Research & Analysis
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POSSIBLE IDEAs
THE DIGITAL LANDSCAPE OF BANKING
THE State of fintech
What's Happening?
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$127.66 billion
$309.98 billion
Predicted annual growth rate of 25%
The global fintech market was worth $127.66 billion in 2018, with a predicted annual growth rate of 25% until 2022, to $309.98 billion. (State of Venture Capital Report)
Omnichannel strategy
Covid-19 has raised the need for digital solutions, video-based interactions and omnichannel experiences to provide uninterrupted services that are safe and allow business to continue as usual. Banks will need to adopt an omnichannel strategy to retain their customers. They will have to deliver an interactive, personalized experience through multiple channels to connect to customers, reaching out from multiple customer touch points.
Customers should not experience gaps as they move across channels. A customer should be able to choose products or services from the location and channel of their choice with convenience and still have a consistent experience.
Bank branches will need to pivot towards the omnichannel strategy and the digital banking platform to be able to connect to customers and reach out from multiple customer touch-points to prevent the extinction of branches.
GOJEK - Super App
A super app is a closed ecosystem of “many apps” that people would use every day “…because they offer such a seamless, integrated, contextualised and efficient experience”.
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100 million orders every month
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18+ products for 261 million people
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1 in 4 Indonesians have the app in their pocket
One app for ordering food, commuting, digital payments, shopping, hyper-local delivery, getting a massage, and two dozen services.
As an engine for boosting domestic demand, Go-Jek and other consumer-facing apps are arriving at a very opportune moment in the region. A phenomenon he calls “premature deindustrialization.”
The big sell for GOJEK
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The biggest moat GOJEK built is PAYMENTS. Once you’re handling money for a user, you can build a castle of services within it.
Caixa Bank - Imagin cafe
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Food and drinks
Cafe open everyday of the week.
Fun & Entetainment
There will be concerts, live shows, gaming sessions, DJ performances, cinema screenings, video art shows
Workshops
Special areas for workshops and interactive training sessions, along with an auditorium that can accommodate up to 250 people.
Emirates NBD – Future Banking Lab
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Digital Banking Zone
Self-service banking options like interactive teller machines and video conferencing stations
Future Banking Zone
Showcases digital innovations developed with technology partners such as the Visa “Connected Car,” MasterCard’s Virtual Shopping Experience.
Advisory/ Relationship Zone
A relaxed environment for customers to meet one-to-one with a financial advisor to discuss the banks products and services
Which banks are sp students banking with?
From the survey results we collected, most students in SP are banking with DBS.
Citibank
0.3%
DBS/POSB
73.6%
OCBC
19.5%
UOB
5.7%
Standard Chartered
0.9%
Programs offered by banks
OCBC
1. ​Young Investor Program
2 year program tailored for new inexperienced
investors
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Dedicated trading representatives, exclusive seminars
Citi
1. ​Citi-SMU financial literacy training
Peer to peer financial literacy programme for pre-tertiary and tertiary students
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Equip them with personal finance knowledge
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Reached out to over 4600 beneficiaries
Both dbs and ocbc are similar in terms of offering a youth financial literacy.
we would have to come up with a recurring event that will entice students to come back
majority of the programmes targeted at youth are related to financial literacy. This could be a possible direction for UOB to head towards to as well
WHAT DO THE BANKS HAVE IN COMMON?
no minimum deposit
OCBC ACCOUNTS: frank
MIGHTY SAVER KIDS
0.05% interest on savings account
$0 annual fees
DBS/POSB accounts:
E-everyday saving
multiplier
POSB KIDS
UOB accounts:
KRISFLYER
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how can we improve uob brand image and make students feel like converting to uob?
why are we mentioning about savings account?
although, our main focus is to improve branch engagement, what uob also wants is to enable youths to bank with them in the long run.
social media comparison
9,037
followers
12,600 followers
22,100
followers
453 posts
214 posts
956 posts
based on survey results, instagram is ranked 1st most used social media platform.
as we are trying to drive towards an omnichannel strategy, the online presence of Uob is important as well.
How can UOB better utilize their online platforms to increase online presence?
Survey results shows that 90% of the students are not
aware of the hangout@uob website which is their main online channel for the branch .
App Comparison
Common Traits of all the apps
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Transfer of funds
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Money Insights (Monthly spending, refund fees etc.)
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Cashflow Transactions
UOB Mighty Lifestyle
Deals
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Discover deals near you based on your geo-location. Over 1,000 exclusive deals locally and globally.
Mighty Coupons
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Grab brand new coupons every Friday!
Ocbc Goal Saving
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Start planning for that dream house, or that new laptop everyone’s raving about, with OCBC Saving Goals.
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Create your Saving Goals in OCBC Mobile Banking and simply set aside money automatically every month without having to open a separate bank account for it.
Unique selling point of uob app
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Dining Guides on where to eat
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Dining Reviews on different restaurants
As UOB is the only App offering rewards and deals, they should make use of this selling point to help them raise brand awareness
OCBC FRank Branch features
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open concept
allow students to customize their cards
branch is designed to allow FRANK customers to take their time to browse, touch and ask questions about the products and discuss their banking needs.
modelled after a "shopping experience"
dbs plaza singapura branch features
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interesting cafe concept
Video Teller Machines (VTMs)
industry-first VR corner for retirement planning
Pepper, the humanoid robot
Hangout@uob
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Location (sp students can come anytime they want), easily accessible
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Open concept branch, lots of room to play with (events)
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Aesthetics v nice, looks inviting (colourful)
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Seamless experience for students wanting to open an account
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No minimum deposit required to open an account
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Bank charges are waived for the first 3 years upon opening an account
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Threat
Opportunity
STrength
Weakness
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Lack of engagement
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Lack of personnel
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Unclear unique selling proposition
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Weak Online and Offline presence
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There is potential for new customers (since new students are always joining every year)
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Potential for Omnichannel experience
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Collaborating with the school for events or programs
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Other banks have a unique selling proposition (interesting concepts)
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OCBC Frank (card design)
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DBS CAFE (cafe concept)
Comparing the 3 branches...
dbs plaza singapura branch stands out the most as they offer customers a unique cafe experience
Customers have the option of visiting the branch for coffee if they do not wish to perform any banking transactions
ocbc frank branch and hangout@uob are similar as they are both within schools where students reside
hangout@uob has to provide a personalised experience that students can only find at hangout@UOb in order to stand out among the other branches
Hangout@uob can collaborate with students of sp to host events that would interest students. this will allow them to feel a sense of belonging.
Youth Analysis
bAsed on 318
survey responses
Based on 15 Personal Interview Responses
Based on
100
quick shot
responses
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online banking experience is valued more than offline
according to a Morgan Stanley survey, 50% to 80% of smartphone owning youths are using mobile banking
84.9% feels that online experience is more important than offline
43.4% uses online banking services daily