Personalising Banking for Every Customer

Personalisation captures our commitment to understand and to anticipate the unique needs of each customer. Using data gathered through our customer engagements and leveraging analytics and technology, we glean meaningful insights to create solutions that anticipate customers’ needs, delivered via their preferred service channels which helps them achieve their financial aspirations.

You Are Unique – it’s what drives us to do Right By You

In September 2022, we launched an integrated regional brand campaign ‘Doing Right By You’ as part of the Bank’s brand refresh.

Our campaign was focused on the theme ‘You Are Unique’, which highlights our belief that everyone is different in their needs, preferences and aspirations. This is why we personalise our customers’ banking experience with us, delivering customised solutions to suit their different life stages and lifestyles.

The campaign comprises short films that highlight how each individual can be unique in different circumstances.

There was a significant uplift in brand preference^ in Singapore during the year, a testament to our branding efforts and consistent execution of our personalisation strategy.

2021: 30%

2022: 33%

^ Based on an annual brand health survey conducted by Ipsos, a global market research agency, on 3,000 retail consumers in Singapore. Preference tracks the percentage of respondents who indicate that they would consider banking only with UOB or consider UOB over other banks as one of several they would transact with.

Our global network seamlessly melds our physical presence with our digital channels to enable our customers to interact and to engage with us at their convenience.

Ultimately, we aim to make banking simpler, more seamless and personalised, through a combination of our online and offline touchpoints.

Physical network:

Around 400 branches; and
More than 1.1 million automated teller machines (ATMs¹).

Digital channels:

Online banking; and
UOB TMRW app.

2022 in review

1 in 5

UOB customers are omni-channel customers.

On average, an omni-channel customer:

-

held 1.78 products; and

-

performed 566 transactions a year (+31% year-on-year).
Omni-channel customers:

-

remain the most engaged, holding more products and transacting up to 20X more²; and

-

drive 51% of total revenue (Up from 47% in 2021)

1

Includes both owned and shared ATMs.

2

Compares the number of transactions of omni-channel customers and traditional customers.
Traditional customers are customers who use only physical channels such as branches and call centres, while omni-channel customers are customers who use a combination of physical and digital channels, including online banking and our mobile app.

Delivering personalisation at scale through UOB TMRW

UOB TMRW is the Bank’s all-in-one app built around customer needs to enable them to bank, to pay and to play with ease. We are constantly enhancing the app’s capabilities with the latest technologies, including using a range of innovative solutions from FinTech providers as well as proprietary in-house artificial intelligence (AI)/machine learning (ML) models, to cleanse data and to analyse customer behaviours and transactions, as well as deliver personalised and actionable insights for our digital customers across ASEAN.

Adoption and interaction rates on the app have been rising.

2022 in review

8%

of our customers moved from transacting through traditional channels to digital channels.

Digitally-enabled customers³

+18%

year-on-year; and

75%

of our customer base in ASEAN.

577 million

transactions analysed to generate relevant customer insights (+7% year-on-year).

New-to-bank customers acquired digitally through UOB TMRW

+62%

year-on-year; and

>50%

of our total acquired customer base in ASEAN.

22

awards won in 2022.

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Digitally-enabled customers refer to customers with user ID and password for UOB TMRW and/or Personal Internet Banking account.

Innovating for TMRW

Launch of UOB TMRW in Thailand

Follows the successful rollout of UOB TMRW in Singapore in 2021;
Combines ASEAN’s first mobile-only bank, TMRW, and the Bank’s mobile app UOB Mighty;
Offers a wider suite of products and solutions; and
Will be rolled out across ASEAN in the next two years.

Launch of Auto-Save, an AI-driven automated savings feature on TMRW in Indonesia

First-of-its-kind in ASEAN, this feature uses technology to analyse and to predict each customer’s past, current and future spending patterns, income and everyday transactions to find surplus cash; and
Automatically sweeps surplus cash into the savings account to earn higher interest, while ensuring sufficient balances in current accounts for any required transactions.

Launch of multi-theme capability on UOB TMRW in Singapore

Introduce refreshing and personalised new themes and looks on the app interface; and
Provides customers with easier navigation and a dynamic login screen.

Transforming our branch network to meet changing customer needs

While the majority of our customers have adopted digital, some still prefer a hybrid digital and physical engagement model with face-to-face interactions at a branch.

To that end, we have been transforming our branch network, creating spaces where customers can obtain financial advice and participate in various activities centred around their interests. Going beyond banking, our redesigned branches have more advisory and customer engagement areas to facilitate deeper conversations with customers.

