THE love affair with our mobile devices threatens to deepen, and we can never be too sure what lurks in unfathomed depths.
As the ongoing pandemic’s restrictive measures have pushed us to adopt digital means for even basic household needs, it has also opened up avenues for us to appreciate that there is a lot on offer in the virtual realm.
As online shopping platforms have grown in stature, they’ve started creating their own self-sustaining ecosystems, hooking consumers with constant messages of offers and reeling them in with gifts with purchases. With a limitless array of products, extremely competitive prices and doorstep delivery, how do you wean yourself off such habit-forming conveniences? Why would you?
This online shopping trend is not going to ease up, but is likely to accelerate reckons Jacquelyn Tan, Head of Group Personal Financial Services, at Singapore bank UOB.
UOB has revamped its traditional banking rewards experience, and it’s looking to external partner, regional fintech platform, Fave, to provide growth opportunities. By fine-tuning its clunky rewards and loyalty programmes and joining forces with Fave, UOB Rewards+ is now the largest merchant rewards programme in Singapore, available on the bank’s new digital platform, UOB TMRW.
Having learnt from the successes of the likes of Shopee and Lazada at enticing customers to spend, the use of artificial intelligence and data analytics will ensure they are fed relevant products and services to continue that behaviour, and, more importantly, credit card usage.
The bank has committed $500 million towards digital development over the next five years across ASEAN.
The banking industry, which finds itself in turbulent times as a result of the digital revolution, has tried to be as nimble as it can for the comfortable elephant that it has grown into; a protected species supported by governments for its role in keeping the money flowing through the system.
It’s the ongoing process of the banking industry working out ways to remain relevant and keep the connection with customers alive.
By developing hybrid links between online coupon grabs and offline redemption at stores, UOB is also hopeful that retail properties will continue to remain viable, thus requiring more of the bank’s other traditional facilities — property and business loans.