Driving Digital Innovation. Gilbert Chuah Regional & Singapore Head Internet Channels United Overseas Bank Limited

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1 Driving Digital Innovation Gilbert Chuah Regional & Singapore Head Internet Channels United Overseas Bank Limited

2 The Big Shift: It s Faster than you Thought

3 Technology Shift Analogue Digital Networked Digital Geek Common Use Mass Adoption

4 Behavioural Shift Empowerment Social Entertainment Real-time Social Contextual

5 Mass adoption getting faster Source: Bank 3.0, Brett King

6 More Changes Heading our Way

7 Behaviours are changing rapidly The arrival of the Internet has given bank customers greater control and choice

8 Banking customers are now much more willing to purchase products from various banks Changes in the number of banking relationships over the last 2 years Source: Accenture research

9 The use of self-service channels has become a top priority for banking customers Source: Accenture research

10 81% of banking customers conduct their main banking relationship through Internet Banking Source: Accenture research

11 Two-thirds of customers demand a consistent service offering through multiple channels Multiple Channels 67% Single Channel 21% Source: Accenture research

12 One-third of customers are willing to change to a bank that offers better online services Source: Accenture research

13 Here to stay The self-aware attitude of the new digital customers towards the bank has led to a shift of power in the customer-bank relation

14 New players arriving on the scene

15 New players are joining

16 Source: Financial Times, 26 August 2013

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18 But banks are slow to innovate Short term focus Siloed approach to operations Risk-averse culture

19 The consequence of not adapting

20 The Evolution of Bank s Innovation 1980 s: Introduction of the first ATM in Singapore Early 1990 s: Banks offered Internet Banking Late 2000 s: Emergence of Mobile Banking Over the last 5 years

21 Meeting the Challenges ahead

22 Digital Intelligence Integrating digital analytics data with existing traditional data sets Level 1 Single Channel Optimisation Level 2 Multiple Digital Channel Segmentation Level 3 Segmentbased Targeting across Multiple Digital Channels Level 4 One-to-one Targeting across Multiple Digital Channels Level 5 Integrated Multichannel One-to-one Interactions Source: Accenture Interactive

23 Digital Intelligence

24 Digital Intelligence

25 Everywhere Banking Integrating mobile banking services with other channel offerings

26 Everywhere Banking

27 Everywhere Banking

28 Digital Relationship Management Extending the traditional relationship management model First Level Source: Accenture Interactive

29 Digital Relationship Management Second Level ASB New Zealand s Virtual Branch connecting to the bank s customers on social communities

30 Digital Relationship Management Third Level The First Intelligent Virtual Personal Assistant (VPA) for Banking

31 Socially Engaging Banking Integrating social as part of an integrated customer experience strategy Source: Accenture Interactive

32 Socially Engaging Banking ICICI Bank has created a rich range of Facebook offerings, such as a bank a/c app, money personality app and a mechanism for customer feedback

33 Socially Engaging Banking American Express developed the Go Social platform to help small and mid-size merchants create and manage campaigns across social sites

34 In conclusion The availability of innovative services is essential for the banking customer of the future and banks will need to rise to the occasion.

35 Knowing is not enough, we must apply Willing is not enough, we must do