Since we started transforming our branches in 2017, we have refreshed more than two-thirds of them in Singapore and more than one-third across our regional network. In 2022, we reconfigured 20 branches across Indonesia, Malaysia, Singapore and Thailand, to serve individual customers and small- and medium-sized enterprises.

Blending banking with holistic wellness

Singapore

Launched

6

wellness concept branches.

Served

10,000

people at wellness booths.

Engaged with

1,000

participants at wellness events.

Product sign-up rate rose

25%

through wellness engagements.

Our revitalised UOB Upper Bukit Timah branch focuses on customers’ holistic wellness. Designed with nature in mind, coupled with an exclusive scent, the branch simulates an experience that is closer to nature.

Other designated wellness branches are UOB Jem, Orchard, Suntec City, Tampines and UOB Privilege Banking Centre Orchard.

We organise regular wellness events and activities including:

basic health screenings, an industry-first;
tea blending and essential oil mixing; and
monthly wellness workshops such as art jamming, yoga and financial planning.

Customers who participated in our wellness activities showed a 25 per cent uplift in product sign-up rate and a 10 per cent increase in the average number of new product sign-ups per customer.⁴

Bank employees are trained and appointed as Wellness Advocates to provide guidance on wellness programmes. Sixteen employees have been upskilled and appointed as Wellness Advocates since July 2022.

At UOB Privilege Banking Centre Orchard, clients can enjoy unique wellness offerings which are refreshed periodically, such as an AI-powered skin analysis and a 3D body scan.

We organise a variety of wellness activities for our clients, including succession planning talks, wellness retreats and art workshops.

Hangout@UOB – located at Singapore Polytechnic and Ngee Ann Polytechnic – continues to provide a welcoming space for young adults to explore entrepreneurship, to discover their passions and to talk about finances.

Through both offline and online events, we have engaged with more than 2,500 participants in 2022.

Thailand

UOB Plaza Bangkok, our recently-completed head office and main branch in Thailand, is located right in the heart of Bangkok’s business district on Sukhumvit Road.

Focusing on financial and lifestyle services, 70 per cent of the branch’s floor space is set aside for customer engagement activities such as economic outlook seminars and lifestyle workshops, while the remaining 30 per cent is for financial advisory services. Customers can enjoy a cup of premium coffee from % Arabica while waiting to be served.

We piloted a new mobile branch concept to bring the Bank closer to retail customers. The mobile branches offer account opening, cashless transactions and personal financial advisory services. They will be set up at major community, residential and workplace areas in and around Bangkok, and rotated every few months.

A card for everyone

UOB has more than 15 different credit cards with benefits ranging from travel, cashback, rewards and lifestyle privileges.

2022 in review (Singapore)

Number one issuer for Visa commercial credit cards and Mastercard commercial credit and debit cards;
Number one issuer for Visa personal credit cards;
Number one acquirer for Visa and Mastercard;
One out of two cardholders in Singapore holds a UOB card; and
Approximately 1.3 million UOB credit cards in use today.

Rewards galore

We work together with our wide ecosystem of partners to curate the best deals, cashback and rewards for our customers.

UOB Rewards+:

Singapore’s largest deals, cashback and rewards programme, with more than 50,000 deals, cashback and rewards at more than 60,000 merchant locations, served through UOB TMRW;
Deals are recommended based on each customer’s transactions and reward redemption patterns; and
Instant cashback all year round on UOB$ programme with market leader partners including Crystal Jade, Starbucks and more.

Exclusive regional tie-ups and deals:

Partnered established regional names such as Singapore Airlines, The MICHELIN Guide, COMO Group and Shopee, to augment our regional rewards programme;
Offer cross-border discounts, attractive rewards and unique experiences to cardholders in the region;
The Bank’s total billings in the region grew 26 per cent in 2022, and is 19 per cent higher compared with pre-COVID levels in 2019; and
Cross-border billings in 2022 also increased more than 72 per cent year-on-year.

Growing customers’ wealth

Tapping data analytics and technology, we help customers maximise the potential of their savings and accelerate their journey towards their financial aspirations.

Wealth and Privilege Banking

We use technology, such as AI/ML, to identify our affluent customers then engage and upgrade them to our wealth management platforms to better serve them with a wider range of wealth advisory services and solutions. Our advisors are allocated with an optimal number of client portfolios to ensure that each customer is served in a timely manner.

Through understanding customers’ aspirations and leveraging data-driven insights, we provide financial advice centred around their priorities. We help our customers optimise their portfolio through our proprietary Risk-First approach to ensure alignment with clients’ risk profile, life stage and wealth goals. Discussions and decisions are enabled by technology, such as our UOB Portfolio Advisory Tools (PAT) and self-serve digital investing platform SimpleInvest.
‍
We have also integrated deposits and investment data from SGFinDex⁵ into PAT. Customers in Singapore can monitor, manage and optimise their wealth portfolios with a holistic view during wealth reviews with our advisors.

