to 20. It continues to optimise user interface and service on the app to provide a better experience, and focusing on investment service with security account integration and better portfolio management.

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 global research 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

You may visit the Transaction Finance Working Group page at

For further information on the collaterals for winning banks, please contact:

Mr. Mobasher Zein Kazmi

Head of Research

Tel: (+61) 452 514 145





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