United Overseas Bank (UOB) increased retail banking income contribution by 15% as the financial industry grapples with digital advancement. The bank leveraged its omni-channel customer engagement model which helped grow retail deposits by 7% year on year. The bank continued to invest in digital transformation and innovation which resulted in 96% of all transactions being conducted digitally in 2019.
The inaugural BankQuality™ Consumer Survey and Rankings interviewed 11,000 bank customers in 11 markets across the Asia Pacific region on their engagement, experience and satisfaction with their main retail banks.
South Korea’s first digital-only bank Kakaobank (kakaobank) earned the top spot as the Most Helpful Bank in Asia Pacific during COVID-19 in the inaugural BankQuality Consumer Survey and Ranking, which involved 11,000 bank customers in 11 markets across the region.
The Singapore banking industry has persevered through challenges in 2019 such as global growth coming under pressure due to geopolitical and trade tensions, but the COVID-19 outbreak will be a greater test to the country’s financial sector stability.
Singapore’s start-up economy and innovative financial system have cultivated the peer-to-peer lending industry in the country. With more players coming into the scene, Funding Societies aims to differentiate itself through data analytics and technology.