5

Singapore Financial Data Exchange (SGFinDex) is a public digital infrastructure which uses a national digital identity and centrally-managed online consent system to enable individuals to access, through applications, their financial information held across different government agencies and financial institutions.

Private Banking

In 2022, we implemented a proprietary analytics model, which considers factors including customers’ personal preferences and traits, such as investment and language preferences, to identify the most suitable relationship manager for each customer.

Through our ‘One Bank’ approach, we also stepped-up efforts to tap our retail and commercial banking strengths across the region to offer solutions to meet our customers’ personal and corporate wealth management needs.

AUM

8%

growth year-on-year despite volatile market conditions.

Discretionary Portfolio Management (DPM)

Revenue grew

26%

year-on-year.

Net New Assets (NNA)

Record net inflows

>$8 billion

year-on-year

20%

of NNA was generated from
our ‘One Bank’ ecosystem.

3X

year-on-year increase in NNA from referrals from other business units and regional offices within the Bank.

6

Includes Privilege Reserve and Private Bank

Walking the green journey with customers

We help our customers cut their carbon footprint through their everyday choices.

Financing a home with the BCA Green Mark Gold and above.
‍
Go Green Home Loans made up almost 10 per cent of total home loan sales in 2022.

During the year, we also launched our first Personal Financial Services (PFS) Secured Loans Green Product Framework - Eligibility Guide. The framework leverages insights from Morningstar Sustainalytics, a leading global provider of ESG research, ratings, and data.

Financing the purchase of Electric Vehicles (EVs).
‍
In 2022, we:

collaborated with SP Group to offer new customers three months of free charging (capped at 500kWh) at SP Mobility’s public charging points; and
expanded Go Green Car Loans, which made up 15 per cent of our total car loan sales volume.

During the year, we also launched our first Personal Financial Services (PFS) Secured Loans Green Product Framework - Eligibility Guide. The framework leverages insights from Morningstar Sustainalytics, a leading global provider of ESG research, ratings, and data.

Enjoying cashback and privileges at eco-conscious merchants with ASEAN’s first bio-sourced card – UOB EVOL Card.

In 2022, we were first in Singapore to partner SP Group to offer customers complimentary My Green Credits when they use their UOB EVOL Card to make utilities payment. This enables customers to potentially offset 100 per cent or more of their household electricity carbon emissions.

Investing in sustainable themes and companies.
‍
In 2022,

>$800 million AUM across our regional markets;
Of the customers who bought into ESG funds, 15 per cent are Gen Y⁷ and 50 per cent are women; and
UOB was awarded Asia’s Best Wealth Manager for Impact Investing, by The Asset Triple A Private Capital Awards.

Our PFS Sustainability programme was also recognised by The Institute of Banking and Finance as the Environmental, Social and Governance (ESG) program of the year – Silver recipient.
‍
In November 2022, we launched a feature on UOB TMRW app to enable customers to easily access green deals, investments and banking products. Through our app, customers will receive eco-friendly tips for greener lifestyle choices.

Our Private Bank’s investment and research processes also incorporate ESG considerations into stock, bond, fund and ETF recommendations. We maintain a list of ESG ratings and considerations for all our asset classes and products, enabling customers to construct ESG focused portfolios. As part of our DPM solution, we also offer customised ESG portfolios for customers.

7

Ages 24 to 39 (both inclusive).

Safeguarding customers’ interests

Scams and fraud come in various forms and are constantly evolving. In 2022, we continued to enhance our anti-scam measures, stepped up our educational efforts and shared security tips to protect our customers. We proactively updated customers through social media, in-app push notifications, emails, UOB websites, online banking login alerts, UOB TMRW app pre-login alerts, branch posters and educational brochures.

Some anti-scam measures that we have rolled out to protect our customers include:

the removal of clickable links on text messages and emails;
an extra level of authentication to complete selected high-risk transactions via online banking and the UOB TMRW app; and
an emergency self-service kill switch feature, which enables our customers to disable access to their digital banking channels in case of need.

We conducted targeted scam education workshops to raise our customers’ awareness on common scam types. We also introduced a no-queue policy at the branches to give immediate assistance to customers, blocking their accounts, cards or online banking services if they suspect that their accounts have been compromised. Our branch staff are trained to recognise red flags from potential scam cases while handling customer transactions and they receive monthly updates on the latest scam typologies.

Thwarting scams

In 2022, our branch teams prevented a record number of scams in Singapore.

2021

$0.46 million

prevented loss from 19 cases.

