Our commitment to personalise our customers’ journey drives us to understand and anticipate the unique needs of each customer. Our global network, comprising complementary physical touchpoints and digital channels, allows us to glean meaningful customer insights through face-to-face or digital interactions. Leveraging analytics and technology, we deliver customised engagements and solutions to our customers online-to-offline seamlessly via their preferred service channels. 4 found a 17 per cent increase in bank branch usage region-wide and a preference for an offline or a combination of channels for more complex transactions. These indicate that consumers valued face-to-face interaction as a complement to the multitude of digital channels available.
2023 in review
Our customers are becoming more digital;
Traditional customers5 have dropped to 32% of our customer base (from 42% in 2022); and
84% of the Bank’s total transactions are now on digital platforms.
1 in 5 UOB customers remain omni-channel customers6 . Omni-channel customers:
are the most engaged, holding more products and transacting up to 18X more7 ; and
drive 54% of total revenue (up from 53% in 2022).
4
The ACSS is UOB’s regional flagship study analysing consumer trends and sentiments in five countries: Singapore, Malaysia, Thailand, Indonesia and Vietnam. Now in its fourth year, the survey was conducted in June 2023 and captured the responses of 3,400 consumers across different demographic groups in this dynamic region. More details on ACSS 2023 can be found at https://www.uobgroup.com/asean-insights/articles/acss-2023.page.
5
Traditional customers are customers who use only physical channels such as branches and call centres.
6
Omni-channel customers are customers who use a combination of physical and digital channels, including online banking and mobile app.
7
Compares the number of transactions of omni-channel customers with traditional customers.
Making UOB TMRW a personal financial and lifestyle assistant
UOB TMRW, one of the most highly-rated apps on Apple’s App Store and the Google Play Store, is the Bank’s main digital channel to engage our customers across the region and round the clock. Leveraging the latest technologies, including proprietary in-house and external artificial intelligence/machine learning models, we developed and rolled out new capabilities to enhance our customers’ digital experience, making banking, investing and enjoying rewards simpler and smarter.
2023 in review
Digitally-enabled customers8 :
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77% of our customer base in ASEAN.
New-to-Bank customers acquired digitally through UOB TMRW:
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56% of our total acquired customer base in ASEAN; and
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Contributed to $4.7 billion incremental CASA9 balances (4.1X increase year on year).
E-payments growth in ASEAN:
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+25% year on year in unique customers;
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$129 billion in transaction value (+26% year on year); and
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161 million in transaction count (+30% year on year).
New e-payments corridors launched within the region:
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Malaysia DuitNow (Peer-to-Merchant [P2M]) ~40% market share ;
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Thailand PromptPay (Peer-to-Peer [P2P]): >60% market share ;
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March 2023: Launched Malaysia DuitNow (P2P) ; and
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November 2023: Launched UOB QRIS in Indonesia (P2M), Thailand PromptPay (P2M) .
14 awards won in 2023, including the Most Innovative Digital Bank and Best Mobile Banking Application awards in Singapore, Thailand and Malaysia by International Finance and Best Digital Bank award in Thailand by The Digital Banker .
Our suite of intelligent and personalised insights enables our customers to be in control of their money, through timely reminders, alerts and notifications. As we learn more about their behaviours and preferences, we continually introduce new insights such as market outlook and proactively serve products and valuable recommendations relevant to them to enhance our value proposition.
Top three most viewed insights.
New insights rolled out during the year.
8
Digitally-enabled customers refer to customers with user ID and password for UOB TMRW and/or Personal Internet Banking account.
9
Current Account and Savings Account.
Equipped with cards self-serve capabilities, including card activation, UOB TMRW effectively facilitates a smooth onboarding experience for both new and ex-Citi customers in the region. On top of that, we further deepened and customised our engagement with customers seamlessly across the region through:
Unified Rewards+ across four markets
1st bank in the region to offer consolidated rewards wallet with transparent data on earned rewards across four markets.
Enables customers to:
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browse both local and regional deals;
Encouraging adoption and utilisation rates:
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1 in 4 TMRW logins are Rewards+ visitors across ASEAN; and
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>100,000 coupons in total redeemed across all markets.
Digital Wealth capabilities
Self-serve unit trust transaction capabilities in Singapore:
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45% new-to-wealth customers are acquired digitally; and
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69% wealth transactions are done digitally.
Consolidated asset portfolio view, facilitates jumpstart to investing11 :
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Malaysia and Indonesia: 1 in 6 TMRW logins are for wealth portfolio review; and
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Thailand: 1 in 7 TMRW logins are for wealth portfolio review.
Transforming our branches to facilitate deeper customer engagement
With a comprehensive physical network of more than 420 branches and an extensive shared ATM network globally, we offer our customers a holistic hybrid engagement model, complementing digital with physical channels of interaction.
Our new UOB Privilege Banking Centre - Kuala Lumpur Main Branch, with well-designed spaces to facilitate deeper customer engagement.
10
Available in Indonesia, Malaysia and Thailand.
11
Available in Indonesia, Malaysia and Thailand.
Branch optimisation and green efforts
Singapore
Launched UOB Woodleigh Mall and relocated UOB Orchard to Plaza Singapura.
Three branches – UOB Privilege Banking Centre Orchard, UOB Orchard and UOB Woodleigh Mall
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were awarded the BCA Green Mark Platinum certification, a testament to our steadfast commitment to sustainability.
Smart air-con and lighting retrofitted in branches reduced carbon emissions equivalent to 120 cars driving across Singapore.
Malaysia
Our relocated flagship UOB Kuala Lumpur Main Branch is designed with a multi-functional space ideal for activities like wellness workshops and arts events.
Our relocated UOB Kota Laksamana Branch has a refreshed look that emphasises the history and heritage of Melaka, with a Privilege Centre inspired by Peranakan culture.
Thailand
Implemented remote advisory at 49 branches, where our financial advisors can provide advice and assistance online to far-flung customers.
Reformatted UOB Rayong Branch to support the growth opportunities from the Eastern Economic Corridor, with dedicated advisory space for business customers and SME relationship managers.
Singapore
Engaged more than 40,000 customers via wellness activities.
Product sign-up rate rose 20 per cent through wellness engagements.
Wellness@UOB received two prestigious industry accolades in 2023, Health and Wellness Initiative of the Year – Singapore by the Asian Banking and Finance Retail Banking Awards 2023, and the Highly Acclaimed Excellence in Omni-Channel Customer Experience at the Digital CX Awards 2023.
Thailand
Launched a Wellness Corner in the revitalised Sam Yaek Branch, in partnership with Bumrungrad Hospital and Prudential.
Vietnam
Launched the Wellness@UOB programme, with 124 Privilege Banking customers participating in the inaugural event.