2022

$6.5 million

prevented loss from 90 cases.

Social media

Alerted customers of scams via social media.

Educational videos

Shared videos on scam awareness with customers regularly.

Push notifications

Sent periodically to alert customers of new scams and security measures.

Community workshops

Held UOB scam awareness and prevention drive for senior citizens at Ang Mo Kio Community Centre.

Innovating to make fund investments more accessible

A wholly-owned subsidiary of UOB, UOB Asset Management (UOBAM) develops and offers an extensive suite of wealth management investment products, ranging from unit trusts and exchange-traded funds (ETFs) to customised portfolio management services.

2022 in review

Launched UOBAM Ping An ChiNext:

The first ETF to be launched via the ETF link collaboration between Singapore Exchange and Shenzhen Stock Exchange; and
Offers access to innovative, fast-growing companies listed on China’s ChiNext market.

Enhanced the UOBAM Invest mobile app for retail investors:

Enables customers to customise up to 10 portfolios and offers multiple investment mode options, including guided robo-advisory, do-it-yourself, or both; and
Launched a new thematic portfolio that enables customers to invest in key megatrends such as changing demographics, the digital economy and the green economy.

Celebrated multiple award wins across the region:

Global Retail Banking Innovation Awards 2022: Best Robo Advisory Initiative and Outstanding Machine Learning Initiative; and
Energy Risk Asia Awards 2022: Environmental Products House of the Year – UOB APAC Green REIT ETF.

In January 2022, we announced plans to acquire Citigroup’s consumer banking businesses in Indonesia, Malaysia, Thailand and Vietnam. This helps us scale up our ASEAN retail business outside Singapore, solidifying our position as a leading ASEAN bank, well-placed to serve the lifestyle, payments and wealth management needs of our regional customers.

On 1 November 2022, we completed the acquisition in Malaysia and Thailand. By the end of 2023, we will complete the acquisition in Indonesia and Vietnam.

The acquisition is set to double the Bank’s retail customer base, strengthen our team with 5,000 more colleagues and add 24 more branches and almost 150 self-service machines to our regional network.

It will fast-track our regional growth plans by five years and enable the Bank to capture payments and wealth flows within ASEAN. Together with our broadened partner ecosystem, we are well-positioned to serve our enlarged customer base across ASEAN.

Landmark deal widely covered in the media⁸.

Making our mark in Malaysia and Thailand on the completion of the acquisition in these markets.

“The move will potentially put its capital to good use as the pandemic wanes and regional economic activity recovers over the next few years. It could also reposition UOB in the eyes of investors as a potent regional consumer banking play, and boost the performance of its shares over the next few years.”

‘UOB’s acquisition a big performance driver even as it caps immediate dividend surprises,’ The Business Times, 17 January 2022

8

Source: SPH Media Limited. Permission required for reproduction.

Entered into agreements to acquire Citigroup’s consumer banking businesses in Indonesia, Malaysia, Thailand and Vietnam.

Completed the acquisition of Citigroup’s consumer banking businesses in Malaysia and Thailand, which contributed 1.3 million customers, bringing our retail customer base in ASEAN to close to seven million;
All of Citigroup’s retail banking and consumer credit card business in these two countries have been transferred to UOB, including 13 branches and 95 self-service machines; and
More than 90 per cent and 80 per cent of related Citigroup consumer bank employees, including 100 per cent of the leadership team, have transferred to UOB in Malaysia and Thailand respectively.

Integration of Citigroup and UOB consumer banking portfolios in Malaysia and Thailand to be completed within the next 12 months; and
17 workstreams covering areas of products and solutions, people, processes and systems, to ensure a seamless integration.

Post-acquisition, our expanded touchpoints and partner ecosystem network will enable us to provide a wider range of products, services and benefits such as loyalty programmes to our enlarged customer base.

We continue to partner with leading regional brands to bolster the already-attractive rewards programme by giving customers access to cross-border benefits.

Customers can also experience UOB’s unique advisory model, investment solutions and a diversified range of wealth management products, including insurance and investment solutions. They will also enjoy our exclusive regional privileges, including access to our wealth management centers and concierge services.

The acquisition further boosts our regional network, enabling us to offer cross-border services and solutions to our customers, helping them to connect with and to capture opportunities within ASEAN.

Senior management teams from UOB Group, UOB Malaysia and UOB Thailand toasting to the successful completion of the acquisition on Legal Day 1.

UOB Thailand celebrating a new chapter with in-scope Citigroup employees at induction sessions.

Colleagues from UOB Malaysia capturing the joyous moment on Legal Day 1.

Personalising Banking for Every Customer

Our franchise at a glance